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TMI Blog2016 (2) TMI 1242X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Assessee and against the Revenue and accordingly quash the reassessment proceedings. Since we have quashed the reassessment proceedings, as aforesaid, the other issues are not being dealt with. - Appeal filed by the Revenue stand dismissed. - I.T.A. No. 2989/DEL/2009 - - - Dated:- 10-2-2016 - Shri H. S. Sidhu, Judicial Member And Shri J. S. Reddy, Accountant Member For the Petitioner : Sh. K. K. Jaiswal, Sr. DR For the Respondent : Dr. Rakesh Gupta, Adv. Sh. Somil Agarwal, Adv. Sh. Abhishek Anand, Adv ORDER Per H. S. Sidhu : JM Revenue has filed this Appeal against the impugned Order dated 31.3.2009 passed by the Ld. CIT(A)-V, New Delhi relevant to assessment year 2001-02 on the following grounds:- 1) On the facts and circumstances of the case, the ld. CIT(A) has erred in deleting addition. a) Of ₹ 5,00,000/- made by the AO u/s. 68 of the Act on account of addition to share application money as unexplained cash credits and ₹ 5000/- on account of commission paid from undisclosed sources. b) ₹ 27,00,000/- on account of unexplained share premium. Ignoring the fact that i) The assessment order passed by the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... erial which AO has mentioned in the assessment order and Ld. CIT(A) has rightly upheld the same. He requested that on legal issue, the order of the Ld. CIT(A) may be upheld. 6. On the contrary, Ld. Counsel of the assessee stated that the reopening in the present case is illegal and the same may be quashed. He further submitted that the present case is squarely covered by the Hon ble High Court Decision dated 8.10.2015 passed in ITA No. 545/2015 in the case of Pr. CIT-4 vs. G G Pharma India Ltd., wherein the Tribunal decision dated 9.1.2015 has been followed. In this behalf, he filed the copy of the order dated 8.10.2015 of the Hon ble High Court of Delhi in Pr. CIT vs. G G Pharma India Ltd. Therefore, he requested that by following the decision in the case of Pr. CIT vs. G G Pharma India Ltd., the appeal filed by the Revenue may be dismissed. 7. We have heard both the parties and perused the relevant records available with us, especially the orders of the revenue authorities and the case laws cited by the assessee s counsel. For the sake of clarity, we would like to discuss the relevant reasons for reopening of assessment in the case of the assessee as under:- OFFICE OF ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ducer is the main entry operator and the cash deposit slips and other instruments are tilled by him. The other persons (in whose name the A/c is opened) only signs the blank cheque book and hands. over the same to the main entry operator. The entry operator then issues cheques/DDs/Pos in the name of the beneficiary from the same account (in which the cash is deposited) or another account in which funds are transferred through clearing in two or more stages, The beneficiary in turn deposits these instruments in his bank accounts and the money comes to his regular books of account in the form of gift, share application money, loan etc through banking channels. Since the funds have come through banking channel in the books of beneficiary these apparently look genuine. At the time of assessment the beneficiary provides the PAN, assessment particulars and confirmation from the entry operators to show the genuineness of these receipts and the Assessing Officer does not investigate any further . .. Enquiries by the Investigation Wing, has revealed that M/s IG Properties P Ltd has given the entry to my assessee M/s Bajaj Company Pvt. Ltd., B-104, Maharani Bagh, Delh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Delhi. Keeping in view of the facts and circumstances of the present case and the case law applicable in the case of the assessee, we are of the considered view that the reopening in the case of the assessee for the asstt. Year in dispute is bad in law and deserves to be quashed. Our view is supported by the following judgment/decision:- (a) Pr. CIT vs. G G Pharma India Ltd. in ITA No. 545/2015 dated 8.10.2015 of the Delhi High Court wherein the Hon ble Court has adjudicated the issue as under:- 12. In the present case, after setting out four entries, stated to have been received by the Assessee on a single date i.e. 10th February 2003, from four entities which were termed as accommodation entries, which information was given to him by the Directorate of Investigation, the AO stated: I have also perused various materials and report from Investigation Wing and on that basis it is evident that the assessee company has introduced its own unaccounted money in its bank account by way of above accommodation entries. The above conclusion is unhelpful in understanding whether the AO applied his mind to the materials that he talks about particularly since he did not describe w ..... X X X X Extracts X X X X X X X X Extracts X X X X
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