TMI Blog2023 (3) TMI 395X X X X Extracts X X X X X X X X Extracts X X X X ..... as issued notice u/s 148 on the basis of information received from DIT that the assessee has received share application money from several entities which were only engaged in business of providing accommodation entry to the beneficiary concern. It cannot be said that there was no basis that the AO to frame reason to believe and in such situation it cannot be said that the ld. AO has issued notice u/s 148 upon the assessee as void-ab-initio. Since the ld. AO had made instant enquiry u/s 133(6) and u/s 131 of the Act from the directors of the companies, from where share premium was received by the assessee company and he discovered that assessee company had rooted its own fund/unaccounted money through the shareholders company - we are n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -initio and liable to be quashed ignoring the fact that assessing officer had made independent enquiries u/s 133(6) and u/s 131 from the directors of the companies from where share premium amounting to Rs. 1,53,00,000/- was received and discovered that the assessee company had routed it own unaccounted money through the shell shareholder companies. iii. That the department craves leave to add modify or alter any of the grounds of appeal and/or adduce additional evidence at the time of hearing of the case. 2. At the outset, it is noted that there is a delay of 20 days on the part of the revenue in filing this appeal before the Tribunal. In this regard, the Revenue has filed an application seeking condonation of the said delay and k ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... furnish details of name, address, PAN of their relationship with the assessee company from whom said share capital and share premium was raised. The ld. AO further noticed that the premium of Rs. 90/- was charged against face value of Rs. 10/- per share which was very high as the financials of the assessee company showed nothing to justify such a high premium per share. The ld. AO further obtained necessary approval from the ld. PCIT, Jamshedpur and notice u/s 148 was duly received upon the assessee company on 26.03.2018. In response to such notice, the assessee filed ITR-6 on 17.04.2018 showing total income at Rs. 34,12,090/-. During the assessment proceeding, the reason to believe was sent to the assessee on 07.05.2018 and the ld. AO iss ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... urulia. However verify the fact where the company actually working from Kolkata in earlier years, inspectors were sent to Kolkata and the report submitted by the inspectors considered wherefrom it reveals that the company namely M/s. Brijdham Sales Pvt. Ltd. was not found in the given address. Infact, there was an old building where there was some other companie s offices were situated. Further the inspector stated in his report that they had talked to the people who were working in that particular building for years and asked about the company M/s. Brijdham Sales Pvt. Ltd. and they were replied that they had never known to or heard of a company named Brijdham Sales Pvt. Ltd. in that address. 5. Considering all the facts, the ld. AO adde ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO rightly added the amount of Rs. 1,53,00,000/- in the hands of assessee shown to have received under the head of share capital premium as undisclosed income. Therefore, the view taken by the ld. CIT(A) needed to be interfered and set aside the order passed by the ld. CIT(A) and sustained the order passed by the ld. AO. 8. We after hearing the submission made by the ld. DR and perusing the material available on record. We find that the ld. CIT(A) has decided the appeal of the assessee only on the legal issue without examining the merits of the case. In the instant appeal, the revenue has challenged ground no. 1 by stating that impugned action taken by the ld. CIT(A) by which allowing the appeal of the assessee by treating the notice ..... X X X X Extracts X X X X X X X X Extracts X X X X
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