2025 (9) TMI 242

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....e assessment order passed under section 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2013-14. 2. Brief facts of the case are that the assessee is a private limited company engaged in infrastructural developments. For the Asst. Year 2013-14 assessee filed its Return of Income on 29-09-2013 declaring total income of Rs. 29,19,058/- and a revised return on 14-11-2013. The return was taken for scrutiny assessment and regular assessment order u/s. 143[3] was passed determining the income at Rs. 29,79,190/-. Thereafter the return was reopened based on the information that the assessee is having 10.71% shareholding in M/s. Sunbarg Tradelink Pvt Ltd and it had given loan and....

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....AC/CIT(A) has erred in not holding, that the notice issued under section 148 of the Act and the subsequent reassessment proceeding and the order passed by the Id.AO, is without jurisdiction and bad in law and therefore the order passed by the learned AO is required to be quashed and addition made therein should be deleted in full and accordingly the learned AO is to be directed to accept the returned income. 2 That the learned NFAC/CIT(A) has erred in laws and facts by confirming addition of u/s. 2(22)(e) of Rs. 80,75,996/- and therefore the learned AO is to be directed to delete the said addition while computing the total income. 3 The appellant craves liberty to add, amend, alter and delete any grounds of appeal before t....

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.... 93 The above issue have been considered by the different Benches of the ITAT as reproduced above in which various decisions of different High Courts have been considered and it was held that 'when current account is maintained between the parties, provisions of Section 2(22)(e) of the I.T. Act, 1961, would not apply. Thus, the issue is covered by the aforesaid decisions of the Tribunal in favour of the assessee as well as various decisions considered by the Hon'ble jurisdictional Delhi High Court. In view of the above, we do not find any justification to sustain the addition In view of the above findings, we set aside the Orders of the authorities below and delete the addition. (d) DCIT Vs Ramesh Kumar Paggi (ITA N....