9911796707
TMI Blog2014 (1) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee – Following Signature Hotels P. Ltd. [2011 (7) TMI 361 - Delhi High Court] - The information on the basis of which the Assessing Officer had initiated proceedings under Section 147 was vague and uncertain - The learned CIT(A) rightly held that the reopening of assessment was not valid – Decided against Revenue. - ITA No. 3435/Del/2013 - - - Dated:- 13-12-2013 - Shri G. D. Agrawal And Shri A. D. Jain,JJ. For the Appellant : Shri Keyur Patel, Sr. DR. For the Respondent : Shri R. S. Singhvi, CA. ORDER Per G. D. Agrawal,VP : This appeal by the Revenue is directed against the order of learned CIT(A)-XXIV, New Delhi dated 22nd March, 2013 for the AY 2003-04. 2. The Revenue has raised the following grounds of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Beneficiary Bank Branch Account No. of Beneficiary Value of Entry Taken Instrument No. by which entry taken Date on which entry taken Name of account holder of entry giving account Bank from which entry given Branch of entry giving bank A/c No. Lord Krishna Bank Kohat Enclave Pitampura 250000 15- Feb- 03 Bimla Devi SBBJ NRR 15487 In view of the precise information, as discussed above, I have reasons to believe that assessee had obtained accommodation entries worth Rs.2,50,000/- from the above mentioned person(s) who is/are involved in the business of providing accommodation entries. Such amount represents und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat the reassessment proceedings were initiated on the basis of information received from the Director of Income-tax (Investigation) that the petitioner had introduced money amounting to Rs.5 lakhs during financial year 2002-03 as stated in the annexure. According to the information, the amount received from a company, S, was nothing but an accommodation entry and the assessee was the beneficiary. The reasons did not satisfy the requirements of section 147 of the Act. There was no reference to any document or statement, except the annexure. The annexure could not be regarded as a material or evidence that prima facie showed or established nexus or link which disclosed escapement of income. The annexure was not a pointer and did not indicate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ich would be evident from the following substantial questions of law which arose in this appeal :- "(1) Whether the Tribunal was right in law in confirming the order of the Commissioner of Income-tax (Appeals) deleting the additions of Rs.1,18,50,000 and Rs.2,96,250 both made under section 68 of the Act, on the ground that the identity and creditworthiness of the share applicants as well as the genuineness of the transactions were proved? (2) Whether the order of the Tribunal confirming the deletion of the addition of the aforesaid two amounts was perverse having regard to the evidence and the material on record?" 9. Now reverting to the reasons recorded, we find that the Investigation Wing informed the Assessing Officer of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
