TaxTMI 
TaxTMI 
2016 (8) TMI 1138
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....peals)-XXXIII, New Delhi erred in rejecting appellant's contention that assessment order made by Assessing Officer was bad in law and void ab-initio. 2. That without prejudice, on the facts and circumstances of the case and in law, the Commissioner of Income Tax(Appeals)-XXXIII, New Delhi erred in upholding the assumption of jurisdiction u/s 147 by the Assessing Officer and in making the assessments in pursuance thereof. 3. That on the facts and circumstances of the case and in law, the Commissioner of Income Tax(Appeals)-XXXIII, New Delhi erred in confirming the addition of Rs. 20lacs made by Assessing Officer u/s 68 of the Income Tax Act,1961. 3.1 That on the facts and circumstances of the case and in law, t....
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....that in the case, reassessment proceedings were initiated under Section 147 of the Act by way of issuing notice under 148 of the Act on 30th March, 2011 after recording reasons for reopening of the assessment. The reassessment proceeding was challenged before the learned Commissioner of Income Tax (Appeals), however, could not succeed, and thus, the assessee has challenged the reassessment proceedings before the Tribunal. 4. In support of ground no. 2 of the present appeal, learned Authorized Representative submitted that in the case of other sister concerns of the assessee company also, identical reasons were recorded for reopening of the assessment but the Tribunal in those cases held the initiation of proceedings under Section 147 of ....
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....view of the ratios laid down in the above cited decision of the Hon'ble jurisdictional High Court recently pronounced on 08.10.2015 to verify the contention of the Learned AR that while forming the belief that income chargeable to tax has escaped assessment on the basis of information received by it, the Assessing Officer has not applied her mind. The reasons recorded in the present case by the Assessing Officer for the purpose are being reproduced hereunder: "2. As per the information received from the ACIT, Central Circle- 19, New Delhi, a survey operation was conducted in the S.K. Gupta group of cases on 20.11.2007, Arunachal Building, 19-Barakhamba Road, New Delhi-1100 01 and 1007-1008, Arunachal Building, 19- Barakhamba Ro....
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....of the assessee to disclose fully and truly all material facts necessary for its assessment within the meaning of section 147 of the Income-tax Act, 1961. 5. Issue notice u/s. 148 of the Income-tax Act, 1961." 8. The Tribunal in para 8 of the order held that the Assessing Officer has not applied his own mind while recording the reasons. The relevant para of the order of the Tribunal is as under: "8. The very perusal of the reasons, it is apparent that these were based on the information received from ACIT, Central Circle-19, New Delhi after narration of which, the Assessing Officer has simply recorded that she has reason to believe that amount/income of Rs. 25 lacs has escaped assessment for the assessment year 2004-05 ....
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....ct is missing in the present case before us. As it is evident in the reasons recorded, reproduced hereinabove, the Assessing Officer has simply recorded the information received from her colleague and without making any exercise of her mind on those information to form her own reasons to believe for the escaped assessment of Rs. 25 lacs, has issued notice under sec. 148 of the Act. We, respectfully following the ratios laid down by the Hon'ble jurisdictional High Court of Delhi in the case of CIT vs. G&G Pharma India Ltd. (supra), hold that the reasons to believe recorded by the Assessing Officer in the present case to initiate the proceedings under sec. 147 of the Act without application of her own mind on the information received were not....
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....of these shell companies/concerns. After receiving cash from the beneficiaries, Sh. S.K. Gupta used to deposit the same in the bank account of one of the these shell companies/concerns. Then he used to route the entries through two to four accounts of these shell companies/concerns before ultimately transferring same to the bank accounts of tire beneficiaries to give the color of genuineness to these transactions. 3. Further, as per the information received from the ACIT, Central Circle-19, New Delhi, M/s. Sunaina Towers Pvt. Ltd. has received amount of Rs. 25,00,000 vide cheque no. 778926 dated 10.10.2003, from the Federal Bank account of M/s. Chanderprabhu Financial Services/Chanderprabhu Finance & securities Ltd., a shell compan....