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TMI Blog2017 (7) TMI 859X X X X Extracts X X X X X X X X Extracts X X X X ..... of unexplained cash credit in the form of share capital. 2. The Ld. CIT (A) has quashed the re-assessment order passed u/s 147stating that reopening of the assessment u/s 147 is not valid. 3. The appellant craves leave for reserving the right to amend, modify, add or forego any ground(s) of appeal at any time before or during the hearing of appeal. 2. The brief facts of the case are that the assessee company received share application money amounting to Rs. 48 lac from two companies M/s. Tours Iron Steel Pvt. Ltd. and M/s. Tejswi Investment Pvt. Ltd. The order u/s 143(3) was made on 6.11.2009 where identity, creditworthiness and genuineness of the share capital examined and accepted. Thereafter the notice u/s 147 of the Act was issued ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and based on which it has been concluded by the revenue that the appellant received share capital by way of accommodation entries from companies controlled by the said Shri Goyal. I have considered the statement of Shri Tarun Goyal. In the statement so recorded Shri Tarun Goyal admitted to have provided accommodation entries to various groups viz. Bes^roup, Tfri|tal group, Basant Bansal Group, and Katin Group of Companies. However in the statement so recorded, Shri Goyai nowhere named the appellant company or the K L Gupta Group or any related entity. It is further seen from the bank statements of subscribing companies that there is no cash deposit preceding the cheques issued by M/s Tauras Iron & Steel Pvt Ltd and M/s Tejaswi Investments ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssing officer mentioned that income had escaped assessment because of the failure on the part of the assessee to fully and truly disclose the material facts for assessment, he has not indicated as to which material fact had not been fully and truly disclosed. As mentioned earlier in the course of original assessment proceeding, the Assessing officer was aware of the share application money received of Rs. 48,00,000 and the information received from the investigation wing of the department. Therefore, when all the necessary details were filed and taken note of by the Assessing officer during the course of original assessment proceeding the, reopening of the assessment was merely based on change of opinion of the AO. The Judgments of the Hon& ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2009 i.e. original assessment. He brought to my notice at page P.B. 7 the reasons recorded and the statement of the Mr. Tarun Goyal recorded on 2.8.2009 much before the date of the original assessment is a matter of record at P.B. 2 and 3. The first provision of the section 147 shall come into play when there is a failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment for that assessment year. In the present case as pointed out earlier the Assessing Officer and the ld. DR has not on record any new fact while recording the reasons u/s 147/148 of the Act. Therefore there is change of opinion. Moreover during the enquiries made in response to u/s 133(6) which was complied with there is n ..... X X X X Extracts X X X X X X X X Extracts X X X X
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