TMI Blog2020 (10) TMI 554X X X X Extracts X X X X X X X X Extracts X X X X ..... from the Assessing Officer, but all of them filed confirmations, confirming the transactions along with bank statements and copies of Income Tax returns. No hesitation to hold that the observation of the Assessing Officer that the share applicant companies are non-est is without any basis. Original assessment was completed after due verification from share applicant companies and share applicant companies have been assessed to tax u/s 153C read with section 153A of the Act post search and post enquiries made by the Assessing Officer. Considering the totality of the facts of the case in hand, we find that reopening is nothing but change of opinion when every aspect was examined in the original assessment proceedings - Decided in fa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng and on the basis of the report of the Investigation Wing notice u/s 148 of the Act was issued and served upon the assessee. The reasons for belief that income had escaped assessment read as under: 6. A perusal of the aforementioned reasons show that the basis for reopening a completed assessment after four years relate to the information that the assessee has received share application money from three companies which were alleged to be paper companies/ dummy companies and were nothing but accommodation entry providers. 7. Notice u/s 148 of the Act is dated 26.03.2014. The three companies alleged to be entry providers are: 1. Vogue Leasing and Finance Pvt Ltd 2. Pelicon Finance Lease Ltd 3. Hillridge Investments L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies are not in existence. Report of the Inspector is placed on record. 11. As mentioned elsewhere, the assessments of the aforementioned two companies were framed u/s 153C r.w.s 153A of the Act. Therefore, the observations by the Assessing Officer that these companies are non-est and only paper companies are without any basis, keeping in mind that the assessments of the two companies were completed months before the issue of notice u/s 148 of the Act. 12. Further, as mentioned elsewhere, reopening is after more than four years and therefore, first proviso to section 147 of the Act squarely applies and nowhere the Assessing Officer has mentioned that there was failure on the part of the assessee to disclose fully and truly all mate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tail of the share capital introduced/share application money received. 8. Details about all employees along with their present and permanent residential addresses. PAN and details of Ward/Circle where being assessed to tax with copy of acknowledgement of latest 1.1. Return filed. 9. Please inform whether the same employees are continuing as on date, if no, details regarding their change be furnished. 10. Scrip wise details of investments 11. Details ofloans, deposits, advances taken or given squared up accounts of loans/ advances during the accounting period alongwith complete addresses of the parties with source, credit worthiness, genuineness and necessary copy of confirmation having PAN copy of Acknowledgement of latest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assests and immovable properties for the year ending 31.03.2006 and 31.03.2007. . 22. Statement of affairs or B/S in respect of the company and the directors as well for the previous year ending 3 1.03.2006 and 3 1.03.2007. 23. Nature, month-wise details and documentary evidence of all expenses exceeding ₹ 20.000/- debited in accounts and copies of ledger accounts. 24. Details of complete addresses of sundry debtors. Circle/Ward in which they arc- getting assessed and their PANs alongwith confirmation of amounts in cases exceeding ₹ 50. 000/- . 25. Details of complete addresses of sundry creditors. Circle/Ward in which they arc- getting assessed and their PANs alongwith confirmations of amounts in cases exceeding & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer. 19. In my considered opinion, considering the totality of the facts of the case in hand, I find that reopening is nothing but change of opinion when every aspect was examined in the original assessment proceedings. 20. The Hon'ble Supreme Court in the case of Marico Limited SLP (CIVIL) Diary No . 7367/2020 arising out of final judgement and order dated 21.08.2019 in WP No. 1917/2019 passed by the Hon'ble High Court of Judicature at Bombay has dismissed the SLP by holding as under: In the present matter, the assessment order was passed on 30.01.2018 as regards the Assessment Year 2014-15. According to the record, certain queries were raised by the Assessing Officer on 25.09.2017 during the assessment proc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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