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TMI Blog2023 (4) TMI 621X X X X Extracts X X X X X X X X Extracts X X X X ..... uing the show cause, as the show cause clearly proves that the consideration of the ld. PCIT is solely derived from the letter of the ITO and bereft of independent application of mind by the ld. PCIT which makes the order passed u/s 263 void ab initio. Appeal of the assessee is allowed. - ITA No. 1198/Del/2022 - - - Dated:- 7-3-2023 - Sh. N. K. Choudhry, Judicial Member And Dr. B. R. R. Kumar, Accountant Member For the Assessee : Smt. Rano Jain, Adv. And Ms. Mansi Jain, CA For the Revenue : Sh. T. Kipgen, CIT DR ORDER PER DR. B. R. R. KUMAR, ACCOUNTANT MEMBER: The present appeal has been filed by the assessee against the order of the ld. PCIT, Faridabad dated 23.03.2022. 2. Following grounds have been raised ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... file of the A.O. to assess afresh without himself giving a finding as to the error and prejudice caused to the revenue by the assessment order. (i) On the facts and circumstances of the case, Id. Pr. CIT has erred both on facts and in law, in rejecting the contention of the assessee that the identity and creditworthiness of the share holders are duly explained and the genuineness of the transactions is duly proved. (ii) On the facts and circumstances of the case, Id. Pr. CIT has erred both on facts and in law, in holding that the share application of Rs. 1,90,50,000/- was not examined properly by the Id. AO. 3. The assessee is engaged in the business of finance and hire purchase. The assessee filed return of income on 30.09.2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- 2. M/s Latta Resorts Pvt. Ltd. Rs.25,00,000/- 3. Sh. Gajender Singh Rs.50,00,000/- 4. M/s Common People Welfare Society Rs.18,00,000/- 5. Sh. Dinesh Bhardwaj, Sector-48 Rs.12,50,000/- 6. M/s Singh, LPO Rs. 75,00,000/- 3. As per questionnaire issued on 22.12.2015 the assessee company was required to furnish the complete details of share capital with its source of payments etc. However, tie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e framed afresh after following the procedure laid down in law and allowing the assessee to explain its case and make further enquiries as warranted in the matter. 5. Before us, the letter of the ITO, Ward-2(2), Faridabad has been produced by the assessee: F.No IT0/W-2 (2)/FBD/16-17/378 Office of the Income Tax Officer Ward-2(2), Faridabad Dated: 03.02.2017 To The Pr. Commissioner of Income Tax Faridabad (Through the Joint Commissioner of Income Tax, Range-2, Faridabad) Respected Madam, Sub:- Proposal u/s 263 of the I.T Act, 1961 in the case of M/s Ravlndra Hire Purchase and Finance Pvt. Ltd., E-1/58, Soctor-11, Faridabad for the A.Y. 2013-14 - Matter Regarding Kindly re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs. 18,00,000/- v) Sh. Dinesh Bhardwaj, Sector-49 Rs. 12,50,000/- vi) M/s Singh LPO Rs. 75,00,000/- As per questionnaire issued on 22.12.2015 the assessee company was required to furnish the complete details of share capital with its source of payments etc. However, the details filed by the assessee during the assessment proceedings in respect of the identity of the depositors and their creditworthiness are inadequate as there is no complete address, PAM, copy of ITR or bank statements were provided by the assessee to ascertain the genuineness and creditworthiness of th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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