9911796707
TMI Blog2016 (12) TMI 58X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee is directed against the order of learned Commissioner of Income Tax (Appeals)-30, New Delhi, dated 28.1.2015, raising the following grounds of appeal: 1. That the orders passed by the Assessing Officer and Commissioner of Income Tax (Appeals)-XXX, New Delhi are bad in law and void ab initio. 2. That on the facts and circumstances of the case and in law, the addition of ₹ 15lacs was not permissible in the assessment made u/s 147/143(3) of the Act as the income declared and assessed on 24.12.2007 u/s 143(3) at ₹ 2,30,413/- ought to have been accepted. 3. That without prejudice, the order passed by the Assessing Officer, and confirmed by CIT(A), is bad on facts and in law in as much as it suffers from t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vided copy of reasons recorded for initiation of proceedings u/s. 147/148 of the Act alongwith notice u/s. 148 dated 29.3.2012. Thereafter, notices u/s. 143(2) of the Act dated 19.9.2012 was issued for 10.10.2012. Before the Assessing Officer, the assessee had raised objection against the validity of initiation of reopening proceeding but could not succeed. It raised this issue again before the learned Commissioner of Income Tax (Appeals) but the learned Commissioner of Income Tax (Appeals) has also decided the issue against the assessee, hence, the present appeal before the ITAT. 3. At the outset of hearing, learned Authorized Representative of the assessee submitted that in the case, reassessment proceedings were initiated under Sectio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hand, learned Sr. Departmental Representative relied on the order of the lower authorities, however, could not controvert that the reasons recorded in the instant case are identical to the reasons recorded in the cases before the Tribunal (supra) relied upon by the learned Authorized Representative. 7. I have heard the rival submissions and perused the material on record, including the orders of the Tribunal cited by the assessee. I find that in the case of M/s. Sunaina Towers Pvt. Ltd. (supra), reasons recorded have been reproduced in para 7 of the order, which are as under: 7. Now, we have to examine the reasons recorded in the present case before us in view of the ratios laid down in the above cited decision of the Hon'ble j ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... timately transferring same to the bank accounts of tire beneficiaries to give the color of genuineness to these transactions. 3. Further, as per the information received from the ACIT, Central Circle-19, New Delhi, M/s. Sunaina Towers Pvt. Ltd. has received amount of ₹ 25,00,000 vide cheque no. 778926 dated 10.10.2003, from the Federal Bank account of M/s. Chanderprabhu Financial Services/Chanderprabhu Finance securities Ltd., a shell company/concern floated/controlled by Shri S.K. Gupta. 4. In view of the above, I have reason to believe that amount/income of ₹ 25,00,000 has escaped assessment for the A.Y. 2004-05 for failure on the part of the assessee to disclose fully and truly all material facts necessary for i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... reference to the manner in which those very entries were provided in the accounts of the assessee. It was held that without forming a prima facie opinion, on the basis of such material, it was not possible for the Assessing Officer to have simply concluded, it is evident that the assessee company has introduced its own unaccounted money in its bank by way of accommodation entries. The basic requirement is that the Assessing Officer must apply his mind to the material in order to form reasons to believe that the income of the assessee has escaped assessment. Such basic requirement while recording the reasons for initiation of proceedings under sec. 147 of the Act is missing in the present case before us. As it is evident in the reasons rec ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Gupta group of cases on 20.11.2007, at 308, Arunachal Building, 19-Barakhamba Road, New Delhi-1100 01 and 1007-1008, Arunachal Building, 19- Barakhamba Road, New Delhi-110001. During the course of survey proceedings several ledger accounts maintained in Tally for the F.Y. 2004-05, besides various other documents/accounts were found. Further, during the course of survey assessment proceedings. Sh. S.K. Gupta admitted that he had been providing accommodation entries to various persons/beneficiaries through a large no. of shell companies/concerns floated by effectively controlled by him. He operated a number of accounts in the same bank/branch or in different branches, in the names of these shell companies/concerns. After receiving cash f ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
