TaxTMI 
TaxTMI 
2014 (6) TMI 227
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....2. That under the facts and circumstances, initiation of proceedings u/s 147/148 are absolutely illegal and un-sustainable in law as well as on merits. 3.1 That under the facts and circumstances and in view of the explanation and evidences filed, the ld. AO grossly erred in law as well as on merits in treating the State Bank of Saurashtra Patparganj as belonging to assessee and consequently further erred in making addition of Rs.17,00,058/- as un-explained credits in the said bank account, on protective basis. No addition, whatsoever even on protective basis needs to be done." 3.2 (wrongly typed as 1.1). That without prejudice, as the similar issue with same facts is there in AY 2002-2003, 2003-2004 and 2005- 2006 for which years the Hon'....
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....ons was admittedly not disclosed in any IT return, to protect the interest of the revenue, the assessment was made on protective basis and the income of the assessee was assessed as under:- S.No. AY Returned income (Rs.) Assessed Income (Rs.) Remarks 1. 2002-03 3,103/- 74,04,000/- Addition was made on protective basis. 2. 2003-04 59,844/- 40,12,839/- Addition was made on protective basis. 3. 2005-06 27,254/- 34,41,417/- Addition was made on protective basis. 4. The cases of the assessee, Shri B. Bhushan and Smt. Renu Bhushan, for the above mentioned years were assessed by the AO, Ward 36 (3), New Delhi and additions were made on substantive basis. Similar transactions had also been carried out during FY 2003-04 relevant to AY 2004-....
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....s and the immediately succeeding assessment years, in the cases of Next Wave India (AOP) as well as the present assessee, the Tribunal has held that the bank account belongs to Next Wave India (AOP) or Shri B. Bhushan and Smt. Renu Bhushan and not to the present assessee, i.e., Next Wave India (P) Ltd.; that on this basis, the protective addition made by the AO and enhancement thereof by the ld. CIT (A) were deleted; that this order of the Tribunal stands accepted by the department as no appeal there against has been filed; that in the assessment order, (copies filed) dated 26.12.2011, in the case of Next Wave India (AOP), the addition made on substantive basis is the same as that in the present case, made protectively; and that so, followi....
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....e Pvt. Ltd. iv) In response to notice u/s 148 in the case of AOP, Mr. Bhushan filed the return disclosing interest income. During the assessment proceedings of AOP, Mr. Bhushan admitted that the bank accounts belonged to AOP and not the Pvt. Ltd. v) The AO also formed the opinion that the bank accounts belonged to Bhushans and, thus, assessable in the hands of AOP and, therefore, substantive addition is made in the hands of AOP. vi) During the course of appellate proceedings before us, Shri Niraj Jain and Shri P.K. Mishra, CA, the learned counsels for AOP, stated in the open court that the bank accounts are owned by the AOP and are assessable in its hands in accordance with law. 8. In view of the totality of the above facts, we hold tha....