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TMI Blog2015 (10) TMI 2166X X X X Extracts X X X X X X X X Extracts X X X X ..... convenience, by dealing with ITA No. 4444/Del/2014 (AY 2004-05). 2. The following grounds have been raised in the Assessee's Appeal No. 4444/Del/2014 (AY 2004-05). "1. That on the facts and circumstances of the case and the provision of law the Ld CIT(Appeal) has failed to appreciate that the notice uls 148 is illegal, bad in law and without jurisdiction and as such the assessment order passed uls 148 is illegal and bad in law. 2. That on the facts and circumstances of the case and the provision of law the Ld CIT(Appeal) has failed to appreciate that the initiation of reassessment proceeding uls 147 is illegal and bad in law. 3. That on the facts and circumstances of the case and the provision of law the Ld CIT(Appeal) has failed to app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the ACIT, CC-19, New Delhi containing therewith list of beneficiaries of accommodation entries provided by Sh. Suresh Kumar Gupta for AY 2004-05. After perusing the list enclosed with the letter of the ACIT, CC-19, New Delhi, AO reveals that M/s RK Arora & Sons (HUF), who is assessed to tax is one of the beneficiaries and has received accommodation entries from Anjali Gupta. In view of the facts and circumstances of the case, the case of the assessee was reopened u/s. 147 of the I.T. Act, 1961 after obtaining approval of the Ld. CIT, Delhi (Central)-III, New Delhi vide his office letter dated 30.3.2011 and a notice u/s. 148 of the I.T. Act, 1961 was issued to the assessee on 30.3.2011 which was sent through speed post. A copy of the not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .2008, Assessee was in appeal before the Ld. CIT(A), who vide impugned order dated 25.6.2014 has dismissed the appeal of the assessee. 5. Against the aforesaid order of the Ld. CIT(A), Assessee is in appeal before the Tribunal. 6. Ld. Counsel of the assessee reiterated the contention raised in the Grounds of Appeal. He further submitted that the AO has mechanically issued the notice on the basis of letter received from the office of the CIT Central-3. There is no live link in the reasons recorded between the information obtained and the belief formed by the AO. Only the value of entry taken is mentioned but the nature of entry whether it is, bogus gift, loan or share capital money is not mentioned. Moreover, on what basis the above presum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e reasons for belief that income has escaped assessment as under. The same is reproduced in the impugned order. "Reasons to believe for reopening u/s. 147 MIs R.K. Arora & Sons HUF, 8-4/48, Paschim Vihar, New Delhi (A.Y. 2004-05) A search & seizure action u/s 132 was carried out in Wings Group of cases on 14.02.2008. The case was centralized with Central Circle-2 vide order uls 127 by CIT-IX, New Delhi on 24.10.2008. 2. The assessrnept in the case of M/s R.K. Arora/& Sons (HUF) was completed vide order u/s 143(3)/153A of the Act. 1961 dated 24.12.2009 at the returned income of Rs. 3,74,526/-. 3. A letter F.No. CIT(C)-1I1/2010-11/2334,. dated 25.03.2011 has been received from the CIT(Central)-III, New Delhi forwarding therewith copy of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing both the parties on the issue in dispute as well as after going through the orders passed by the Revenue Authorities alongwith order dated 21.7.2011 passed by the Hon'ble Jurisdictional High Court in the case of Signature Hotels P. Ltd. vs. Income Tax Officer [2011] 338 ITR 0051 wherein the Hon'ble High Court has held as under:- "Held, allowing the petition, that the reassessment proceeding 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 lacs during the 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 assesee w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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