9911796707
Advanced Search 
TMI Blog2016 (2) TMI 490X X X X Extracts X X X X X X X X Extracts X X X X ..... he Assessing Officer in the assessment order passed under Section 153A on 26.12.2007 when such assessment was declared null and void by Ld. CIT (A) vide his order dated 09.03.2009 and which order has become final. 3. On the facts and circumstances of the case and in law, Ld. CIT (A) erred in confirming the addition on account of share application money having ignored the fact that no opportunity of being heard was provided against the material pertaining to assessment proceedings relevant to the assessment order dated 26.12.2007 while using the same in the present assessment proceedings. 4. On the facts and circumstances of the case and in law, Ld. CIT (A) erred in sustaining the addition in respect of share application money when no su ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed and received back with remarks "No such firm at the given address". The above facts were brought to the notice of the assessee on 7.12.2007 by issuing a letter with remarks for bringing some documents of share application money required as proof u/s 68. 3. In this regard, the assessee furnished new address of Jai Shiv Fabricators (P) Ltd. vide letter dated 12.12.07. An Inspector was deputed along with the summons but upon making local inquiry, he came to know that no such company is in existence. In view of this, ld. Assessing Officer held that the share capital received from Jai Shiv Fabricators (P) Ltd. is nothing but unexplained cash credit in the books of accounts of assessee company and made an addition on that account u/s 68. Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y the CIT(A). The ld. Assessing Officer has heavily relied on the list of persons involved in the business of providing accommodation entries, however, no such list along with relevant material has been provided or shown to the assessee during the course of earlier or present assessment proceedings. Therefore, addition is being made without providing and confronting any specific adverse material to the appellant at all, accordingly, the addition so made is against the well laid principles of justice, equity and fair play. He placed reliance on the State of Kerala vs K.T. Shaduli reported in 1977 AIR 1627. As regards addition of Rs. 10,00,000 u/s 68 of the Income Tax Act, 1961, all documents were produced before the Assessing Officer for ear ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ied on the judgment of Hon'ble Jurisdictional High Court in the case of CIT vs Sophia Finance & Inv. Ltd. (1994) 205 ITR 98 (Del) (FB) and he also relied on another judgment in the case of CIT vs Stellar Investment Ltd. reported in (1991) 192 ITR 287 (Del). 9. Ld. DR relied on the order of CIT(A) and he argued that the order of ld. CIT(A) is correct. 10. We have heard the rival submissions and carefully perused the relevant material placed on record. We find that the department has conducted search and seizure operation on the basis of Investigation Wing of the Department which has informed that the appellant is a group company and has received accommodation entry for issuing share capital through entry provider. On the basis of first ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
