9911796707
TMI Blog2010 (12) TMI 1268X X X X Extracts X X X X X X X X Extracts X X X X ..... irst fold of ground, it is challenging reopening of assessment by issuance of notice u/s 148 of the Incometax Act. In the second fold of grievance, it is impugning addition of ₹ 4,01,000/- with the aid of section 68. 3. The learned counsel for the assessee at the very outset submitted that issue in dispute is squarely covered in favour of the assessee by the decision of Hon'ble Delhi High Court rendered in the Writ Petition No.6087/2010 in the case of Sarthak Securities Co. Pvt. Ltd. vs. ITO. He placed on record copy of the judgment, which was delivered on 18.10.2010. The learned counsel for the assessee submitted that Hon'ble Court has reproduced the reasons recorded by the Assessing Officer for reopening of the assessment ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... notice u/s 148 of the Income-tax Act. The reasons recorded by the Assessing Officer read as under :- 1. The Assessee filed return of income on 30/10/03 declaring loss of ₹ 89472/-. 2. As per information received from the office of the DIT (Investigation), New Delhi, vide letter No.DIT(lnv)-1/2006- 07/AE/253 dated 16/6/06, the assessee company has taken two entries of ₹ 2.00 Lac each on 11/1/03 and 31/12/02 from M/s Nishant Finvest P Ltd and M/s Kuberco sale P Ltd. The said companies are stated to have issued the above said cheques from their A/c No.50080 and 50084 with the State Bank of Patiala (SSP). The said cheques are stated to have been credited in the assessee a/c with the South India Bank (SIB), Chandni Chowk, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 02 Nishant Finvest SBBJ NRR DO DO DO 2500000 18/9/02 Dinanath Luhhari Wal Spinning Mill SBP DG DO DO DO 2500000 16/12/02 K.R. Fincap P Ltd. SBBJ NRR DO DO DO 300000 12/3/03 Division Trading P. Ltd. BOR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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