Ratnashri Infrastructure Pvt. Ltd., ... vs Acit, Central Circle- 4 , New Delhi on 31 October, 2023
firstly there is total lack of live nexus and rational connection
(refer SC lakmnai mewal dass 103 ITR 437) in reasons recorded
as there is no reference of jmd sounds in list of companies branded
as jama kharchi companies ; secondly there is no exact date and
relevant banking details mentioned in reasons recorded qua
subject transaction and thirdly merely because said amount is not
credited to P&L account by assessee same is treated as income
escaping assessment which is totally incorrect as same is evident
from admitted /undisputed fact that same is in nature share
capital/share premium in hands of assessee herein ; fourthly
reasons are not based on any valid /actionable "tangible"
material sans which reopening u/s 147/148 can not be made ;
fifthly reasons are merely in nature of conjecture and surmises and
suspect which can not satisfy test of reasons to believe u/s 147/148
of 1961 Act; sixthly they are merely based on some unconfronted
investigation wing information , which has not been independently
and adequately examined and analysed at end of Ld AO at stage of
recording of reasons u/s 148(2) thus a case of borrowed
satisfaction ; so instant reasons recorded fails to pass muster of
law and thus impugned reopening action can not be countenanced
; (reliance is placed on:On issue of invalid reopening if made on
basis of borrowed satisfaction as done in instant case; refer hon
'ble delhi high court latest ruling in case of Blackstone capital
reported at 452 ITR 111. Same is proposition laid down by delhi
high Court in case of Munjal Showa Ltd vs DCIT382 ITR 555 and
hon'ble Gujarat high court rulings in cases of: Anilaben Rohitbhai
Modi vs ITO in SCA 3526/2022 order dated 23.06.2023 (para 21
& 22) 456 ITR 607and on issue of lack of live nexus etc delhi high
6
1607/Del/2019
court latest ruling in case of CIT vs Spirit Global Construction Pvt
Ltd 2023 SCC OnLine Del 4188ITA 191/2018 Decided on July 18,
2023 is relied) and recent hon'ble Bombay high court in case of
B.C. bhandari auto lines pvt ltd vs A CIT 292 Taxman 195/ 331
CTR 240 and hon'ble Bombay high court recent decision in case of
Gandhibag Sahkari Babnk ltd vs DCIT 25 SEP.