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2024 (11) TMI 814
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....s and in the circumstances of the case as well as in law, the Id. CIT (A), NFAC, DELHI [CIT (A)] has erred in upholding the validity of re-opening of the case of appellant and consequent assessment order passed u/s 143(3) r.w.s. 147 of the l. T. Act, 1961 (the Act), whereas the re-opening of the case of appellant and entire proceeding carried u/s 147/148 of the Act and consequent assessment order passed are clearly invalid, bad in law and beyond the law. Appellant prays for quashing the same. 2 Without prejudice to generality of ground no. 1' above, the appellant contends that re-opening of its case is clear invalid and impermissible as per first proviso below S. 147 of the Act. Ld. CIT (A) has clearly erred on facts and in law....
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....irming the addition of share capital and share premium received of Rs. 75,00,165/- in the first year of incorporation of appellant and before commence of any business or income earning activity, whereas it has been clearly held by Hon'ble Apex Court that such capital contribution received in first year cannot be added as income of an assessee. Ld. CIT (A) has erred in law in ignoring the case laws of Hon'ble Apex Court relied upon by appellant in this regard. 6. That on the facts and in the circumstances of the case as well as in law, the Id. CIT (A) has erred in not deleting the addition of Rs. 85,000/-, being pre-incorporation expenses incurred by the promoter / director in respect of incorporation of appellant company an....
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....f reopening of the case in respect of ground no. 1 and 2 filed. The ld. Counsel vehemently contended that original assessment in the case of the assessee was made on 27.11.2018 on the basis of information received from the DDIT (Inv.), Kolkata in respect of movement of funds in the bank account from the companies controlled and managed by Shri Manohar Lal Nangalia. The ld. Counsel submitted that assessee has disclosed the information in its return of income and the notice u/s 148 of the Act was issued after 4 years from the end of the assessment year which is not valid. The ld. Counsel referred page no. 17 of the paper book comprising copy of return of income filed in ITR Form 6 on 28.09.2012 wherein assessee has disclosed name and addresse....
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....53 (Bombay) and decision of Hon'ble Bombay High Court in the case of South Yarra Holdings vs ITO, Bombay (2019) 104 taxmann.com 2016 (Bombay). The ld. Counsel also submitted that there was no mention in the reason recorded of any specific failure on the part of the assessee to disclose of the material factfully and truly. 5. On the other hand, ld. DR submitted that in the case of the assessee assessment was not made u/s 143(3) of the Act and same was made u/s 147 of the Act therefore condition of reopening the assessment after four years is not applicable to the case of the assessee. The ld. Counsel also submitted that information was received subsequently from the DDIT (Inv.) on the basis of which the case was reopened after satisfac....
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....ter the expiry of the relevant assessment year, proviso to section 147 shall apply in as much as re-assessment is not permissible unless there has been failure to truly and fully disclosed necessary facts required for the assessment. We have also perused the decision of Hon'ble Bombay High Court in the case of Ananta Landmark (P) Ltd. vs DCIT (2021) 439 ITR 168 (Bombay) wherein it is held that after a period of 4 years even if the assessing officer has some tangible material given to the conclusion that there is an escapement of income from assessment, he cannot exercise the power to reopen unless he discloses what was the material fact which was not truly and fully disclosed by the assessee. We have also perused the decision of Hon'b....