TaxTMI 
TaxTMI 
2024 (6) TMI 262
X X X X Extracts X X X X
X X X X Extracts X X X X
....ctions were heard together, they are disposed of by this common order for the sake of convenience and brevity. 3. Grievances of the Revenue read as under: "(1) Whether on the facts and under the circumstances of the case, the Ld. CIT (A) has erred in law as well as on facts of the case in deleting the addition of Rs. 16,55,00,000/ - made by the AO on account of unexplained cash credit u/s 68 of the Act received by the assessee from M/ s. Luminous Infrastructure Pvt. Ltd, M/ s. Heaven Infracon Pvt Ltd and M/ s. Shine Infracon Pvt Ltd. (2) Whether on the facts and under the circumstances of the case, the Ld. CIT (A) has erred in law without considering the Modus operandi with the fact that all three companies were created on 28.04.2008 ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ned CIT(A) has erred, both on facts and in law, in upholding the reopening of assessment done by the AO, despite the fact that the initiation of the proceedings under Section 147, read with Section 148 of the Act is bad and liable to be quashed, as the conditions and procedures prescribed under the statute have not been satisfied and complied with. 5. On the facts and circumstances of the case, learned CIT(A) has erred both on facts and in law in confirming the reopening despite the fact that the same has been made by the AO without independent application of mind. 6. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law, in rejecting the contention of the assessee that the notice issued un....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ess of trading of under constructed flats. Returned income of Rs. 2,78,127/- was assessed at Rs. 3,27,511/- vide order dated 25.11.2011 framed u/s 143(3) of the Income-tax Act, 1961 [the Act, for short]. Vide notice dated 29.03.2016, assessment was reopened u/s 147 of the Act. Reopening was done on the basis of information received from the office of the ADIT, INV 1, Faridabad from which it came to the knowledge that various group companies of RPS Group have received share capital/premium from various dummy entities and the assessee is one of the group companies of RPS Group and has received share capital/premium amounting to Rs. 14,89,50,000/- during the F.Y. 2008-09 from Heaven Infracon Pvt Ltd and Luminous Infrastructure Pvt Ltd. 8. Ret....
X X X X Extracts X X X X
X X X X Extracts X X X X
....cribe to such huge share capital/premium. 12. Since Rs. 14.06 crores was introduced in M/s RPS Infrastructure Ltd, the Assessing Officer made protective addition of Rs. 14.06 crores in the hands of the assessee, as substantive addition has been made in the hands of RPS Infrastructure Ltd. Balance amount of Rs. 2.94 crores was also added on substantive basis u/s 68 of the Act. 13. The assessee carried the matter before the ld. CIT(A) and vehemently argued that the assessee has explained the transaction in light of section 68 of the Act. The assessee filed necessary evidence which were examined by the ld. CIT(A). 14. After considering the facts and submissions and after examining the documentary evidence, the ld. CIT(A) was convinced that ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Luminous Infrastructure Pvt Ltd has been accepted after thorough scrutiny. 19. M/s Luminous Infrastructure Pvt Ltd has invested in shares of the assessee company out of premium received by it and since its source has been accepted after thorough scrutiny, we do not find any reason why source of M/s Luminous Infrastructure Pvt Ltd in the assessee company be not accepted. 20. The same is the fate of M/s Shine Infracon Pvt Ltd whose assessment was also farmed u/s 147 r.w.s 143(3) of the Act and after thorough scrutiny, its financial statements have been accepted as such, which means that investment made by Shine Infracon Pvt Ltd in the assessee company has also been accepted. 21. Coming to the investment made in M/s Heaven Infracon Pvt Ltd,....