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TMI Blog2025 (3) TMI 516X X X X Extracts X X X X X X X X Extracts X X X X ..... the reopening of the assessment proceedings u/s 147 without appreciating the facts that the AO had recorded detailed reasons clearly stating amount of Rs. 42,00,000/- being the forfeited share application money as well as total amount of Rs. 2,70,50,000/- and hence, the addition made was based on the reasons recorded only." 2. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) has erred in deleting the addition of Rs. 2,70,50,000/- made by the AO on account of unexplained share application money, ignoring the fact that genuineness and creditworthiness of the investor company being shell entity was not established." 3. The appellant craves to add, amend or forgo any ground(s) of appeal at any time before or dur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Grounds mentioned above. 4. The Ld. Departmental Representative arguing on the Ground No.1, submitted that the Ld. CIT(A) committed error in quashing the reopening of the assessment proceedings u/s 147 of the Act without appreciating the fact that the A.O. had recorded detailed reasons, wherein clearly stated the amount of Rs. 42,00,000/- being forfeited as the share application money as well as the total amount of Rs. 2,70,00,000/-. Further submitted that the addition has been made was based on the reasons recorded only, thus submitted that the Ld. CIT(A) committed error in quashing the assessment proceedings. 5. Per contra, the Ld. Assessee's Representative submitted that the Ld. CIT(A) has rightly quashed the reopening as the A.O ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... basis of initiation of proceedings for which reasons to believe were recorded were income escaping assessment in respect of items of club fees, gifts and presents, etc., but the same having not been done, the Assessing Officer proceeded to reduce the claim of deduction under Section 80 HH and 80-I which as per our discussion was not permissible. Had the Assessing Officer proceeded not to make dis-allowance in respect of the items of club fees, gifts and presents, etc., then in view of our discussion as above, he would have been justified as per explanation 3 to reduce the claim of deduction under Section 80 HH and 8-I as well. 21. In view of our above discussions, the Tribunal was right in holding that the Assessing Officer had the juris ..... X X X X Extracts X X X X X X X X Extracts X X X X
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