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TMI Blog2017 (9) TMI 663X X X X Extracts X X X X X X X X Extracts X X X X ..... ue in dispute to the file of the AO to decide the same afresh, after making independent inquiry and verification, as deem fit. However, the Assessee is also directed to submit all the necessary documents, as asked by the AO during the assessment proceedings and fully cooperate with the AO and did not take any unnecessary adjournment. Accordingly, the issue in dispute is set aside to the file of the AO with the aforesaid directions. Appeal filed by the Revenue stands allowed for statistical purposes. - ITA No. 5154/DEL/2012 - - - Dated:- 11-9-2017 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI L.P. SAHU, ACCOUNTANT MEMBER For The Department : Sh. Arun Yadav, Sr. DR For The Assessee : None ORDER PER H.S. SIDHU, JM : This ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of ₹ 1,13,83,752/- as reflected in the reasons. Assessee objected on the reopening of assessment u/s 148 of the Act on the ground that AO has not recorded his satisfaction before reopening of the case which is factually wrong. The satisfaction recorded by AO during the reopening of assessment is that I have gone through the report and associate record on the basis of the same / have reason to believe that undisclosed income to the tune of ₹ 11383772/- for A. Y 2002-03 has escaped assessment . Therefore, the objection of assessee company is disposed off as objection was not based on facts. However, the assessee has not furnished any details whatsoever despite a number of opportunities given. In the instant case the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o prosecute the matter in dispute, nor filed any application for adjournment. Keeping in view the facts and circumstances of the present case and the issue involved in the present Appeal, we are of the view that no useful purpose would be served to issue notice again and again to the assessee, therefore, we are deciding the present appeal exparte qua assessee, after hearing the Ld. DR and perusing the records. 5. We have heard the Ld. DR and perused the records, especially the order of the Ld. CIT(A). We find that Ld. First Appellate Authority has adjudicated the issue and held as under:- 7. Now coming to the merits of addition, I have considered the observations of the AO as contained in the assessment order, submissions of the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 19.06.2001 which was actually for ₹ 6,OO,OOO but wrongly taken by the Investigation Wing for Rs..60,00,000. 7.2 It is also worth mentioning here that Ayushi Stock Broker is assessed to tax and has a PAN NO.AADCA0825F and in support of these transactions, I find that the copy of account and confirmation relating to the transaction between the appellant and Ayushi Stock Broker were duly filed during the course of assessment proceedings, which have not been verified by the AD at all, rather AO treated the money received by the appellant from Ayushi Stock Brokers Pvt. Ltd. as a sham transaction and AO blindly relied on the information passed by the Investigation Wing and treated this business transaction as a nongenuine one and mad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uments and evidences provided by the appellant to substantiate that the transaction with Ayushi Brokers (P) Ltd. was a genuine business transactions and the same was not an accommodation entry and I also do not find any evidence collected by the AO which could prove otherwise. Accordingly, the AO is not justified in treating the amount received by the appellant as it undisclosed income. In view of aforesaid discussion, I delete the addition of Rs.l,13,83,772/- made by the AO under Section 68 of the Income Tax-Act, 1961. 8. In the result, appeal is partly allowed. 6. On going through the aforesaid findings of the Ld.CIT(A) as well as the finding of the Assessing Officer made in the assessment order, we find that AO has pass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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