9911796707
TMI Blog2021 (5) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... entatives of both the sides and having regard all the facts of the case, we consider it just and proper to restore this issue to the file of the Assessing officer for verifying the claim of the assessee from the relevant record. If it is found by the Assessing Officer on such verification that the amount in question represents the sale proceeds of investments which were made by the assessee out of share capital and share premium amounting to ₹ 11.04 crores, which is already treated and accepted as income of the assessee by virtue of the settlement of dispute under Vivad Se Vishwas Scheme in A.Y. 2008-09, the same cannot be treated as income of the assessee again for the year under consideration as the same would amount to double addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee. The Assessing officer, therefore, was left with no option but to complete the assessment ex-parte to the best of his judgment on the basis of material available on record. In the assessment so completed under section 143(3)/147 of the Act vide an order dated 29.11.2019, the following additions were made by the Assessing Officer to the total income of the assessee:- (i) Amount received from Shell Company treated as unexplained cash credit under section 68 ₹ 10,00,000/- (ii) Reversal of investment in unquoted shares ₹ 6,92,50,000/- (iii) Disallowance of expens ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... treating the same as unexplained cash credit and the assessee has already settled the said controversy involved in A.Y. 2008-09 by opting Vivad Se Vishwas Scheme. He has contended that the treatment given by the Department to the share capital and share premium aggregating to ₹ 11.04 crores as income of the assessee for A.Y. 2008-09 thus has been accepted by the assessee and since the same now represents the source of income of the assessee, the application of the said amount for making the investment as well as realisation of sale proceeds of such investment cannot again be treated as income of the assessee under section 68 or otherwise since the source of the same is already well established. He has contended that any such addition ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
