2022 (8) TMI 1081

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....on 148 issued to the appellant is illegal, void and without jurisdiction and accordingly the assessment order passed on the foundation of such notice is liable to be quashed. 2. On the facts and circumstances of the case and in law, the CIT (Appeals) has erred in law and on fact in confirming the order of the AO passed under section 147/143(3) of the Act, ignoring the vital fact that the original assessment under section 143(3) was made on dated 08-01-2015 by the same AO at the assessed income of Rs. 40,890/- where in the issue in relation to the increase in the Share Capital amounting to Rs. 8,25,000/- and increase in the security premium amounting to Rs. 1,11,75,000/- was duly examined which includes the impugned credit of Rs. 10,00,00....

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.... share application money received from M/s. I Tech Insurance Brokers Pvt. Ltd. FACTS OF THE CASE 5. Facts giving rise to the present appeal are that the assessee company filed his return of income declaring total loss of Rs.1,49,545/-. Subsequently, the case was selected for scrutiny assessment and the assessment was framed u/s 143(3) of the Income Tax Act, 1961 ["the Act"] vide order dated 28.01.2015. Thereafter, the Assessing Officer ["AO"] received certain information from the Investigation Wing and the case of the assessee was re-opened u/s 147 of the Act and a notice u/s 148 of the Act was issued to the assessee. In response thereto, the assessee filed his objections against the reasons for re-opening of the assessment. However, the....

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....aying a commission to these people to the tune of 0.05% to 2%. It was noticed that as per the information, a sum of Rs.10,00,000/- was credited during the Financial year 2012-13 from the account of M/s. I Tech Insurance and Brokers Pvt.Ltd., a company run and controlled by Shri Deepak Agarwal and Shri Mukesh Kumar for providing accommodations entries. Accordingly, the reasons were recorded by the AO and the assessment was made u/s 147 of the Act. It is stated that the assessment was framed in a mechanical manner. It is further stated that during the course of assessment, the Ld.AR for the assessee furnished the requisite documents wherein the credit of Rs.10,00,000/- from M/s. I Tech Insurance and Brokers Pvt.Ltd. was made. It is stated by ....