TaxTMI 
TaxTMI 
2026 (5) TMI 1267
X X X X Extracts X X X X
X X X X Extracts X X X X
....the Income Tax Act, 1961 (in short "the Act") pertaining to A.Y. 2012-13. 2. The solitary issue involved in this appeal is Ground No. 1 which read as under:- "That the Ld. CIT(A) has erred in law in upholding the addition made u/s. 147 of the Act, ignoring the fact that the reasons recorded for reopening the assessment u/s. 147 did not pertain to the issue on which the addition has been made. That since the reassessment has been made on a ground unrelated to the recorded reasons, the reopening and the consequential addition are without jurisdiction and void ab initio. 3. Brief facts of the case are that the assessee company M/s AKC Retailers Private Limited filed its return of income for AY 2012-13 on 23.9.2012 declaring an i....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he form of share application money from M/s Pushpanjali Commotrade Pvt. Ltd. amounting to Rs. 2,00,00,000/- on 13.9.2011 and from M/s Skylight Distributors Pvt Ltd. amounting to Rs. 1,95,00,000/- on 13.92.2011. Accordingly, assessee was asked to furnish the details of the transactions, who accepted that the said money was received, but the Board of the Directors of assessee company decided not to allot the shares to these company and subsequently refunded the same to them. AO noted that since assessee took entry in the form of share application money from the said entity and after utilization of such fund as per its requirement portrayed that said funds were returned back, however, as per information of the Investigation Wing, Kolkata it is....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessment order, it is observed that the additions have been made on account of loans taken from M/s Pushpanjali Commotrade Pvt. Ltd. amounting to Rs. 2,00,00,000/- and M/s Skylight Distributors Pvt Ltd amounting to Rs. 1,95,00,000/-. Ld. AR drew our attention to the assessment order para 3.2 wherein, after verifying the bank statement, AO observed that assessee has not received any unsecured loan from the companies referred in the reasons recorded. Ld. AR submits that even though the AO proceeded further and made the additions on account of loan taken from other companies by observing that assessee has unexplained credit ignoring the fact that no such loan taken from these companies. Ld. AR thus requested that the AO has exceeded his jurisd....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ded AO has recorded the satisfaction of escapement of income to the extent of Rs. 5,15,00,392/- received from two companies. It is nowhere stated in the reasons about the loans taken from two companies namely Pushpanjali Commotrade Pvt. Ltd. of Rs. 2 crore and M/s Skylight Distributors Pvt Ltd of Rs. 1.95 crore. It appears that the AO exceeded the jurisdiction alleging that the loans taken from these two companies as accommodation entries. Though no satisfaction was recorded for reopening the assessment. Hon'ble Delhi High Court in the case of Ranbaxy Laboratories Ltd. (supra) in the head notes has observed as under:- "Section 147 of the Income-tax Act, 1961 - Income escaping assessment - General - Whether if during course of reass....