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2015 (12) TMI 1079

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....al particulars necessary for the assessment. It is contended by the learned counsel for the petitioner that apart from there being no such failure, in fact, there is not even an allegation in the reasons that there has been such a failure on the part of the assessee. 3. The second ground urged on behalf of the petitioner/assessee is that this is a case of change of opinion inasmuch as the very issue sought to be raked up by way of the impugned notice under Section 148 of the said Act has been considered by the Assessing Officer during the time of the original assessment under Section 143 (3) of the said Act. 4. The original assessment under Section 143(3) was completed on 18.12.2009. This was, however, after a questionnaire had been issued to the assessee during the assessment proceedings on 12.06.2009. Question No. 3 of the questionnaire specifically required the assessee to give the names, addresses and PAN numbers of the shareholders along with their percentages/ ratios. This was provided by the assessee. In fact, the Assessing Officer did not stop at that and issued notices under Section 133(6) of the said Act to the individual applicants. One such letter dated 04.12.2009 was....

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....mited Sd/ Director" Similar letters were issued to all the share applicants and confirmations were obtained from the said share applicants. 6. The summary of documents filed by the petitioner/assessee and the confirmations received from the third parties directly by the Assessing Officer have been set out in Annexure P-XIII, which reads as under:- "SUMMARY OF DOCUMENTS FILED BY THE PETITIONER/ASSESSEE AND CONFIRMATIONS RECEIVED FROM THIRD PARTIES DIRECTLY BY THE ASSESSING OFFICER ANNEXURE-P-XIII S. No. Name of Party Amount Relevant documents filed by Petitioner / Assessee and verified by Assessing Officer during proceedings u/s 143(3) Confirmations/ documents directly received by AO u/s 133(6) and duly verified 1 Advantage Software Pvt. Ltd. 1000000 i. Confirmation Letter filed i. Confirmation letter recd ii. IT Return filed ii. IT Return recd iii. Bank Statement recd 2 Central Gum & Chemical Ltd. 4000000 Confirmation Letter filed i. Confirmation Letter recd ii. IT Return recd iii. Bank Statement recd 3 Dhamaka Trading & Constructions 1000000 i. Confirmation Letter filed i. Confirmation Letter recd ii. IT Return filed ii. IT Return recd iii. Bank Stat....

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....mation/ documents from time to time. Case was discussed with him." 8. It is clear that after the Assessing Officer examined the aspect of the share application money received by the assessee through the issuance of a questionnaire and notices under Section 133(6) of the said Act, the assessment under Section 143(3) of the said Act was framed on 18.12.2009. 9. The learned counsel for the petitioner placed reliance on the decision of this Court in Lahmeyer Holding GMBH v. Deputy Director of Income Tax: [2015] 376 ITR 70 (Delhi) to submit that the re-assessment proceedings would be invalid in case an issue or query is raised and answered by the assessee in the original assessment and yet, the Assessing Officer does not make any addition in the assessment order. In such situations, it would have to be accepted that the issue had been examined, but the Assessing Officer did not find any ground or reason to make any addition or reject the stand of the assessee. Relying on the said decision, it was also submitted that when such an exercise is undertaken by the Assessing Officer, it can be regarded as a case where the Assessing Officer forms an opinion and that re-assessment on the very....

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....ton of there being a failure on the part of the assessee to fully and truly disclose all the material particulars necessary for assessment, has not been made out. In fact, if one looks at the reasons which have been supplied for initiating re-assessment, there is not even an allegation that there has been such a failure on the part of the petitioner/ assessee. For the sake of convenience, the reasons are set out herein below:- "Income Tax Department 26/02/2014 Reasons for reopening the case of M/s Shri Parasram Industries P. Ltd. (AABCS7930D) A.Y. 2007-08, U/s 147/148 of the Income Tax Act, 1961 1. Information /documents in the form of CD has been received from the office of ACIT, Central Circle 22-New Delhi wherein it was revealed that the above assessee, M/s Shri Parasram Industries P. Ltd. has received and is a beneficiary of accommodation entries provided by certain entry operators. The Investigation Wing of the Department had carried out survey u/s 133A in the case of Shri Suresh Kumar Gupta (S.K. Gupta) on 20.11.2007. It was gathered that Sh.S.K. Gupta who is having his office at 308, Arunachal Building, Barakhamba Road, New Delhi is a Chartered Accountant and is carrying....

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....nbsp;Kotak Shri Parasram Indus. P. Ltd. 10,00,000 20.04.2006 Ch. No.000121 dt. 18.04.06 Advantage Kotak Shri Parasram Indus. P. Ltd. 10,00,000 20.04.2006 Ch. No.727314 dt. 18.04.06 Zenith Estates  IPSB Shri Parasram Indus. P. Ltd. 10,00,000 21.04.2006 Ch. No.786367 dt. 18.04.06 Central Gum SIB Shri Parasram Indus. P. Ltd. 10,00,000 29.04.2005 Ch. No.141336 dt. 27.04.06 Vijay Conductors HDFC Shri Parasram Indus. P. Ltd. 15,00,000 29.04.2005 Ch. No.115494 dt. 01.05.06 Vijay Conductors HDFC Shri Parasram Indus. P. Ltd. 15,00,000 29.04.2005 Ch. No.141335 dt. 27.04.06 Vijay Conductors HDFC Shri Parasram Indus. P. Ltd. 20,00,000 29.04.2005 Ch. No.141337 dt. 27.04.06 Vijay Conductors HDFC Shri Parasram Indus. P. Ltd. 5,00,000 19.05.2006 PO. No. 016727 dt. 19.05.06 Zenith Estates IPSB Shri Parasram Indus. P. Ltd. 10,00,000 19.05.2006 PO. No. 016727 dt. 19.05.06 Zenith Estates IPSB Shri Parasram Indus. P. Ltd. 20,00,000 19.05.2006 PO. No. 016725 dt. 19.05.06 KSA Chits  IPSB  Shri Parasram Indus. P. Ltd. 20,00,000 08.06.2006 Ch. No. 152512 dt. 07.06.06 ....