TaxTMI 
TaxTMI 
2017 (6) TMI 493
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....ed vide fresh certificate of incorporation consequent upon change of name dated 16/07/2009 issued by Deputy Registrar of Companies, Maharashtra as placed by Ld. Counsel for assessee before us. The same is taken on record. Now, we deal with the issues raised in the appeal in succeeding paragraphs. 3. Briefly stated the assessee, being resident corporate assessee, was subjected to an assessment u/s 143(3) read with Section 147 of the Income Tax Act, 1961 vide Assessing Officer [AO] order dated 30/12/2011 at Rs. 38,50,730/- after disallowance of Rs. 23.00 Lacs u/s 68 on account of Share Application money as against returned income of Rs. 15,50,732/- filed by assessee on 28/10/2004. The assessment was reopened by issuance of notice u/s 148 dat....
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....ts namely B.P.Choudhary and Saroj Choudhary and to confirm the same, notices u/s 133(6) were issued to the two applicants and certain details were called from the assessee also. After perusing the replies / submissions and factual matrix, the Ld. AO came to the conclusion that the said amount of Rs. 23.00 Lacs was bogus transaction and therefore, added to the income of the assessee u/s 68. 4. Aggrieved, the assessee contested the same without any success before Ld. CIT(A) vide impugned order dated 30/01/2013 where the assessee could not substantiate its claim. Aggrieved, the assessee is in appeal before us. 5. At the outset, the Ld. Counsel for assessee [AR] has assailed the reopening on legal ground by stating that the reopening has been....
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....original return was processed u/s 143(1), only one conditions viz. reasons to believe that the income has escaped assessment was required to be fulfilled by the AO and nothing more. However, it is also well settled principle that the AO must be in possession of some tangible material so as to justify the reopening and that material should lead to formation of belief on the part of the AO that certain income has escaped assessment and also the material should have live link with the formation of the belief, which in our opinion is missing in the instant case. From the material on record, it is clear that the assessee has not received any share application money from the said group rather it has received share application money from two perso....