TMI Blog2018 (8) TMI 1552X X X X Extracts X X X X X X X X Extracts X X X X ..... materials on the record and upon their overall analysis formed the opinion that the appropriate tests, indicated by the Supreme Court in Commissioner of Income Tax vs. Lovely Exports [2008 (1) TMI 575 - SUPREME COURT OF INDIA] were satisfied that the materials on record are not mere superficial details like PAN, ROC, etc. but further facts relating to the bank accounts of the share applicants. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AT AND MR. R. K. GAUBA JJ. Appellant Through : Mr. Asheesh Jain, Sr. Standing Counsel with Ms. Lakshmi Gurung, Adv. Respondent Through : None O R D E R 1. The revenue is aggrieved by the ITAT s decision upholding deletion of the sum of ₹ 1,14,02,600/- under Section 68. The assessee s returns were processed under Section 143(1). Urging the failure to disclose the mater ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vs. N.R. Portfolio (P) Limited: (2013) 214 Taxman 408; Commissioner of Income Tax vs. Navodaya Castles Pvt Ltd: (2014) 367 ITR 306 . It was submitted that the Assessing Officer, on analysis of the bank statements, correctly surmised that the transactions towards share application deposits were not genuine transactions and correctly brought the amounts to tax under Section 68. 3. The CIT(A) and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... him. The assessee in re-assessment, provided all that it could; share investors income tax returns and balance-sheets could appropriately have been sourced by the Assessing Officer in the reassessment proceedings. 4. In these circumstances, it cannot be said that the Assessing Officer exercised due diligence in respect of all facets of the case. Even a contrary view would amount to re-asses ..... X X X X Extracts X X X X X X X X Extracts X X X X
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