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TMI Blog2014 (5) TMI 1170X X X X Extracts X X X X X X X X Extracts X X X X ..... was given to the assessee. A.O. has not made his independent inquiries and verification to ascertain the correct facts. Therefore, we can safely hold that the assumption of jurisdiction by A.O. u/s 147 r.w.s. 148 is invalid and the assessment so made becomes authorities below initio void. However, we quash the order made u/s 147/143(3) of the Act in question and also hold that the addition of ₹ 5 lakhs in assessee’s hands is not warranted. Accordingly, we allow the appeal by the assessee. - ITA No. 104/Jodh/2014 - - - Dated:- 21-5-2014 - Shri Hari Om Maratha, Judicial Member And Shri N.K.Saini, Accountant Member Assessee by : Shri P.C. Parwal, Department by : Shri N.A. Joshi, DR. ORDER Hari Om Maratha, J. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of income such a action cannot be taken. Since in this case the assessee-company received share application money through cheque and the applicant-company is identified, and the share application money received cannot be taken as assessee-company s income in the light of the judgment of Hon'ble Delhi High Court rendered in the case of CIT Vs. 5 FIL Stock Broking Ltd. (2010) 325 ITR 285 (Del), there is no escapement of income. However, the A.O. was not agreeable and proceeded further in this matter and after rejecting all the proof produced to prove the genuinity of this receipt of ₹ 5 lakhs, has added this sum to its income of the year by heavily replying on the search and seizure action undertaken in the case of Maha Sagar Group ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sidered opinion the A.O. has not applied his mind to this information to independently arrive at a belief that on the basis of material before him had escaped assessment. In so far as the share application money of ₹ 5 lakhs is concerned it is regarding issuance of 25000 Equity Shares of ₹ 10 denomination each with share premium of ₹ 10 each. This amount as received from the Alliance Intermediatories Networks (P). Ltd., Mumbai on 22.03.2006. The assessee-company had produced the relevant evidence which included share application money received with relevant documents filed to Register of companies (ROC), copy of Bank Statements, Income Tax return, share application forms, copy of Board s Resolution etc. The judgment of H ..... X X X X Extracts X X X X X X X X Extracts X X X X
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