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TMI Blog2018 (2) TMI 1640X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO, we hereby quash the assessment proceedings made by the AO and affirmed by the ld. CIT (A) and thereby allow the appeal filed by the assessee company. - ITA No. 891/Del. /2009 - - - Dated:- 21-2-2018 - Shri G.D. Agrawal President And Shri Kuldip Singh, Judicial Member Assessee By : Shri R. S. Singhvi, Advocate Revenue By : Shri Ravi Kant Gupta, Senior DR ORDER Per Kuldip Singh, Judicial Member The appellant, M/s. Bhor Mal Dhansi Ram Ltd. (hereinafter referred to as the assessee company ) by filing the present appeal, sought to set aside the impugned order dated 27.01.2009 passed by Ld. CIT(Appeals)-V, New Delhi qua the assessment year 2000-01 on the grounds inter alia that :- 1. (i) The lower author ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (ii) The lower authorities had erred in overlooking not only the said High Court judgments but also the judgments of the Supreme Court of India in respect of Special Leave Petitions in the cases of CIT V s Divine Leasing and Finance Ltd. and CIT V s Lovely Exports Pvt. Ltd. whereby the Apex Court had upheld the said judgments of Delhi High Court and had dismissed the Special Leave Petitions of the CIT. 3. The CIT (A) had erred in overlooking the judgment or Delhi Bench 'B' of the Income Tax Appellate Tribunal dated 24.10.2008 arising out of ITA No.4670/Dell07 in appellant's own case for the assessment year 1999-2000 whereby the appeal of the CIT against the order of the CIT (A) for the assessment year 1999-2000 had ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Financial Ser. (P) Ltd. Rs.5,00,000/- (iii) M/s. I.G. Properties (P) Ltd. Rs.2,50,000/- 3. Assessee carried the matter by way of filing appeal before the ld. CIT (A) who has dismissed the appeal. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeal. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Assessee while moving an application under Rule 27 of Income Tax (Appellate Tribunal) Rules, 1963 (for short the Rules ) sought t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ility of reference, para 4.3 of the reasons recorded for reopening are reproduced as under :- 4.3 In view of the findings of the investigation report, the lenders in these cases have been proved to be men/parties of no creditworthiness. The statements on oath and the admission clearly show that these transaction are non genuine. Further, the results of enquiries conducted for the A.Y 1999-00 bolster the report of investigation with all merits. Therefore the aforesaid credit entries are squarely hit by section 68 of the I.T. Act. I therefore have reasons to believe that this amount of ₹ 12,50,000/- represents income of the assessee chargeable to tax which has escaped assessment for A.Y. 2000-01. 9. Bare perusal of the reas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... matter if the assessment has been completed u/s 143 (3) or intimation u/s 143(1), the essential prerequisite for existence of tangible material has to be fulfilled. Even on the basis of some report given by investigation wing of Director of Income-tax (Inv.) assessment was reopened for 1999-00 in assessee s own case and assessment was not found to be sustainable by the CIT (A) as well as coordinate Bench of the Tribunal. 12. Hon ble Punjab and Haryana High Court in case cited as CIT vs. K.C. Pipes Pvt. Ltd. (2016) 386 ITR 532 (P H) while dealing with the identical issue held as under :- The Assessing Officer was of the view that the share application money was received by the assessee from the shareholders whose sources of income ..... X X X X Extracts X X X X X X X X Extracts X X X X
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