2018 (2) TMI 1850

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.... For the Respondent : None ORDER The Revenue is in appeal against the order of Income Tax Appellate Tribunal (ITAT), which upheld the CIT(A)'s direction to delete the amounts brought to tax by the Assessing Officer (AO). The AO for AY 2008-09 re-opened assessment under Section 147 based upon the information received, pursuant to search conducted in the premises of third party. The AO s....

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....equisite documents before the AO is undisputed. Thus, the appellant had discharged its primary onus of establishing the identity of the share holders / applicant ire source of the money. The only reason for revenue to cause further verification was the report relating to survey conducted at the premises of the appellant which forms part of the satisfaction recorded for reopening the assessment pro....

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....tal and such capital is rotated in economy for increasing is the normal formation of capital in any open economy and the process of capital formation cannot be taken to be representing only unaccounted finds or impeded. All the companies having registered office at that premises undisputedly belonged to Bhushan Group. The sources of capital introduced in these - companies were established during t....