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TMI Blog2013 (9) TMI 977X X X X Extracts X X X X X X X X Extracts X X X X ..... on the facts and circumstances of the case the Hon'ble ITAT was justified in quashing the re-assessment proceedings ignoring the fact that the case was reopened on the basis of specific, relevant and reliable information that the assessee was engaged in concealing unexplained cash credits by giving them the garb of long term capital gains? 2. Whether on the facts and in the circumstances of the case and in law the ITAT was justified in quashing re-assessment proceedings ignoring the fact that no objection for issuing of notice u/s 148 was raised by the assessee during the course of assessment proceedings or during the proceedings before the CIT (A)? 3. Whether on the facts and in the circumstance of the case and in law the ITAT was justi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s found that the assessee had received Demand Drafts from M/s Kishan Lal Monga & Co., New Delhi and M/s Capital Investment Ltd., New Delhi aggregating to Rs.17,21,445/-. The investigation made by DI Wing reveals that these transactions are fictitious one as the above mentioned two parties are not traceable at the given address. It was also found from the perusal of information received from DI Wing that the assessee was engaged in obtaining fictitious Long Term Capital Gains during F.Y. 1997-98 relevant ot A.Y. 1998-99. In view of the above facts and the information in possession of the undersigned, I am of the opinion that the assessee has concealed income of Rs.17,21,450/- being unexplained cash credit. I, therefore, have reason to belie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... been routed through banking channels. The books of account of the appellant, as can be seen from the record, reflect and evidence the stock and sale of shares which were produced before the AO at the time of original assessment and also during the reassessment proceedings. The copies of statement of account, bank account, broker's note etc. have also been filed before me and same have been placed on record. In so far as the necessary documents and evidence in support of sale and purchase of shares is concerned, the appellant has placed the required details and documents before the AO and it is also obvious that no discrepancies and/ or defects have been noted by AO in the assessment order in respect of such details/ documents. The contentio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . came to conclusion that no entries were found to show that the assessee company is registered shareholders of the 6 companies and also during the course of survey the Directors of the company had clearly denied transaction of shares of M/s Vee Aar Leasing Pvt. Ltd. with M/s Kishan Lal Monga & Co. Ltd., New Delhi. It was stated by Smt. Anupama Singhal, Director of M/s Ushin Investment Finance & Leasing Pvt. Ltd., Allahabad that in her individual capacity she had acquired shares of the assessee and had shown it in the return of her income. Similarly during the course of survey in the case of M/s Nak Securities Ltd., Kanpur, the statements on oath of the Directors were recorded in which the Directors stated that the shareholding of the asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the cases specific finding was recorded that the assessee has not made full and complete disclosures. Subsequent discovery was made in Indian Hume Pipe Co. Ltd. (Supra) that dates on which investments were made and which were claimed to be eligible for exemption under Section 54 EC were neither disclosed in the returns of income nor were made in response to the query of the assessing officer. Similarly in Shumana Sen (Supra) the Delhi High Court held that no document or evidence was filed along with return explaining the expenditure incurred on foreign travel during previous year. In the present case we find from the findings recorded by the CIT (A) that not only primary evidence but all details and documents were before the A.O. and that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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