9911796707
TMI Blog2014 (5) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... aside – Decided in favor of Assessee. - ITA No. 3597/Del/2013 - - - Dated:- 25-4-2014 - Shri R. P. Tolani And Shri Shamim Yahya,JJ. For the Appellant : Shri K. Sampath Adv. For the Respondent : Shri G. S. Sema Sr. DR ORDER Per R. P. Tolani, J. M: This is assessee s appeal against order dated 6-5-2013 passed by the ld. CIT(A)-IX, New Delhi in appeal no. 90/07-08 pertaining to A.Y. 2003-04. Following grounds are raised: On the facts and in the circumstances of the case and in law the authorities below erred in:- 1. Initiating proceedings u/s 147 of the Income-tax Act even though there was no reason to believe that income has escaped assessment; 2. Treating the share application money received in a sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ciary bank etc. all match up with the entry given to Manak Builders. All circumstances and related information relates to Manak Builders, therefore, the AO correctly applied his mind and interpreted that the information relates to Manak Builders and not M/s Manorath Securities Pvt. Ltd. 2.3. From the observations of CIT(A) it is clear that investigation information was to the effect that the share application money was received by one M/s Manorath Securities Pvt. Ltd., and not the assessee i.e. Manak Builders. Thus, the information in passion of the assessing officer was qua one entity M/s Manorath Securities Pvt. Ltd and not the assessee. Thus, there being no valid information against the assessee, the assessing officer could not have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er inquiry has been conducted by assessing officer, the burden cast on the assessee u/s 68 is discharged. 3. Ld. DR on the first issue of jurisdiction relied on the order of CIT(A). Apropos merits it is pleaded that though assessee submitted new address of VPS Valves Tubes Pvt. Ltd. but the notices u/s 133(6) came back unserved. Therefore, it cannot be implied that assessing officer took no further action, hence the assessee s appeal deserves to be dismissed. 4. We have heard rival contentions and perused the entire material available on record. Apropos validity of reopening of assessment and the reasons recorded, we find merit in the argument of ld. Counsel in as much as the AO's reasons for reopening are not correct on two cou ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
