TaxTMI 
TaxTMI 
TaxTMI 
2017 (10) TMI 59
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....on assumed u/s 153C in the case of the assessee is not in accordance with law. 2. The order of the CIT(A) is erroneous and is not tenable on facts and in law." ITA No. 141/DEL/2015 ( A.Y 2007-08) 1. On the facts and in the circumstances of the case and in law, the CIT(A) has erred in law in holding that the jurisdiction assumed u/s 153C/143(C) in the case of the assessee is not in accordance with law. 2. The order of the CIT(A) is erroneous and is not tenable on facts and in law." ITA No. 142/DEL/2015 ( A.Y 2009-10) 1. On the facts and in the circumstances of the case and in law, the CIT(A) has erred in law in holding that the jurisdiction assumed u/s 153C/143(C) in the case of the assessee is not in accordance with law. ....
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....tives. M/s Archon Estate Pvt. Ltd incorporated on 3rd day of January 2015 to carry on the business of real estate. During the course of search, certain documents were found and seized for the office of Amtek Group Companies. These documents represented the audited balance-sheet and profit and loss account of the group companies M/s Archon Estates Pvt. Ltd for the years 31/3/2006, 31/3/2007, 31/3/2008 & 31/3/2009. The balance sheet as on 31/3/2008 and 31/3/2009 shows the same share from time to time for Rs. 69,95,80,000/-. The same was confronted to Shri Arvind Dham, Chairman of the group and was asked about the source of the share premium and share capital in the company. In his statement recorded u/s 132(4) of the Act, during the course of....
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....ar 2006-07 & from M/s Amtek Crankshaft India Ltd. and M/s Amtek Ring Gears Ltd. in Assessment Year 2008-09. The assessee also explained in details with supporting/relevant documents vide letter dated 11/3/2013 that the addition in the share capital/premium was made through limited companies and all these companies were flagship companies of Amtek Group having use free reserve and surplus. Thus, the above share capital of Rs. 24,50,00,000/- introduced during the year under consideration was duly verified which was converted into share capital from the unsecured loans of Rs. 24,50,00,000/- received in the earlier Financial Year 2004-05. The Assessing Officer observed that since the Investigation Wing mentioned nothing or given in details of a....
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....respectively. The Assessing Officer, therefore, observed that the assessee proved the requirements of Section 68 of the Income Tax Act, i.e. indentity of the person, genuineness of the transactions and creditworthiness of the share holders. Hence, no adverse view on this issue was drawn by the Assessing Officer. The Assessing Officer further observed that during the course of assessment proceedings it was noticed that the assessee company further investigated share capital of Rs. 24,50,00,000/- for acquisition of property for a total consideration of Rs. 27 crore measuring 3185 square meter in the month of March 2005. This property has a built up area covered are of 464.5 square meters approximately 5,000/- square fees which is being used a....
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....at the jurisdiction u/s 153C was not assumed properly and in accordance with law as per the decision of the ITAT in case of M/s DSL Properties Ltd. Vs. DCIT being ITA No. 1344/Del/2012 dated 22/3/2013, the assesse's appeal was partly allowed by the CIT(A). 6. Being aggrieved by the said, the Revenue is in appeal before us. 7. The Ld. DR submitted that the CIT(A) has over looked the fact that the satisfaction was recorded by the Assessing Officer issuing notice u/s 153C and the same is sufficient as the Assessing Officer for search party and for the Assessing Officer is one and the same. The Ld. DR relied upon the Hon'ble Delhi High Court in the case of Principal CIT Vs. M/s NAU NIDH Overseas Pvt. Ltd. dated 3rd February 2017 wherein it is....