2019 (7) TMI 680

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.... appeal by the Revenue against the impugned order dated 30th November 2018 of the ITAT in ITA No.5975/Del./2014 for the Assessment Year 2005-06. 2. The question sought to be urged by the Revenue is whether the ITAT was justified in upholding the decision of the Commissioner of Income Tax (Appeals) ['CIT(A)'] in deleting the addition of Rs. 2.13 crores made by the Assessing Officer ('AO') to the....

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....ight during the post search investigations while examining the seized records of Shri S.K.Jain Group of Companies. A notice under Section 148 of the Act was accordingly issued to the Assessee on 30th March 2012. The objections raised by the Assessee to the reopening of assessment were rejected by the AO. 5. The AO asked the Assessee to explain the receipt of amounts from the following entities:....

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....by the Assessee and proceeded to make the abovementioned addition to the income of the Assessee under Section 68 of the Act. 8. The CIT (A) allowed the appeal by the Assessee by an order dated 29th August 2014. It was noted that the incriminating documents relied upon by the AO were seized during the search under Section 132 of the Act and, therefore, the assessment proceedings should have been....

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....s in question as listed above. While the AO accepted the share application and share premium with respect to the other shareholders, he rejected the same only in respect of these 5 parties. This was done by the AO without issuing notices under Section 133(6) of the Act. It was rightly observed by the ITAT that once the Assessee had discharged the initial onus by furnishing a necessary document to ....