2016 (12) TMI 617

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....5,00,96,500/-. It is urged that having regard to the law laid down in relation to Section 68 of the Income Tax Act, 1961, the concurrent findings of the CIT (A) and ITAT are unsustainable. 2. The assessee which engages itself in investment business with capital markets received notice under Section 153C pursuant to search initiated on Jakson Group and Associates on 10.02.2010. The assessee filed its returns declaring income during the block period pursuant to which notices under Section 143 (2) and 142 (1) together with a detailed questionnaire were issued.  The assessee complied with the requisite information. Parallelly, a survey under Section 133 (6) was apparently carried out by the revenue on the date of search. Based upon thes....

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....hat the applicant companies did not have sufficient income or that the bank accounts indicated credits and debits in rapid succession leaving little balance does not discharge the burden cast upon the revenue to take an adverse view in the matter. Further, if there was statement of a person or any other material indicating tax evasion by the appellant, or persons in control of its management, the material relied upon should have been made available to the appellant in its entirety. From the records, it appears that this was not done. It has been held by the Hon'ble Apex Court that taxing authorities exercise quasi-judicial powers and in doing so they must act in a fair and not a partisan manner. Although it is part of their duty to ensure t....

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.... could be said to have been satisfied to pass the test of bona fide transactions. It is submitted that in these circumstances, the CIT (A)'s decision - as endorsed by the ITAT - is required to be set aside in this appeal. 6. This Court has considered the materials on record. 7. As against the AO's tabular appreciation of the facts, the CIT (A) also framed another chart which interestingly reveals the net worth of the companies that had invested in the course of the share offerings, of the applicant. The chart extracted in paragraph 4.2 of the CIT (A)'s order is reproduced below: - S.No. Name of Party PAN NO. Amount of investment in shares Net worth  as on 31.3.06 1 M/s Golden Suppliers Pvt. Ltd. AADCG0724F....