2013 (6) TMI 863

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Tarun Seem, Sr. DR. ORDER PER TS KAPOOR, AM: The revenue is in appeal before us against the order of Ld CIT(A) dated 7.10.2010 for assessment year 2003-04. On receipt of appeals of the revenue, the assessee has filed cross objection bearing No.410/Del/2010. In the cross objection the assessee has raised preliminary issues challenging the reopening of assessment. Therefore, we deem it appropriat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... reopened. If no additions are being made of the income for which reasons are recorded then any other income would not be included. The Ld counsel for the assessee further submitted that this judgment suggest that other income can only be added when additions are being made of the income for which assessment has opened otherwise the Assessing Officer has to record the separate reasons. He took us ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....10/- was filed on 28.11.2003 vide receipt No.1953 for assessment year 2003- 04. Information has been received that the company had taken accommodation entries from SJ Capital Ltd. worth ₹ 3,60,00,000/- during the year under consideration i.e. F.Y. 2002-03 and credited in the assessee's bank account maintained with State Bank of Patiala, DG Branch, New Delhi. The accommodation entries obtai....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he case of Ranbaxy Laboratories Ltd. as well as by the decision of Hon'ble Bombay High Court in the case of Jet Airways reported in 331 ITR 236. The assessment in such a situation is not sustainable. 6. The Ld counsel for the assessee has also raised one more preliminary issue whereby he contended that the assessee company amalgamated with M/s GCB Capital Finance Pvt. Ltd. w.e.f. 1.4.2005. T....