2021 (1) TMI 7

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....eye of law and on facts. 2. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in upholding the action of the AO of reopening the assessment and the assessment order passed by him despite the fact that such reopening of the assessment and the reassessment order passed was bad both on facts and in law. 3 (i) On the facts and circumstances of the case, the learned CIT(A) has erred both on facts and in law in sustaining the addition of an amount of Rs. 6,60,00,000/- made by AO on account of share capital under Section 68 of the Act. (ii) That the said addition has been confirmed rejecting the detailed explanation and evidences brought on record by the assessee to prove t....

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....sociates Pvt. Ltd. 3,15,00,000 08/09/2009   M/s Vision Associates Pvt. Ltd. 25,00,000 27/02/2010 Thereafter, the case was reopened and notice u/s 148 dated 23.03.2017 was issued after obtaining necessary approval from the Competent Authority. Assessment u/s 143(3) r.w.s 147 of the Income Tax Act, 1961 was passed on 18.12.2017. In the assessment order, the Assessing Officer made addition on account of unexplained cash credit u/s 68 amounting to Rs. 6,60,00,000/- and disallowed Rs. 33,370 since the amount is capital in nature. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. The Ld. AR submitted that the reassessment ....

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....t produced before Lower Authorities due to the non availability of the documents at the relevant time. The Ld. AR submitted that these documents comprised family settlement deed, financial statements of EMTA Industries Ltd for Assessment Year 2010-11, acknowledgement of ITR of EMTA Industries Ltd. for Assessment Year 2010-11 and bank statement of EMTA Industries Ltd for the relevant period during Assessment Year 2010-11. The above said documents of the nature of family settlement arrangement documents could not be furnished since the same being of private nature could not be obtained by the assessee. However, after repeated request to Smt. Sumita Pandey, the assessee obtained the said documents. These documents have material bearing on t....