2015 (3) TMI 1209

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....d on 25.03.2011. The assessment u/s 147/143(3) was finalized on 26.12.2011 at an income of Rs. 62,71,870/-. The action of the Assessing Officer has been affirmed by the CIT (A). Now the assessee is in appeal by taking the following grounds of appeal :- "1. On the facts and circumstances of the case, the order passed by the learned Commissioner of Income Tax (Appeals) [CIT(A)] is bad, both in the eye of law and on the facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the initiation of the reassessment proceedings and the reassessment order are bad both on facts and in law and liable to be quashed as the statutory condi....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... back of the assessee and without providing copy of the same & providing opportunity to rebut the same. 7. The appellant craves leave to add, amend or alter any of the grounds of appeal." 3. Ground Nos.1, 6 & 7 are general in nature and do not require any adjudication. 4. In the ground nos.2, 3 & 4, the assessee is challenging the upholding of the action of the Assessing Officer for reopening of the assessment. 5. We have heard both the sides on the issue. The notice u/s 148 issued on 25.03.2011 was duly served on the assessee well within the limitation prescribed by the Act. The assessee has responded to the notice and submitted that return filed earlier should be treated as the return filed u/s 147 and the copy of the sa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....icate issued at the end of year by the party (iv) Copy of Board Resolution (v) Copy of confirmation from party (vi) Copy of bank statement (vii) Copy of acknowledgement of ITR (viii) Copy of balance sheet and P&L account (ix) Copy of appointment of and changes among Directors (x) Copy of Certificate of Incorporation (xi) Copy of Memorandum of Association & Articles of Association - M/s. Tashi Contractors (P) Ltd. (i) Copy of share application form (ii) Copy of affidavit (iii) Copy of certificate issued at the end of year by the party (iv) Copy of confirmation from party (v) Copy of Board Resolution (vi) Copy....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Certificate of Incorporation (xii) Copy of Memorandum of Association & Articles of Association We would also like to mention that this was the first year of the establishment of the company and there appears to be no business activity during the year. Therefore, the revenue's allegation that assessee has introduced his own unaccounted money in the share application money is contrary to the facts of the case. Since the assessee has not done any business during the year there cannot be any occasion to generate unaccounted funds which can be routed back to the assessee company in the form of share application money. The assessee has submitted all the relevant papers before the Assessing Officer which include share application f....