TMI Blog2018 (1) TMI 194X X X X Extracts X X X X X X X X Extracts X X X X ..... share capital as the amendment is not retrospective. Further where share application money is received from the alleged bogus share holders, whose names are available with the Assessing Officer, then the Revenue is free to open their individual assessments in accordance with law, but it could not be regarded as undisclosed income of the assessee company which received the contribution to its shar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 148 of the Income Tax Act, 1961 (the Act) seeking to reopen the assessment for Assessment Year 201011. 3. The reasons in support of the impugned notice record the fact that the Assessing Officer received information from the Director General of Income Tax (Investigation) that during the course of search of one Mr. Praveen Jain, it was found that he was indulging in providing accommodation entr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2012 w.e.f. 1st April, 2013, the petitioner company is not liable to explain the source of the applicant. The above provision is only prospective. This Court in Commissioner of Income Tax1 Vs. M/s. Gagandeep Infrastructure Pvt. Ltd. 394 ITR 680 has taken a view that prior to amendment to Section 68 of the Act by addition of the proviso, there is no responsibility upon the assessee to explain the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g rendered at the stage of admission. 6. In view of the decisions of this Court in Gagandeep Infrastructure Pvt. Ltd. (supra) and the Apex Court in Lovely Exports (P) Ltd. (supra), prima facie, the Assessing Officer, could not have reason to believe that the income chargeable to tax has escaped assessment. 7. In the above view, there shall be interim stay in terms of prayer clause (B). 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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