TaxTMI 
TaxTMI 
2018 (3) TMI 1731
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....he same are dismissed as not pressed. On the remaining grounds assessee challenged the reopening of assessment under section 148 of the Income Tax Act, 1961, addition Rs. 15 lacs under section 68 of the Income Tax Act, 1961 and addition of Rs. 30,000/- on account of commission. 4. Briefly the facts of the case of that assessee is a Company which was incorporated on 3rd March 2005 under the Companies Act. The assessee-company filed its return of income declaring loss of Rs. 19,390/-. In this case, an information was received from the Investigation Wing (DIT Investigation)-2, New Delhi, Dated 12th March, 2013. After receipt of information from the Investigation Wing, New Delhi, enquiries were made. The return of income filed by assessee wa....
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....how cause notice to the assessee. The assessee, however, submitted that it has not received any accommodation entry. The assessee also provided address of the Investor. The A.O. in order to verify the genuineness and creditworthiness of the Investor, issued summons under section 131 of the Income Tax Act at the address given by the assessee. However, the Inspector reported that no such company is available at the given address. The assessee has provided another address. The A.O. issued summons under section 131 of the Income Tax Act which was served upon the Investor-company. In response to the summons under section 131 of the Income Tax Act, no Director of the Investor appeared. However, Shri Rajinder Kumar, Accountant, of the Investor-....
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....the additions on merit before Ld. CIT(A). The detailed written submissions of the assessee is re-produced in the appellate order. However, the Ld. CIT(A) did not consider the explanation of assessee favourably and dismissed the appeal of assessee. The Ld. CIT(A) observed that assessee has stated that it has not been provided with adverse report and no opportunity have been given to cross examine any person/witness whose statement have been used against the assessee. The Ld. CIT(A) noted that it is not an absolute right of the assessee because it depends upon the circumstances. 6. The Learned Counsel for the Assessee submitted that reasons under section 148 were recorded only on the basis of information received from Investigation Wing, c....
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....y in which 03 Directors have been shown in the records viz., (1) Sanvar Mal Nai (2) Shri Pradeep Kumar Sharma and (3) Shri Anil Kumar Bansal. Shri SK Jain or any other person has no connection with the Investor company and nothing is established if the Investor company was controlled by SK Jain Group of cases. He has submitted that A.O. did not make any efforts to enforce the attendance of the Directors of the Investor company, despite summons under section 131 was served upon the Investor company and statement of the Accountant Shri Rajinder Kumar was recorded by the A.O. Since no evidence have been brought on record that Investor company was controlled by SK Jain Group of Companies and that worth of the Investor company was sufficient to ....
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....TR is filed to show that Investor company is assessed to tax. Balance-sheet of the Investor company is filed to show that it has sufficient to share capital and reserve etc to make investment in assessee-company. Copy of the Bank statement of the Investor company is filed in which Investor was having sufficient funds to make investment in assessee company and no cash have been found to have been deposited in their bank account. The assessee provided address of the Investor company where summons under section 131 of the I.T. Act, 1961, have been served upon the Director of the Investor company. The Director of the Investor company instead of appearing personally, deputed Shri Rajinder Kumar, Accountant to appear before the A.O. whose stateme....
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....he transaction, which have not been rebutted by the A.O. through any evidence or material on record. Therefore, in the absence of any further enquiry on the documents filed by assessee and in the absence for any confrontation of adverse material to the assessee, no addition could be made in the hands of the assessee. Assessee has, thus, proved all the ingredients of Section 68 of the Income Tax Act, 1961. In support of my findings, I rely upon Judgments of Hon'ble Delhi High Court in the case of CIT vs. Fair Finvest Ltd., 357 ITR 146, CIT vs. Kamdhenu Steel & Alloys Ltd., 361 ITR 220, CIT vs. Dwarakadheesh Invesment Pvt. Ltd., 330 ITR 298 and CIT vs. Winstrall Petro Chemicals Pvt. Ltd., 330 ITR 603. Considering the totality of the facts ....