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1 - 2 of 2 (0.30 seconds)Acit, C-6, Ludhiana vs Sh. Gurdeep Singh, Ludhiana on 26 June, 2020
was filed after show cause notice issued by her and also that consideration
for the transfer of shares was partly remitted during financial year 2012-
2013, and then the balance consideration was paid in Financial Year 2013-
2014. The contention of the assessee has been that the transfer of shares is
substantiated by the documentary evidence as per record of the "Registrar of
Companies", who is the only authority to whom the intimation regarding the
transfer of shares is required to be given and as per record of the ROC, the
effective date of transfer of share is May 8, 2012 and, thus, it has been argued
vehemently by the counsel of the assessee that during the relevant year i.e.
F.Y. 2012-2013, Sh. Gurdeep Singh was not having beneficial shareholding
holding in CCNPL to the extent of minimum 10% of shares. It has been
further argued in regard to the late intimation to "Registrar of Companies",
by the assessee that one can file belated return with the ROC and, if the
annual return is late as in the case of assessee, then the same can be filed
along with "late fee" as applicable as was done by assessee and, as such, for
all intents and purposes, it is valid original annual return and has to be relied
upon and is legally enforceable document in the Court of Law. The assessee
has relied upon the judgment of ITAT Chandigarh Bench in the case of
"Rajdeep Builders" Vs ACIT in ITA No. 666/CHD/2010, order dated
27.04.2012 and stressed that only one 'annual return' for the financial year
2012-13 was filed with the ROC and no case has been made out by the
Assessing Officer and further, it was not a revised annual return. Reliance
was also placed on the judgment of Hon'ble Supreme Court in the case of
Motor and General Store as reported in 66 ITR 692.'
4.1 I have gone through the above said arguments and contentions of the
Assessing Officer as per assessment order and it is observed that, though, the
return intimating the sale of shares had been filed late with the ROC, but that
is a documentary evidence, which, cannot be brushed aside, because the
ITA No. 170-Chd-2018
Shri Gurdeep Singh, Ludhiana
8
department of ROC comes under the "Ministry of Corporate Affairs", which
regulates the working of all the companies in India and this is a legally
enforceable document which establishes the share holding pattern of the
Company.
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