TaxTMI 
TaxTMI 
2020 (10) TMI 351
X X X X Extracts X X X X
X X X X Extracts X X X X
.... 147 are void ab initio on the ground that there was no valid service of notice u/s. 148 of the Income Tax Act, 1961. 2. Because the action for initiation of reassessment proceedings in unreasonable since while recording reasons, there is non application of mind much less independent application of mind and merely relying upon investigation report by AO, further reasons recorded are vague, lacking tangible material / reasonable cause an justification. 3. Because the action is being challenged since the addition of Rs. 25,00,000/- has been made without having cross examination of the person on whose statement or information the proceedings u/s. 147 were initiated which is in violation of the settled principle of law. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the Income Tax Act 1961 and completed the assessment under section 147 read with section 143(3) of the I.T. Act vide order dated 26.12.2017. Aggrieved by the assessment order dated 26.12.2017, assessee filed the appeal before the Ld. First Appellate Authority, who vide his impugned order dated 30.03.2019 has dismissed the appeal of the assessee. Now the assessee filed the appeal against the impugned order dated 30.3.2019, before the tribunal. 4. At the time of hearing, Ld. counsel for the assessee draw our attention towards the written submissions alongwith documentary evidences filed by the assessee before the authorities below and especially draw our attention towards page number 30-31 of the paper book and stated that assessee has cr....
X X X X Extracts X X X X
X X X X Extracts X X X X
....may Pvt. Ltd. for the period 1.4.2009 to 31.3.2010 showing receipt and re-payment of Rs. 25 lacs to Birch Vinimay Pvt. Ltd. are reproduced as under:- 6.1 After going through the aforesaid details i.e. confirmation of accounts during the period 1.4.2009 to 31.3.2010 and Ledger Account of M/s Birch Vinmay Private Limited for the period 1.4.2009 to 31.3.2010 as shown above, we are of the view that assessee company has received a short-term advance amount of Rs. 25 lacs on 25.2.2010 from M/s Birch Vinimay Pvt Ltd. and repaid the same amount on 12.3.2010 vide cheque no. 146662 /RTGS in Account NO. 13390210002018 UCO Bank by the assessee to the aforesaid said company and the same has been entered in the books of accounts of the assessee. The L....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he creditor furnished by asseesee identified the source of loans also -Statement of K is not supported by any material - Additions liable to be deleted. - CIT vs. Smt. Poonam Rani Singh (2008) 6 DTR 96 (Delhi), wherein it was held that Deposit of US$1 lac found in the bank account of assessee in USA - Report obtained by Foreign Tax Division of CBDT from American authorities revealed that the amount deposited with the bank came from explained sources and the persons who had advanced the sums to the assessee and her husband were repaid the amount since the agreement between the loanee and the assessee and her husband and could not fructify- Despite this Report AO made an addition of Rs. 34,55,000/- to the income of the assessee which....
X X X X Extracts X X X X
X X X X Extracts X X X X
....10, HEMKUNT CHAMBERS 89, NEHRU PLACE, NEW DELHI Dated: 1-Apr-2010 Sub: Confirmation of Accounts 1-Apr-2009 to 31-Mar-2010 Given below is the details of your Accounts as standing in mylour Books of Accounts for the above mentioned period. Kindly return 3 copies stating your LT. Permanent A/c No., duly signed and sealed, in confirmation of the same. Please note that if no reply is received from you within a fortnight, it will be assumed that you have accepted the balance shown below. Date Particulers Debit Amount 12-Mar-2010 Bank 25,00,000.00 Ch. No. 146662 # RTGS in A/c -13390210002018 UCO bank We hereby confirm the above BIRCH VINIMAY PVT. LTD. LT. PAN No.: ADDB1085rector PAN: AADCB 1....