9911796707
TMI Blog2015 (10) TMI 798X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 escapement of income.Further, the Assessing Officer did not apply his own mind to the information and examine the basis and material of the information. There was no dispute that the company, S, had a paid-up capital of ₹ 90 lakhs and was incorporated on January 4, 1989, and was also allotted a permanent account number in September, 2001. Thus, it could not be held to be a fictitious person. The reassessment proceedings were not valid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sdiction in the absence of any tangible evidence or material in respect of any undisclosed income and recording of requisite satisfaction in respect of any such undisclosed income. 4(i) That even on merits the LD. CIT(A) was not justified in sustaining addition of ₹ 15 lacs u/s. 68 in respect of share capital relating to M/s Bhavani Portfolio Pvt. Ltd. and M/s Taurus Iron and Steel Co. Pvt. Ltd. (ii) That similarly CIT(A) is not justified in making enhancement of ₹ 26 lacs on the alleged ground of unexplained share application money. (iii) That whole basis of addition is illegal, arbitrary and without proper appreciation of facts and opportunity to the assessee. (iv) That these are reassessment proceedings and in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal before us. 6. At the time of hearing, Ld. Counsel of the assessee stated that the issue in disputes in the present appeal has already been adjudicated and decided in favor of the assessee by the Hon ble Jurisdictional High Court in the case of Signature Hotels P. Ltd. vs. ITO [2011] 338 ITR 51 (Delhi). He has filed the relevant copy of the orders of the Hon ble High Court and requested that the appeal filed by the Assessee may be allowed. Ld. Counsel of the assessee has filed Paper Book having pages 1 to 152 containing the records before the AO and the Ld. CIT(A). He also filed another Paper Book having pages 1 to 54 containing the copies of various decisions of the High Court as well as ITAT in support of his claim which incl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 escapement of income. Further, the Assessing Officer did not apply his own mind to the information and examine the basis and material of the information. There was no dispute that the company, S, had a paid-up capital of ₹ 90 lakhs and was incorporated on January 4, 1989, and was also allotted a permanent account number in September, 2001. Thus, it could not be held to be a fictitious person. The reassessmen ..... X X X X Extracts X X X X X X X X Extracts X X X X
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