TMI Blog2016 (1) TMI 1463X X X X Extracts X X X X X X X X Extracts X X X X ..... ompanies, issued notice Tribunal was of the opinion that the AO himself did not satisfy about the requirement and issued notice under section 148 of the Act without forming a reason to believe that the income of the assessee had escaped assessment. Tribunal regardlessly proceeded to examine the issue on merits and deleted the addition towards share application money. Upon perusal of the judg ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er on the facts and circumstances of the case and in law, the Hon'ble ITAT is right in quashing the assessment passed u/s. 143(3) r.w.s 147 of the Act, when the two conditions viz. reason to believe and recording of reasons were fulfilled and Assessing Officer has duly applied his mind on the material furnished to him while recording his satisfaction? B) Whether on the facts and circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and in the circumstances of the case and in law, the ITAT is justified in holding that the Assessing Officer made the addition of ₹ 21 lacs on the basis of bald statements of Shri Mukesh Chokshi and ignoring that Shri Mukesh Chokshi is an independent third party and 'investor' in the assessee company and the statement was recorded u/s.134 supported by the documentary evidences and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals) ? G) Whether on the facts and in the circumstances of the case and in law, the order of the Hon'ble ITAT is not perverse in holding that no inquiry was done by the Assessing Officer, in the face of the fact that inquiries were carried out establishing at the Appellate stage (CIT Appeals) that a facade was created to give the whole transaction a colour of genuineness whereas the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... further deleted addition of ₹ 85 lacs towards share application money. Upon perusal of the judgement of the Tribunal with the assistance of learned counsel for the Revenue, we are of the opinion that the issues raised are fundamentally questions of facts. The Tribunal having perused the facts on record come to the factual findings. No question of law arises. Under the circumstances quite apa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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