TaxTMI 
TaxTMI 
2020 (9) TMI 1309
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....ingam, Ghaziabad certain documents were seized from which it came to the notice that the assessee has paid capitation fees/ donation for the admission of Deepali Jain and in all likely hood the source of such payment is from undisclosed sources of the assessee. 4. Accordingly the assessment was reopened. During the course of the assessment proceedings the assessee was confronted with the documents. It was brought to the notice of the assessee that the documents seized indicates that regular fees of Rs.18.12. lacs and capitation of Rs. 12 lacs totalling to Rs. 29.12 lacs were paid in respect of daughter of the assessee Deepali Jain. 5. The assessee strongly denied the transaction found to be recorded in the seized documents and stated that all the fees have been paid through banking channel. The contention of the assessee was dismissed by the AO who was of the firm belief that the assessee has failed to produce any evidences against the documents seized during the course of search and seizure action u/s. 132 of the Act. Accordingly the addition of Rs. 24.08 lacs was made. 6. Assessee carried the matter before the CIT(A) but without any success. 7. Before me the counsel f....
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.... operation u/s 132 was carried on 27.06.2013 in the premises of Santosh Group of institution and Dr. P. Mahalingam. Certain documents/ books of account were seized from the above premises which revealed that donation /capitation fee over and above the regular courses, During the course of recording statement u/s 132(4) of I. T. Act, 1965 relevent seized materials were confronted to Dr. P. Mahalingam , chairman of the Trust . He has categorically admitted of accepting donation / capitation fee in cash and offered unaccounted money so received for taxation. On perusal of list given with the above information, it is revealed that Sh. Girish Chand Sharma, 38, Chhoti Holi, Near Ganga Mandir, Khurja, Bulandshahr, has given donation/capitation fee for the admission of his son Sh. Shiv Kumar Gaur for the course of MS ENT on 27.04.2010 amounting to Rs. 40,01,000/- . In view of the above facts I have reason m believe that income of Rs. 40,01,000/- has escaped assessment due to failure on the part of the assessee to disclose true and correct particulars of income. In order to assess the same, notice u/s 148 of the I.T. Act needs to be issued." 9. It can been from the above t....
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.... case of ACIT vs. Arun Kapur - 140 TTJ 249 vs. (Amritsar) and the ITAT, Delhi decision in the case of Rajat Shubra Chatterji vs. ACIT, New Delhi ITA No. 2430/Del/20i5 dated 20.5.2016 hold that provisions of sec. 153C of the Act were applicable in the present case for framing the assessment, if any, which that the Assessing Officer has initiated reassessment proceedings in the present case on the basis of information received based on the material found excludes the application of sec. 147 of the hence, notice issued under sec. 148 of the Act and assessment framed in furtherance thereto under sec. 147 read with section 143(3) of the Act are void ab initio. Hence, the reassessment in question is accordingly quashed. Since I have already quashed the reassessment, there is no need to adjudicate other grounds. 9. In the result, both the appeals filed by the different Assessees stand allowed in the aforesaid manner." 10. A similar view was taken by Lucknow Bench of the Tribunal in ITA No.205/LKW/2016 wherein also the search in the premises of Santosh Medical College was under consideration and coordinate bench was pleased to delete the impugned addition. 11. Re....
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....ction Statements and other communication from Participants in electronic mode. d. Istimate your Participant through email about change in your demographic details such as Phone number, Fax number, Mobile number, Email ID and SMS facility as per the prescribed procedure. e. Easier registration for IDEAS facility provided by NSDL to view your holdings and transactions on internet, if email address is available in demat account. f. Receive alerts directly from NSCL via email in case of change in your address. ISHWAR CHAND [1482] 13/08/10 Opening Balance HDFC-BSE-CLIENT A/C -19632 03/08/10 11095 0517 Scrip DEL NOUVEAU Cheques :61283 dated 13/08/10 For: 1011095 (BSE) Trace Date 11/08/19 13 onry. to to s 29,86,725.00 0.00 29,8,725.06 25.00 0.00 Quantity 25000 Rate Amount 2991505.00 Transaction Charges: -104.91 Stamp-Charges -299.75 Service Tax -628.30 Securities Transaction Tax: -3747.60 Valian Round off -0.04 Net Payable: 2986725.00 10, 06/10 11096 Obligation For: 1011096W (85E) Trade Date 12/08/10 12.954.00 12.054.80 Scrip OFL VARUN Quantity Rate CQ ....