9911796707
TMI Blog2023 (12) TMI 92X X X X Extracts X X X X X X X X Extracts X X X X ..... made u/s 143(3) r.w.s. 153C of the Act was merely on the basis of the statement recorded u/s 132(4) of the Act and without and any incriminating material. 3. The brief facts are that the assessee company filed its return of income dated 30.01.2009 declaring total income at Rs. Nil. Pursuant to search action u/s 132 of the Act conducted in the case of Thakkar & Aashar on 05.07.2017 notice u/s 153C of the Act dated 27.09.2019 was issued to the assessee. The assessee filed its return of income in response to the said notice on 11.12.2019 declaring total income at Rs.Nil. 4. The Ld. AO issued notice u/s 143(2) dated 15.12.2019 and notice u/s 142(1) dated 15.12.2019 was issued and served upon the assessee. 5. The Ld. AO passed the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the impugned year. 9. The Ld. AR on the other hand controverted the said facts and stated that the assessment made u/s 143(3) r.w.s. 153C was itself invalid for the reason that the AO has not recorded satisfaction before invoking proceedings u/s 153C. The Ld. AR further stated that the assessment was earlier done u/s 143(3) r.w.s. 147 of the Act where the Ld. AO had duly verified the source of share premium received by the assessee company and that the Ld. AO had issued the notice u/s 133(6) of the Act to the investors and the same was duly replied by them. The Ld. AR further contended that the Ld. AO had during the reassessment proceedings had not found any discrepancy in the source of said share premium. The Ld. AR also contended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... relied on the submission of Shri. Devkumar Thakkar who is one of the Directors of the assessee company. Ld. CIT(A) has also given a finding that the assessee has denied that Shri Devkumar Thakkar was not the director of the assessee company and has specified that vide an affidavit dated 26.07.2017 that Shri. Devkumar Thakkar has stated on oath that he was not the director and only his son Shri Mihir Devkumar Thakkar was the director of the company. The Ld. CIT(A) further held that the relevant year under consideration was unabated assessment year for which the assessment has already been completed and that the Ld. AO could not have made addition in the absence of any incriminating material found and seized during the course of search. It i ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
