2026 (4) TMI 652

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....2.2019 u/s. 143(3) r.w.s. 147 of the of the Income-tax Act, 1961, (in short 'the Act'). 2. The assessee has raised the following grounds in appeal: 1. The learned CIT(A) has erred in summarily dismissing the assessee's ground of appeal challenging the assumption of jurisdiction. 2. The learned CIT(A) has erred in summarily dismissing the assessee's ground of appeal challenging the proceedings u/s 147 on the plea that the learned AO had initiated such proceedings, without applying his own mind and without verifying the correctness of the information. 3. The learned CIT(A) has erred in summarily dismissing the assessee's ground of appeal challenging the proceedings u/s 147 on the plea that the same we....

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....ts Pvt.Ltd, more particularly when during the remand proceedings the assessee had discharged its onus by furnishing the documents pertaining to the lender and demonstrating that the entire interest amount as well as entire principal amount stood repaid much before the date of issuance of notice u/s 148. 7. The learned CIT(A) has erred in confirming the addition of Rs. 1800000/- made by the ¡earned AO u/s 68 while treating the amount received by way of share application money from Sh.Nitesh Jain as unexplained cash credit, more particularly when during the remand proceedings the assessee had discharged its onus by furnishing the documents pertaining to the share applicant and explaining that the share applicant was allotted sh....

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....e assessee filed its return of income for the AY 2012- 13 on 30.09.2012 declaring an income of Nil. The return was processed u/s 143(1) of the Act. The case was not picked up for regular scrutiny for AY 2012-13. An information has been received from the Dy. Director of Income Tax (Intelligence & Criminal Investigation), New Delhi vide letter no. DDIT (I&CD/Verification/2017-1812027 dated 15.09.2017 that assessee company M/s. Aadinath Probuild (India) Pvt. Ltd. has purchased a vacant land for a sum of Rs. 7,40,47,000/- on which stamp duty of Rs. 51,83,500/- was paid. Thereafter, a notice u/s 148 of the Act was issued to the assessee company through ITBA after due approval of Pr. Commissioner of Income Tax on 27.03.2019 and duly served upon t....

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....ct of source of land purchase. The assessee has submitted that the source of land purchase is share application money received from three persons namely Shri Nitesh Jain, Ms. Kanika Jain and Ms. Renu Jain (members of the families of the promoters/ directors of the assessee company). They had applied for allotment of shares while paying certain amounts to the assessee. Since the shares were not allotted till 31.3.2012, the assessee had shown such amount of Rs. 61,80,000/- in its Audited Financial Statements as at 31.3.2012 under the head share application money. Hence, the addition of Rs. 61,80,000/- was made in the hands of the assessee. In view of above, the assessment was completed by the Assessing Officer at an income of Rs. 4,59,23,836/....

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....ing; copy of ITR ack. For AY 2012-13; copy of its audited financial statements for FY 2011-12; copy of the assessee's ledger a/c as per its books of account for FY 2012-13; copy of its ITR ack. for AY 2013-14; copy of the assessee's ledger a/c as per its books of account for FY 2013-14. In respect of Talbros Automotive Components Ltd. copies of the confirmation of ledger accounts as per its books of account for FY 2011-12; copies of its relevant bank statements wherein its financial transactions with the assessee during FY 2011-12 are appearing; copy of ITR ack. For AY 2012-13; copy of its Audited financial statements for FY 2011-12; copy of confirmation of ledger a/c as per its books of account for FY 2012-13; copy of its ITR ack. For AY 2....

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.... assessee had come to know that the AO had doubted the genuineness and creditworthiness of three parties namely RMJ Commodity Marketing Pvt. Ltd., Agrawala Finserve Pvt. Ltd and Talbros Automotive Components Ltd., and accordingly made addition of Rs. 39743836/- u/s 68 in the hands of the assessee who had discharged its onus by furnishing the documents pertaining to the lender and demonstrating that the entire interest amount as well as entire principal amount stood repaid. As regards addition of Rs. 61,80,000/- is concerned, it is noted that during FY 2011-12, three persons namely Nitesh Jain, Kanika Jain and Renu Jain (members of the families of the promoters /directors of the assessee company) had applied for allotment of shares while pay....