2025 (3) TMI 516

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..... d that the Assessee has failed to prove the genuineness of the transaction. Thus, it is crystal clear that the A.O. has initiated the re-assessment proceedings on one issue and has not made any addition on that issue. Thus no infirmity in the order of the Ld. CIT(A) in quashing the reopening proceedings initiated by the A.O. u/s 147. Decided in favour of assessee.
Shri M. Balaganesh, Accountant Member And Sh. Yogesh Kumar U.S., Judicial Member For the Assessee : Shri Amit Goel, CA and Sh. Pranav Yadav, Adv For the Revenue : Sh. Rajesh Kumar Dhanesta, Sr. DR ORDER PER YOGESH KUMAR, U.S. JM: This appeal is filed by the Department against the order of Commissioner of Income Tax (Appeal) ('Ld. CIT (A)' for short) - Delhi-3, dated 25/10 .....

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..... cordingly the Assessee was beneficiary to the extent of Rs. 42,00,000/-.' The A.O. further recorded that the said amount of Rs. 42,00,000/- has escaped assessment, accordingly, reopened the case of the Assessee u/s 147 of the Act and issued notice u/s 148 of the Act. The assessment order came to be passed by the A.O. on 26/12/2018 by making an addition of Rs. 2,70,50,000/- u/s 68 of the Act on the ground that the Assessee was not able to establish the creditworthiness of the person/entity and genuineness of the transaction. Aggrieved by the assessment order dated 26/12/2018, the Assessee preferred an Appeal before the Ld. CIT(A). The Ld. CIT(A) vide order dated 25/10/2019, allowed the Appeal of the Assessee by quashing the reopening of the .....

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..... ion entry of Rs. 42,00,000/- in the form of share application money fortified and accordingly income of Rs. 42,00,000/- has escaped assessment. However, in the assessment order no such addition has been made on account of share application money forfeited and the A.O. has examined the issue of fresh share application of money of Rs. 2,70,50,000/- received by the Assessee during the year and thereby made addition u/s 68 of the Act on the ground that the Assessee has failed to establish the creditworthiness of the persons/entity who have invested the amount and also opined that the Assessee has failed to prove the genuineness of the transaction. Thus, it is crystal clear that the A.O. has initiated the re-assessment proceedings on one issue a .....

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