TaxTMI 
TaxTMI 
2020 (2) TMI 320
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.... inter alia that :- "1. Whether on the facts and in the circumstances of the case learned CIT(A) is right in holding that approval obtained u/s 153D of the I.T. Act from Addl. CIT of the Range was invalid under the law? 2. Whether on the facts and in the circumstances of the case the learned CIT(A) is right in holding that notice u/s 143(2) was not served in time? 3. Whether on the facts and i the circumstances of the case the learned CIT(A) is right in deleting the addition of Rs. 5 crore made u/s 68 of the Act and was correct in accepting the creditworthiness if the party? 4. Whether on the facts and in the circumstance of the case the learned CIT(A) is right in deleting the addition of Rs. 3.5 crore wh....
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....only Rs. 20,00,000/- is outstanding. Assessee also offered PAN of Smt. Abha Bansal. One Inspector Incharge was deputed to make enquires who has reported that Smt. Abha Bansal was not available at the given address. Then on receiving new address, notice u/s 131 of the Act was issued calling upon Smt. Abha Bansal to furnish her bank statement, ledger account of Shri B.K. Dhingra appearing in her books of account along with IT returns, balance sheet and profit & loss account, to which Smt. Abha Bansal sought 10 days time vide letter dated 23.12.2010 but subsequently Smt. Abha Bansal claimed that she is unable to produce the bank statement. Assessee also shown his helplessness to produce Smt. Abha Bansal as he has not cordial relations with her....
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....ed 24.12.2010. 4. Assessee carried the matter before the ld. CIT (A) by way of filing the appeal who has deleted the additions on the ground of invalid approval obtained u/s 153D of the Act as well as on merit. Feeling aggrieved by the order passed by the ld. CIT (A), the Revenue has come up before the Tribunal by way of filing the present appeal. 5. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 6. Undisputedly, no order of assessment shall be passed in case of search or requisition u/s 153A(1)(b) and 153B(1)(b) except with the prior approval of the Jo....
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.... vide letter F.No.AAFPD2778P/CC-17/ACIT/153A/942 dated 24.11.2010. The assessee replied that Smt. Abha Bansal has given loan out of selling her property worth Rs. 50-60 Crores. The assessee vide letter dated 09.12.2010 stated that he has returned back Rs. 4.80 crore and Rs. 20.00 Lacs is outstanding liability. The assessee vide letter dated NIL submitted on 14.12.2010 gave details of Smt. Abha Bansal. Again the assessee vide letter dated 15.12.2010 offered the PAN of Smt. Abha Bansal. The Inspector of this charge was deputed to make enquiries. The inspector reported that Smt. Abha Bansal was not available at the given address. After receiving new address from the assessee summons u/s 131 was issued and Smt. Abha Bansal was asked to....
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....actions with Smt. Abha Bansal. Thus, in a way the transaction is with a stranger for Rs. 5.00 crores. The assessee has also not been able to prove that any security or collateral was issued by him." 10. Bare perusal of para 2 of the assessment order, extracted above, containing sequence of notices issued to procure the presence of Smt. Abha Bansal go to prove that when the AO deputed Inspector Incharge to make enquiries, he has reported that Smt. Abha Bansal was not available at the given address. Then AO on receiving new address from the assessee issued summon u/s 131 of the Act to Smt. Abha Bansal to submit her bank statement, ledger account, etc. and consequently, Smt. Abha Bansal sought 10 days time vide letter dated 23.12.2010 but s....
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.... To The Asstt. Commissioner of Income Tax, Central Circle 17, New Delhi. Sub: Approval for framing assessment proceedings in the M/s. Thapar Homes Ltd. Group-reg. Ref.: F.No.ACIT/CC-17/10-11/1226 dated 24.12.2010 Please refer to the subject cited above. Approval to the draft assessment orders is hereby granted u/s 153D of the Income Tax Act, 1961 in the following cases :- S.No. Name of the Company Assessment years for which approval is sought 1 M/s. Madhusudan Fiber Goods Pvt. Ltd. 2005-06 to 2009-10 2 M/s. Esteem Buildwell Pvt. Ltd. 2003-04 to 2009-10 3 Shri Bhupesh Kumar Dhingra 2003-04 to 2009-10 4 M/s. D.M. Info Tech Pvt. Ltd. 2007-08....