9911796707
TMI Blog2015 (12) TMI 127X X X X Extracts X X X X X X X X Extracts X X X X ..... est of justice to set aside the order passed by the authorities below and the matter is restored back to the file of A.O. for making assessment afresh after affording proper opportunity of being heard to the assessee in accordance with the Act. - Decided in favour of assessee for statistical purposes X X X X Extracts X X X X X X X X Extracts X X X X ..... K. Narang, CA/ AR of the assessee attended the proceedings, filed necessary details and explanation and the case was discussed with him. 3. Present return of income has been filed in the name and style of M/s. Next Wave India (A.O.P) and Shri Bharat Bhushan and Smt. Renu Bhushan came into existence and the return in the capacity of AOP has been filed. ITO, Ward 13(2), wrote a letter along with a copy of MOU signed by Shri Bharat Bhushan and Smt. Renu Bhushan and a copy of statement of Shri Bharat Bhushan was recorded by him. 4. Pursuant to the inquiries conducted by Investigation Wing of the Department, it was noted that Shri Bharat Bhushan and Smt. Renu Bhushan had opened bank account No.01000050902 in the name of Next Wave India Pvt. L ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsons, before the income Tax Authorities who are assessing Nextwave, all the transactions done by it under the name of Nextwave and shall therefore be solely and exclusively liable for any income tax, interest and penalties and any other liability financial or otherwise arising out of such transactions. For this purpose the First Party shall provide its assessment particulars and all other informations as may be required by the income Tax Authorities assessing Nextwave. The First Party shall also execute such affidavits/understandings/declarations/documents as may be required by such authorities." 6. It is on record that AOP is nothing but the commitment made by the previous alleged directors i.e. Mr. Bharat Bhushan and Smt. Renu Bhus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... T(A) have passed the impugned orders arbitrarily; that an identical issue in a similar mater has been decided by ITAT, Delhi Benches 'E' Bench, New Delhi in the case of Next Wave India (AOP) and Next Wave India (P) Ltd. Vs ITO, New Delhi for the Assessment Years 2002-03, 2003-04 and 2004-05 vide order dated 25.01.2012 in assessee's own case. 9. On the other hand Ld. D.R. relied upon the order of Ld. CIT(A) and prayed for dismissal of appeal. 10. We have heard Ld. Authorized Representatives of both the parties and gone through the documents relied upon in the light of facts and circumstances of the case. 11. Under Section 68 of the Act, if any sum is found credited in the books of an assessee maintained for any previous year, the onus lie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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