TaxTMI 
TaxTMI 
2019 (4) TMI 498
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.... Consultancy Services Pvt. Ltd. (hereinafter referred to as 'the assessee') by filing the present appeal, sought to set aside the impugned order dated 17.10.2013 passed by Ld. CIT (Appeals)-XI, New Delhi qua the Assessment Year 2003-04 on the concise grounds inter alia that:- "On the facts and in the circumstances of the case, the CIT (A), New Delhi has erred both facts and in law, in upholding the illegal Order of The respondent on the following grounds and hence liable to be quashed because: 1. Reasons recorded are vague and scanty, without application of his own mind by AO and without necessary approval of the Joint CIT and hence reassessment proceeding are not in terms of section 147 to 151 of the Income Tax Act. ....
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....ls)-XI, New Delhi qua the Assessment Year 2003-04 on the grounds inter alia that :- "1. On the facts and circumstances of the case and in law, the order of the Ld. CIT (A) is wrong and against the provisions of law which is liable to be set aside. 2. On the facts and circumstances of the case, the Ld. CIT (A) has erred in deleting the addition of Rs. 1,28,53,466/- as the assessee company has failed to explain the identity, genuineness and source of credits appearing in his bank account. 3. On the facts and circumstances of the case, the Ld. CIT (A) has erred in holding that the assessee company was a stepping stone in routing back undisclosed money of the beneficiaries." 4. Briefly stated the facts necessary fo....
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....no.1244000859 declaring income of Rs. 13,210/-. The same was processed u/s 143(1) of the I.T. Act 1961 on 12.03.2004. An information regarding entry operators and their beneficiaries have been received in the form of CD from the Office of the Directorate of Income-tax, Jhandewalan, that the assessee has received Rs. 4,50,000/- as accommodation entries from M/S. SHIVAM SOFTECH LTD. & ARPIT SALES CORP. The detail is as under :- BENEFICIARY'S NAME VALUE OF ENTRY TAKEN INSTRUMENT NO. BY WHICH ENTRY TAKEN DATE ON WHICH ENTRY TAKEN NAME OF ACCOUNT HOLDER OF ENTRY GIVING ACCOUNT BANK AND BRANCH FROM WHICH ENTRY GIVEN A/C NO. ENTRY GIVEING ACCOUNT HOPEWIN ADMARK & CONSULTANCY SERVICES (P) LTD. HOPEWI....
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....rovision of section 151 of the I.T. Act, necessary approval for the issue of notice u/s 148 may kindly be accorded for the A.Y. 2003-04. SD/- (YOGESH NAYYAR) Income Tax Officer, Ward 12 (4), New Delhi. Addl.CIT, Range 12, New Delhi." 8. Undisputedly, AO reopened the assessment on the ground that an income of Rs. 4,50,000/- (Rs.2,50,000/- and Rs. 2,00,000/-) taken by the assessee as entry from M/s. Shivam Softech Ltd. and M/s. Arpit Sales Corp. respectively has escaped assessment. It is also not in dispute that the amount of Rs. 2,00,000/- alleged to have been taken by the assessee from M/s. Arpit Sales Corp. merely as an entry pertains to earlier year i.e. for AY 2002-03 being of 27.03.2003. ....
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....ed in the reasons to believe as recorded for initiation of the proceedings and the notice, he would be competent to make assessment of those items. For every new issue coming before the Assessing Officer during the course of proceedings of assessment or reassessment of escaped income, and which he intends to take into account, he would be required to issue a fresh notice under section 148. The Assessing Officer was satisfied with the justifications given by the assessee regarding the items of club fees, gifts and presents and provision for leave encashment, but during the assessment proceedings, he found the deduction under sections 80HH and 80-I as claimed by the assessee to be not admissible. He consequently proceeded to make deductions u....
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....AO made addition of Rs. 5,25,000/- on account of unexplained income taken by him in the form of share application money from M.C. Goyal, Smt. Manju Agarwal, Paramanand Bhardwaj and Vikas Agarwal to the tune of Rs. 2,00,000/-, Rs. 25,000/-, Rs. 1,00,000/- and Rs. 2,00,000/- respectively. Similarly AO after noticing credit entry of Rs. 1,28,53,466/- made addition of Rs. 1,28,535/- on substantive basis being 1% of the commission of Rs. 1,28,53,466/- credited in the profit and loss account. At the same time, AO made addition of Rs. 1,28,53,466/- on protective basis in the hands of assessee. 14. Undisputedly, protective addition of Rs. 1,28,53,466/- has been deleted by the ld. CIT(A) wide impugned order which has been challenged by the Revenu....