9911796707
TMI Blog2023 (2) TMI 862X X X X Extracts X X X X X X X X Extracts X X X X ..... 47/148 was applicable, the pre-requisites of which having not been fulfilled, re-assessment proceedings could not have been triggered. For the foregoing reasons, we are not inclined to interdict the order passed by the Tribunal. No substantial questions of law. - ITA 47/2023& CM Nos.3416-17/2023 - - - Dated:- 24-1-2023 - HON'BLE MR JUSTICE RAJIV SHAKDHER AND HON'BLE MS JUSTICE TARA VITASTA GANJU For the Appellant : Mr Puneet Rai, Sr. Standing Counsel. For the Respondent : Gautam Jain, Advocate and Mr Ajit Jha, Advocate RAJIV SHAKDHER, J (ORAL): CM. APPL. 3416/2023 1. Allowed, subject to just exceptions. ITA 47/2023 CM. APPL. 3417/2023[Application filed on behalf of the appellant seeking con ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stigation wing, and therefore, proceedings were initiated under Sections 147/148 of the Act. It is Mr Rai s contention that the respondent/assessee was a beneficiary of accommodation entries from S.K. Jain Group. 7. Having heard Mr Rai at some length, we find from the record, that the following has emerged: 7.1. The respondent/assessee was subjected to scrutiny assessment, and thereafter, an order dated 24.12.2009 was passed concerning the aforementioned AY i.e., AY 2007-08. 7.2 During the course of assessment, the AO, inter alia, sought information with regard to the share application money amounting to Rs.16,88,65,000/- received by the respondent/assessee. 8. A perusal of the record shows that the applicants had subscribed for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al by the respondent/assessee, albeit at a premium, but he also examined the receipt of unsecured loans from other entities/persons. 12. Having examined the various order sheets generated by the AO, the Tribunal recorded that three share applicants namely Mr Shukal Kapoor, Ms Vaine Kapoor and representatives of an entity going by name Tirupati Venketeswera Colonisers Pvt. Ltd., were produced for examination before the AO on 21.12.2009 and 22.12.2009, and that the statements of these persons were recorded. 13. Having regard to the aforesaid, the Tribunal concluded that the pre-requisites for reopening the assessment under Section 147/148 of the Act as they obtained at the relevant time were not fulfilled. In other words, according to t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... context, the Tribunal again returned a finding of fact that none of the 99 share capital applicants were found in the list of accommodation entry providers. As per the Tribunal, the AO had not applied his mind as to how the assessee was linked to the accommodation entry provider. 18. Therefore, the Tribunal s view was that the AO failed to apply its mind independently and that it reopened the concluded assessment based on directions of Director of Investigation (DIT), Delhi and he did not form his own reasons to believe that income chargeable to tax had escaped assessment. The Tribunal s concern was that had the AO applied its mind, he would have noticed that during the period under consideration, the respondent/assessee had received Rs ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
