9911796707
TMI Blog2023 (2) TMI 88X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 30.09.2021, passed under Section 143(3)/144B of the Income Tax Act, 1961 in respect of the assessment year 2017-18, be stayed. 4. It was the petitioner's contention that the assessment order is ex facie erroneous and untenable in law. This Court briefly examined the said contention and, prima facie, found the same to be merited. The learned counsel appearing for the respondents had sought time to obtain instructions. The order passed on 04.01.2023 is set out below: "1. The petitioner has filed the present petition, inter alia praying that the demand pursuant to the assessment order dated 30.09.2021, passed under Section 143(3)/144B of the Income Tax Act, in respect of the assessment year 2017-2918 be stayed. 2. Issue notice ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs.2,81,59,550/- in its return for the relevant assessment year 2017-2018. However, the Assessing Officer has raised the demand by making addition of Rs.46,07,78,600 as unexplained income under Section 68 of the Income Tax Act on the ground that the "basis for the issue of the share capital of Rs.46,07,78,600 by the assess is not explained". 9. The assessee is the fully owned subsidiary of InterGlobe Enterprises Pvt. Ltd. During the relevant assessment year the assessee had acquired lease hold rights of the property, Plot No.25/3, Knowledge Park- III, Gr. Noida, Dist. Gautam Budh Nagar (UP), in terms of the conveyance deed/ transfer deed dated 03.02.2017. The said property was valued at Rs. 46,07,78,600/-. It is the petitioner's cas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n value on the date of transfer but he has not submitted satisfactory supporting documentary evidences in this regard. Further the assessee has submitted that value of immovable property has been taken at the fair market value of the land & building as computed by Government Approved Valuer. In this regard it is submitted that the valuation report submitted by the assessee is not fulfilling the criteria of merits, however, the Departmental Valuation Report has not been received in this regard till date. In view of the same the value of the movable and immovable assets which is taken as the basis of the issue of share of Rs. 46,07,78,600/- by the assessee is not explained. 7.3 In view of the above, the value of the movable and immovable as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , being a resident in whose name such credit is recorded in the books of such company also offers an explanation about the nature and source of such sum so credited; and (b) such explanation in the opinion of the Assessing Officer aforesaid has been found to be satisfactory: Provided further that nothing contained in the first proviso shall apply if the person, in whose name the sum referred to therein is recorded, is a venture capital fund or a venture capital company as referred to in clause (23FB) of section 10]." 11. Undisputedly, there is no unexplained cash credit uncovered by the Assessing Officer. We are at a loss to understand as to how the aforesaid transaction has been brought under the ambit of Section 68 of the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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