9911796707
TMI Blog2025 (5) TMI 1654X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee was selected for scrutiny and assessment was accordingly framed u/s 143(3) vide order dated 16.12.2016 accepting the returned income. Thereafter, the assessment was reopened u/s 147 of the Act by issuing notice u/s 148 of the Act on 13.03.2020. The assessee complied the said notice issued u/s 148 of the Act by filing the return of income on 08.08.2020. Thereafter, the statutory notices along with questionnaire were issued. Though, the notices were not replied on a couple of occasions but there after the assessee duly complied with the notices by filing all the requisite details qua the unsecured loans raised by the assessee. finally, the assessment was framed by the ld. AO u/s 147 read with section 144B of the Act dated 23.09.2021, wherein the amount of unsecured loan of Rs. 4,33,00,000/ was treated as unexplained cash credit and added to the income of the assessee. 04. In the appellate proceedings also the ld. CIT (A) partly allowed the appeal of the assessee sustaining the addition to the extent of Rs. 3,57,00,000/- and deleting the remaining amount thereby partly allowed the appeal of the assessee. 05. After hearing the rival contentions and perusing the materials ava ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Act if there is no failure on the part of the assessee to disclose fully and truly all material facts qua the assessment of income. On perusal of the reasons recorded u/s 148(2) of the Act as extracted above reveals that there is no whisper of failure of the assessee. Therefore, reopening is invalid and against the provisions of the Act. The case of the assessee find support from the decision of the Hon'ble Apex Court in the case of ACIT Vs. CEAT Ltd. reported in [2022] 449 ITR 171 (SC). We therefore, respectfully following the same quash the reopening of assessment as well as the order framed consequently. 07. In the result, the appeal of the assessee is allowed on legal issue. 154/KOL/2025for A.Y. 2013-14 08. The issue raised in first ground of appeal is against the order of ld. CIT (A) confirming the reopening of assessment despite the fact that the reopening was made on vague reasons without any intangible material and application of mind and is in fact based on the borrowed satisfaction. 09. The facts in brief are that the assessee filed the return of income on 20.09.2013, declaring total income at Rs. 37,470/-. The case of the assessee was reopened u/s 147 of the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... office premises of Shri Dilip Kumar Gupta on 15.12.2016, statement of Shri Dilip Kumar Gupta was recorded and he admitted to have been engaged in providing accommodation entries in the guise of share purchase or unsecured loans and bogus billing in lieu of commission. The ld. AO stated that M/s BNA Commerce Pvt. Ltd. is one of the beneficiaries who received Rs. 1,05,00,000/- from M/s Shivahari Distributors Pvt. Ltd. managed and controlled by Shri Dilip Kumar Gupta. Thereafter in para 3, the ld. AO noted that he has reasons to believe that above income has escaped assessment within the meaning of Section 147 of the Act. The ld. AR submitted that there is no satisfaction recorded by the ld. AO in the reasons recorded u/s 148(2) of the Act. The ld. AR submitted that the ld. AO simply extracted the information received and thereafter concluded that the income has escaped to that extent, whereas as a matter of fact the assessee has not received the said amount from M/s Shivahari Distributors Pvt. Ltd. and only received only Rs. 35,00,000/- towards sale proceeds of the sale of shares of two companies namely; Dhankuber Infra P. Ltd.& Modakpriya Merchandise P. Ltd. The ld. AR therefore sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0,000/- from various shell companies managed and controlled by Shri Dilip Kumar Gupta, an entry operator. The same was received from the Office of ADIT(Inv). Unit-3(4), Kolkata vide No. 3047 dated 02.08.2018 A search and seizure operation u/s. 132 was conducted in the residence and various office premises of Shri Dilip Kumar Gupta on 15/12/2016, During the course of search and seizure operation, statement of Shri Dilip Kumar Gupta was recorded on oath and vide statement he admitted to be involved in the activities of providing accommodation entries in the guise of Shares purchase, unsecured loans and bogus billing in lieu of commission. He facilitated the meeting of parties who need bogus bills and parties who provided the entry of bogus bills without involving himself or his dummies in the process in lieu of commission. M/s BNA Commerce Pvt. Ltd. PAN-AABCB0727D is one of the beneficiary received Rs. 1,05,00,000/- from M/s Shivhari Distributors Pvt. Ltd managed and controlled by Shri Dilip Kumar Gupta. Under the circumstances, I have reason to believe that the above income of the assessee has escaped assessment within the meaning of provisions of sec. 147 of the I.T. Act, 1961. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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