TaxTMI 
TaxTMI 
TaxTMI 
2019 (2) TMI 1921
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....ng of assessment under section 147 of the Income tax Act, 1961 (briefly "the Act"). 2. That on the facts and circumstances of the case and in law, the CIT(A) has erred in not appreciating that the proviso to section 147 of the Act was applicable. Subsequent to original assessment u/s 143(3), assessment was reopened in May 2009 allegedly for the reason that that the assessee has received accommodation entries. Having made the assessment u/s 147/ 143(3), second notice u/s 148 of the Act has been issued after the expiry of four years from the end of assessment year, though there was no failure on the part of the assesses to disclose fully and truly material facts necessary for the assessment. 3. That on the facts and circumstances of the c....
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....61 vide order dated 01.03.2013. Aggrieved by the order of the A.O, assessee filed appeal before the Ld. CIT(A), who vide his impugned order dated 12.06.2014 dismissed the appeal of the assessee. Against the impugned order, the assessee is in appeal before us. 3. At the threshold, the Ld. AR of the assessee did not press the ground no. 1 to 4, hence, the same are dismissed as such. With regard to ground no. 5 & 6, it was contended by the Ld. AR that the addition in this case has been made on account of the share capital received from following two companies. M/s Geefcee Finance Limited Rs. 45,00,000/- M/s Maha Nivesh India Limited Rs. 5,00,000/- 3.1 It was further submitted that the issue of the share capital from these two companies h....
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....xman Industrial Resources Pvt. Ltd. in ITA No. 169/2017 dated 14.03.2017. Further reliance was also placed on the following judgments: (i) Rajasthan High Court in the case of CIT v. Jalan Hard Coke Ltd. in ITA No. 419/2008 dated 31.07.2017. The SLP filed by Revenue in this case before the Apex Court has also been dismissed in SLP (Civil) Diary No. 16078/2018 dated 15.05.2018 (ii) Bombay High Court in the case of Pr. CIT v. Paradise Inland Shipping Pvt. Ltd. in ITA No. 66 of 2016 dated 10.04.2017. The SLP filed by Revenue in this case before the Apex Court has also been dismissed in SLP (Civil) Diary No. 12644/2018 dated 23.04.2018 (iii) Rajasthan High Court in the case of CIT v. ARL Infratech Ltd. [2017] 394 ITR 383 (iv) Delhi High C....
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....he assessee. Thereafter the assessment was reopened by issue of notice under section 148 of the Act. After reopening of assessment the AO has not made any further inquiry. In fact, in the assessment order after making a reference to the report received from investigation wing, the AO has not stated anything particular to the assessee. The AO has also not commented adversely on any of the document available on record regarding these two companies. In view of these facts, the document submitted by the assessee were not rebutted by the AO. It is noted that the reliance placed by the AR on the various judgments supports the case of the assessee whereby it has been held that in the absence of any inquiry made by the AO the addition on this accou....
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....y the Ld. DR, it has been stated that the said case falls in the category where the AO has not kept quiet and has made inquiries. As against this the present case falls in the other category as the assessment order is silent about the documents available on record in support of the share capital received by the appellant company. We find that there is no adverse observations or comment about the document available on record and submitted by the assessee in support of the share capital received by it in the original assessment proceedings on the basis of which assessment order dated 27.12.2007 was passed under section 143(3) of the Act. The AO having got the information from the investigation wing, the least he could do to make inquiry from ....
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.... Garg that the income sought to be added fell within the description of Section 68. 7. Having regard to the entirety of facts and circumstances, the Court is satisfied that the finding of the Tribunal in this case accords with the ratio of the decision of the Supreme Court in Lovely Exports (supra). 8. The decision in this case is based on the peculiar facts which attract the ratio of Lovely Exports (supra). Where the assessee adduces evidence in support of the share application monies, it is open to the assessing officer to examine it and reject it on tenable grounds. In case he wishes to rely on the report of the investigation authorities, some meaningful enquiry ought to be conducted by him to establish a link between the assessee an....