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TMI Blog2018 (4) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... pleaded that the objections filed in response to initiation of proceeding under section 148 have not been disposed of by the A.O. This was also not decided by the authorities below. Therefore, it requires factual verification because it would also have significant impact of passing of the assessment orders by the A.O. As assessee pleaded that no amounts in question have been received by assessee-company in its bank account requires reconsideration of the above issues at the level of the A.O. In view of the above discussion, we set aside the orders of the authorities below and restore both the assessments to the file of A.O. with a direction to redecide all the above grounds of the assessee - Decided in favour of assessee for statistical ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iciaries through large number of shell managed by him. For A.Y. 2005-2006, accommodation entry is stated to have been provided by Volga Cresec (P) Ltd and in A.Y. 2006-2007 accommodation entry is stated to have been provided by Tejasvi Investment (P) Ltd. The assessment was reopened under section 148 of the I.T. Act on 27/28th March, 2012. The A.O. noted in the assessment orders that nobody attended nor any return have been filed in response to notice issued under section 148 of the I.T. Act. The statutory notices issued under section 142(1) were also not complied with. Later on, assessee sought adjournment which was granted. The assessee filed reply at the Dak Counter along with acknowledgment of the ITR, copy of the balance-sheet, P L A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r adjournment on 24th July, 2012. Therefore, the contention of assessee is incorrect that no notice under section 148 have been served upon the assessee. it was also noted that assessee did not cooperate and did not comply with the order to produce Director of Tejasvi Investment (P) Ltd. The Ld. CIT(A), therefore, noted that assessee has not made any compliance and no reply have been filed to contradict the remand report. The Ld. CIT(A), therefore, held that notice under section 148 have been issued and served upon the assessee. The assessee did not produce sufficient evidence to explain the creditworthiness and genuineness of the transaction for the amounts received. Therefore, assessee failed to discharge onus upon it to prove genuineness ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessment years under appeals. 5.2. In A.Y. 2006-2007, the assessee made similar contentions and it was explained that it was submitted before A.O. during A.Y. 2005-2006 that assessee has sold shares out of opening stock in trade of their company namely shares of Stainti Financial Services Pvt. Ltd., for which documentary evidences were filed which was accepted by the A.O. in the scrutiny assessment for A.Y. 2005-2006. Copy of the ITR of Tejasvi Investment (P) Ltd. for A.Y. 2005-2006 were also filed with copy of the bank statement wherein such sale proceeds were received into the bank account. The assessee booked the sale proceeds as income which have been shown for taxation in A.Y. 2005-2006 which have been accepted by A.O. It is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... w on the same despite the assessee denied receipt of such amount even before A.O. The assessee also denied receipt of notice under section 148 of the I.T. Act. However, the claim of assessee have been rejected merely considering the remand report of the A.O. in which it is noted that notice under section 148 have been issued on 27th March, 2012 and 142(1) have been issued on 10th July, 2012 and thereafter, assessee made request for adjournment on 24th July, 2012. It is not clarified in the remand report or in the findings of the authorities below whether notice issued in March, 2012 under section 148 have been served upon the assessee or not. Since, it is a jurisdictional notice, therefore, the authorities below shall have to record finding ..... X X X X Extracts X X X X X X X X Extracts X X X X
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