9911796707
TMI Blog2015 (12) TMI 1657X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. - I.T.A .No.-1167/Del/2015 - - - Dated:- 11-12-2015 - SHRI N.K. SAINI, ACCOUNTANT MEMBER AND SMT. BEENA PILLAI, JUDICIAL MEMBER For the Petitioner : Shri K.C. Singhal, Adv. For the Respondent : Sh. Ved Prakash Mishra, Sr. DR ORDER PER BEENA PILLAI, JUDICIAL MEMBER: The present appeal has been filed by the assessee against the order of the ld. CIT(A)-Faridabad vide his order dated 16/12/2014 for A.Y. 2010-11 on the following grounds: 1. That reassessment proceedings initiated u/s 148 are void ab-initio since the Assessing Officer failed to verify the veracity of the information before recording the so called reasons as held by the Delhi High Court in various cases. Mere receipt of information from (Inv) wing does not confer power on Assessing Officer to initiate proceedings u/s Assessing Officer. The CIT(A) grossly erred in law in ignoring the binding decisions of the high court relied upon by the appellant while upholding the validity of such proceedings. 2. That reassessment proceedings initiated u/s 148 are void ab-initio since the reasons recorded are vague without reference to any material on record. There is no nexus or live ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Book/RTGS Date From Company Name To Company/Person name Bank Cheque/RTGS/PO No. Cheque Book/RTGS Date Amount (Rs.) Name of The Middle Man/mediator Annexure No. Page No. 04.07.09 Victory Software P. Ltd. Aksar Wire Products P. Ltd. Axis RTGS 04.07.09 10,00,000/- Sukesh Gupta A-21 Back Page 33 2.1. The ld. Assessing Officer accordingly initiated reassessment proceedings u/s 148 of the Act. He recorded the reasons recorded in respect of escapement of income in the hands of the assessee, during the previous year relevant to the assessment year under consideration. The assessee accordingly filed the return declaring loss of ₹ 98,563/- as was declared in the original return filed u/s 139(1) of the Act in response to the notice issued u/s 148. The ld. Assessing Officer in pursuance thereof issued notice u/s 143(2) and 143(1) dated 19/09/2013 to the assessee. 2.2. The ass ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt maintained by the assessee for the year under consideration. 4.3. We have perused the reasons recorded by the ld. Assessing Officer which is placed at page 3 of the paper book filed before us. There is an information with the Assessing Officer received from the DIT(Inv.)-II, New Delhi that assessee has obtained accommodation entry for ₹ 10,00,000/- during the financial year 2009-10 relevant to A.Y. 2010- 11, from Shri Surendra Kumar Jain group cases, who is entry provider. 2. In view of above, I have reason to believe that income chargeable to tax amounting to ₹ 10,00,000/- and any other income which subsequently comes to notice has escaped assessment for A.Y. 2010-11 within the meaning of section 147 of the Income Tax Act. Accordingly, a notice u/s 148 is being issued for the A.Y. 2010-11. 4.4. A perusal of the reasons recorded shows that the reassessment proceedings have been initiated on the belief that the assessee has obtained accommodation entry of ₹ 10 lakh from Shri Surendra Kumar Jain Group of cases, who is an entry operator. The ld. AR contended before us that the ld. Assessing Officer has not provided the copy of the information r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r has not brought out materials on record to establish the same. It is further observed that the assessee has received the share application money from its applicant being Victory Software P. Ltd. by proper banking channels. The assessee has further submitted all the details regarding the applicants including PAN numbers, board resolution, copy of the bank statements, incorporation certificates, memorandum and articles of association and the acknowledgement of IT returns filed by the applicants. 4.7. The ld. Assessing Officer had issued summons to the company by the name Victory Software P. Ltd. which was received back from the postal authorities with remark Refused . This does not mean that there was nobody who was present at the said address and further it cannot be inferred that the company is merely existing on papers. 4.8. The assessee placed its reliance on the judgment of the jurisdictional High Court in the case of Signature Hotels P. Ltd. vs. ITO reported in (2012) 20 taxman.com 797 (Del.). The Hon ble High Court has observed that as there is no reference to any document or statement except the annexure which has been quoted by the Assessing Officer a prima facie ne ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
