TaxTMI 
TaxTMI 
TaxTMI 
2023 (7) TMI 1601
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.... application of mind, unwarranted. mechanical and unsustainable in law and on merits. 2. That the Ld. A.O., since failed in adjudicating all objections against reopening proceedings, properly, as per law and in totality and as per the directions of Hon'ble Supreme Court in the case of G.K.N. Drive Shafts, hence consequential proceedings and impugned asstt. is illegal and without jurisdiction. 3. That under the facts and circumstances, the approval under section151 is fatally defective, mechanical and without application of mind which makes the whole proceedings without jurisdiction, illegal and unwarranted. 4. That under the facts and circumstances, addition of Rs. 10,00,000 under section 68 for the share capi....
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....ally defective, mechanical and without application of mind which makes the whole proceeding without jurisdiction, illegal and unwarranted. 4. Replying to the above, the ld SR. DR supported the orders of the authorities below and submitted that approving authority has granted approval u/s 151 of the Act by considering the entire facts and circumstances of the present case and due application of mind therefore, same is not fatal to the impugned assessment order and hence legal ground of assessee may kindly be dismissed. However, in all fairness the ld Sr. DR did not controvert the coordinate bench of Tribunal dated 17.10.2019 (supra) has adjudicated identical and legal ground of assessee in its favour. 5. On careful consideration of the....
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....sessing Officer and the approving authorities have also given valid reasons for reopening of the case. So far as the merit of the case is concerned, the ld. DR submitted that S.K. Jain group of cases are known to be accommodation entry providers and the assessee, in the instant case, has obtained the accommodation entry of Rs.20 lacs and has failed to discharge the onus cast on it by proving the identity and capacity of the loan creditor and the genuineness of the loan transaction. Therefore, the Id. CIT(A) was fully justified in sustaining the addition of Rs 20 lacs made by the Assessing Officer and also the addition of Rs.36.000- added by the Assessing Officer being commission for the accommodation entries. He accordingly submitted that b....
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....Original assessment was completed u/s 143(3)- However, pursuant to reassessment notice, which was dropped due to technical reasons, and later notice was issued and assessments were taken up afresh-After considering submissions of assessee and documents produced in reassessment proceedings, AO added back a sum of Rs.1.35,00,000-CIT(A) held against assessee on legality of reassessment notice hot allowed assessee's appeal on merits holding that AO did not conduct appropriate enquiry to conclude that share inclusion and advances received were from bogus entities Tribunal allowed assessed's appeal on merits-Revenue appealed against appellate order on merits- Assessee's cross appeal was on correctness of reopening of assessment- Tribu....
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....he same is quashed. Since the reassessment proceedings have been quashed, the subsequent order passed by the Assessing Officer becomes bad in law and accordingly the same is quashed. Since the assessee succeeds on the legal grounds, the grounds raised by the assessee become academic and, therefore, are not being adjudicated." 6. On perusal of the copy of approval available at page 14 of the assessee's paper book I note the facts of the present case and satisfaction recorded by the PCIT in the present case is similar worded was recorded in assessee's case for AY 2010-11. Therefore, respectfully following the conclusion drawn by the coordinate bench of the Tribunal in several order including the order in assessee's own appeal in AY 2010- 1....