TMI Blog2018 (6) TMI 1113X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee’s claim on the issue of receipt of share application money, we are inclined to restore the issue to the Assessing Officer for de novo adjudication after due opportunity of being heard to the assessee. Assessee’s appeal is allowed for statistical purposes. - ITA no.5395/Mum/2015 - - - Dated:- 20-6-2018 - SHRI SAKTIJIT DEY, JUDICIAL MEMBER AND SHRI MANOJ KUMAR AGGARWAL, ACCOUNTANT MEMBER For The Assessee : Shri Aditya Maheshwari For The Revenue : Ms. N. Hemalatha ORDER PERSAKTIJIT DEY, J.M. Aforesaid appeal by the assessee is against order dated 21st August 2015, passed by the learned Commissioner (Appeals) 9, Mumbai, for the assessment year 2007 08. 2. The assessee has raised the following eff ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he DDIT (Inv.), Mumbai, that Shri Pravin Jain, through number of companies was providing accommodation entries by way of bogus purchases, sales, unsecured loans, share capital, etc. It was reported that assessee is one of the beneficiaries of such accommodation entries. Thus, on the basis of such information, the Assessing Officer re opened the assessment under section 147 of the Act on the reasoning that the share application money of ₹ 69 lakh credited to assessee s books of account are merely accommodation entries, hence, have to be treated as unexplained cash credit under section 68 of the Act. During the re assessment proceedings, the Assessing Officer confronted the aforesaid fact to the assessee. In reply, the assessee submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wever, the submissions made by the assessee was totally ignored by the Assessing Officer. Further, learned Authorised Representative submitted, before learned Commissioner (Appeals), though, the assessee submitted all the material to demonstrate that no share application money of ₹ 69 lakh was credited to assessee s books of account, the submissions of the assessee was totally ignored and addition was sustained. The learned Authorised Representative submitted, the amount in question was received for and on behalf of one Shri Harshvardhan Jain, and if at all it is to be assessed, it has to be assessed in the hands of the concerned individual. Thus, it was submitted that the addition made should be deleted. 6. The learned Departmenta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d that the amount of ₹ 69 lakh was received on behalf of Shri Harshvarchan Jain. Further, it was submitted by the assessee that the amount in question was neither shown as a credit in the books of account of the assessee nor in the Balance Sheet as share application money. The aforesaid contentions of the assessee appear to have not at all been examined or gone into either by the assessing officer or the learned Commissioner (Appeals). In fact, the learned Commissioner (Appeals) has dealt with the issue in a cryptic and summary manner without proper reasoning in spite of the fact that the assessee has stated that the amount in question was received on behalf of one Shri Harshvardhan Jain, and it has not been shown as a credit in asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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