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TMI Blog2024 (6) TMI 425X X X X Extracts X X X X X X X X Extracts X X X X ..... He has simply reproduced certain information from the Website of the Income Tax Portal and formed the belief that income has escaped. There was no application of mind at the end of ld. Assessing Officer while forming a belief that income has escaped assessment. He has relied upon the information without analytically examining at his own end and reopened the assessment. We allow this fold of grievance and quash the reopening of assessment. Appeal of assessee allowed. - Shri Rajpal Yadav, Vice-President (KZ) And Dr. Manish Borad, Accountant Member For the Assessee : Shri Miraj D. Shah, A.R. For the Revenue : Shri P.P. Barman, Sr. D.R. ORDER PER RAJPAL YADAV, VICE-PRESIDENT (KZ) :- The present appeal is directed at the instance of assessee against the order of ld. Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 4th January, 2024 passed for assessment year 2011-12. 2. The assessee has taken 15 grounds of appeal. However, its grievances revolve around two issues, namely- (a) whether reopening of the assessment by issuance of a notice under section 148 is valid or not; (b) whether an addition of Rs. 94,50,000/- deserves to be made to the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tradecom Pvt. Ltd. Axis Bank 255010200014003 2. Rajlaxmi Dealcom Pvt. Ltd. Axis Bank 255010200013934 3. Vaishnawi Trade (India) Axis Bank 143010200037590 4. Divy Prakash Suppliers Pvt. Ltd. Axis Bank 910020035930581 5. Shobha Investment Pvt. Ltd. Axis Bank 255010200015899 6. Shivshakti Communication P Ltd Axis Bank 255010200015808 7. Rexnox Trexim Pvt. Ltd Axis Bank 017010200031329 8. Tripund Motor General Fin Ltd. Axis Bank 255010200017161 9. Daffodil Goods Pvt. Ltd. Axis Bank 255010200016579 10. Indradev Goods Pvt. Ltd. Axis Bank 255010200008396 11. Mahaqjogi Vinimay Pvt. Ltd. Axis Bank 255010200016533 12. Deepa Holding Pvt. Ltd. Axis Bank 017010200031824 13. Nivedan Vyapar Pvt. Ltd. Axis Bank 255010200004824 As per MCA data and ITD Module, these companies are paper/shell companies having no real existence business activities and involved in providing accommodation entries in the form of bogus share capital/share premium, prearranged bogus LTCG/STCL unsecured loans etc. to various beneficiaries/parties in lieu of commission in cash. As per departmental data base, some of the concerns mentioned above are interlinked and existing merely on paper having no real existence and busines ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A No. 2003/Kol/20219 Dated :- 08 th JUNE 2023 4 M/S. PASARI CASTING AND ROLLING MILLS PRIVATE LTD VS INCOME- TAX DEPARTMENT JHARKHAND HIGH COURT W.P.(T) No. 1850 of 2022 Dated:- 25th JANUARY 2024 5 M/S. PASARI CASTING AND ROLLING MILLS PRIVATE LTD Vs. INCOME-TAX DEPARTMENT JHARKHAND HIGH COURT W. P. (T) No. 1850 of 2022 Dated:- 25th JANUARY 2024 8. The ld. Sr. D.R., on the other hand, contended that reasons are specific. The ld. Assessing Officer has obtained the information from the MCA data and ITD module of the Department, which demonstrate these Companies as paper/shell companies having no real existence and business activities. The ld. Assessing Officer believed that they are involved in providing accommodation entries in the form of bogus share capital/share premium, pre-arranged bogus LTCG/STCG and unsecured loans etc. He relied upon the orders of Revenue Authorities in this regard. 9. We have duly considered the rival contentions and gone through the record carefully. Section 147 of the Income Tax Act would contemplate that if the ld. Assessing Officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not made any inquiry about the nature of these Companies. The assessee had not taken the money from all these 13 Companies. The ld. Assessing Officer nowhere analyzed as to how which Company has received the money from the assessee and how it has been layered to reach to the accounts of the assessee. He has simply reproduced certain information from the Website of the Income Tax Portal and formed the belief that income has escaped. He has made a mention of certain individuals, namely Dinesh Dhandhnia, Pankaj Agarwal, Vijay Kumar Gupta, Anand Singhania and Bhagwan Das Agarwal, but according to the assessee, it has no connection with any of such person. It has not taken any money from the concerns of these person. Even the ld. Assessing Officer does not know from whom actually assessee has taken the money and how it has been taken. He has just mentioned the details of 13 Companies and there account with Axis Bank. In paragraph no. 2 of these reasons, the ld. Assessing Officer has only observed that the assessee has filed return and asked for reasons for reopening, but nowhere his actual application of mind is depicted. It is pertinent to note that the information has been reproduce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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