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DCIT, Circle-II, Faridabad. Versus M/s. VSB Investment Pvt. Ltd.

2018 (1) TMI 588 - ITAT DELHI

Reopening of assessment - incorrect and non-existing reasons for reopening - Held that:- It is an admitted fact that reopening of the assessment was made in this case because as per information received from CIT (Central), Kolkata through CBI that assessee received accommodation entry from M/s. Basant Marketing (P) Ltd., for a sum of ₹ 2,07,85,000 in assessment year under appeal. The assessee denied to have received any such accommodation entry in assessment year under appeal which was als .....

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TMI 48 - PUNJAB AND HARYANA High Court) - Decided in favour of assessee. - ITA.No.468/Del./2016, C.O.No.139/Del./2016 - Dated:- 8-12-2017 - Shri Bhavnesh Saini, Judicial Member And Shri Prashant Maharishi, Accountant Member For the Revenue : Ms. Ashima Neb, Sr. D.R. For the Cross Objector : Dr. Rakesh Gupta, Advocate ORDER PER BHAVNESH SAINI, J.M. The Departmental appeal as well as Cross-Objection by Assessee are directed against the order of the Ld. CIT(A), Faridabad, dated 2011.2015 for the A. .....

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Harsh Dalmia and their dummy companies. The relevant extract of the information received from CIT (Central), Kolkata is reproduced in the assessment order. The list was appended to the said letter contains the names of the beneficiaries of the accommodation entries received from the dummy companies. In the said list name of the assessee was mentioned who has obtained accommodation entries in different years including A.Y. 2007-08 under appeal amounting to ₹ 2,07,85,000. The A.O. on the bas .....

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y submitted before A.O. that assessee-company did not have any transaction including purchase and sale of shares etc., with M/s. Basant Marketing (P) Ltd., however, the opening credit balance was outstanding at the end of the year without any transaction. Confirmation copy of the account of the said party was filed before A.O. for verification. The A.O. also issued notice under section 133(6) to the concerned party in order to verify the fact stated by the assessee. The reply was received in whi .....

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I.T. Act and made the addition of ₹ 40,51,979. 3. The assessee challenged the reopening of the assessment as well as addition made under section 14A before the Ld. CIT(A). it was submitted that the assessment has been reopened on the reason that assessee obtained accommodation entries in assessment year under appeal amounting to ₹ 2,07,85,000, however, no such transaction has been conducted in assessment year under appeal. Therefore, reasons are recorded on incorrect facts. Therefor .....

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lowance under section 14A of the I.T. Act. The Ld. CIT(A) following various decisions of the High Court held that if there is no addition in respect of the reasons recorded, no other addition can be made. The Ld. CIT(A) accordingly, held that assessment framed by the A.O. is void because A.O. did not have jurisdiction to make additions/disallowances to the returned income of the assessee. Once the reasons on which case was reopened under section 147 ceased to exist as admitted by the A.O, reopen .....

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