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1 - 10 of 11 (0.20 seconds)Section 148 in The Income Tax Act, 1961 [Entire Act]
Section 69 in The Income Tax Act, 1961 [Entire Act]
Astral Capitals Private Limited, New ... vs Ito Ward-3(3), New Delhi on 19 February, 2020
Therefore, it is not the case where the investment is made in vacuum. Considering
the material placed before me, I am of the considered view that the assessee has
brought on record certain evidence that goes to prove that the amount was received
from one of its Director, who herself is an income-tax assessee and filed her return
of income. The Assessing Officer should have very well verified from the return of
the concerned Director regarding source of such amount given to the assessee
company. The Assessing Officer has also not stated as to what action was taken in
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ITA no. 1723/Del/2020
Astral Properties & Constructions Vs. ITO
the case of Director of the company. There is no dispute with regard to the fact that
the impugned transaction was executed between two parties i.e. assessee company
and its Director. The Director is the giver of the amount in the transaction and the
assessee company is the recipient of the amount. Hence, the Assessing Officer
ought to have investigated from both the parties for verifying the veracity of the
transaction. The assessee has discharged its primary burden by furnishing the
source of the investment. Under these facts it was open to Assessing Authority to
make further investigation. In the absence of bringing any adverse material
regarding creditworthiness of the Director and genuineness of the transaction, I am
of the view that the addition made and sustained by the learned CIT(Appeals) is
not justified. The same is, therefore, deleted. Ground is allowed.
Section 151 in The Income Tax Act, 1961 [Entire Act]
R. Mallika vs Commissioner Of Income Tax, Chennai on 6 July, 2015
13.4 There is sufficient evidence on record to establish that identity of the
creditor as discussed by the assessee is meaningless in view of the above
facts and also in view of the silence of the assessee to provide the latest or
the current status of investment. These web of transactions have been
created with a clear attempt to create a colorable device with attempt to
evade taxes in the form of accommodation entry. Reliance on the above is
also drawn from the judgment of the Hon'ble Supreme Court in the case of
r. Mallika Vs. CIT reported in [2017] 79 Taxmann.com 117 (SC), wherein it
was held that "where assessee had not discharged burden as regards source
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ITA no. 1723/Del/2020
Astral Properties & Constructions Vs. ITO
from which investment had been made, investment was an unexplained
investment and same was rightly added to income of assessee."
The Income Tax Act, 1961
Acit, New Delhi vs M/S Mani Stock Brokers Ltd(Now Mani ... on 12 September, 2019
In ACIT Vs. Rajesh Jhaveri Stock Brokers (P) Ltd. [2007] 161
Taxman 316 (SC)/[2007] 291 ITR 500 (SC)/[2007] 210 CTR 30 (SC): The
Hon'ble Supreme Court held that
"Section 147 authorizes and permits the Assessing Officer to assess or
reassess income chargeable to tax if he has reason to believe that
income for any assessment year has escaped assessment. The word
"reason" in the phrase "reason to believe" would mean cause or
justification. If the Assessing Officer has cause or justification to
know or suppose that income had escaped assessment, it can be said
to have reason to believe that an income had escaped assessment. The
expression cannot be read to mean that the Assessing Officer should
have finally ascertained the fact by legal evidence or conclusion.
Section 136 in The Income Tax Act, 1961 [Entire Act]
Raymond Woollen Mills Ltd. vs Income-Tax Officer And Ors. on 17 December, 1997
7.3.2 It has been held in Raymond Woollen Mills Ltd. v. ITO And Others
[236 ITR 34] by the Hon'ble Supreme Court that "in determining whether
commencement of reassessment proceedings was valid it has whether there
was prima facie some material on the basis of which the department could
reopen the case. The sufficiency of the material is not a thing to be
considered at this stage".