ITO, Ward-4, Bhilwara V. M/s. Gemini Infraprojects Pvt. Ltd. , Bhilwara

ITA 286/JODH/2018

• Counselvise Citation: [2018] 125 COUNSELVISE.COM (IT) 6303 (ITAT-JODHPUR)
• Duration Of Justice: 1 month(s) 13 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 19-07-2018
• Appeal Filed By: Department
• Order Result: Dismissed
• Bench Allotted: SMC
• Assessment Year: 2010-2011
• Appeal Filed On: 06-06-2018
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: A K DAS
• Keywords: Bogus Share capital; Tax effect

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL JODHPUR BENCH (SMC), JODHPUR BEFORE SHRI R.C. SHARMA, ACCOUNTANT MEMBER ITA NO. 286/JODH/2018 (ASSESSMENT YEAR-2010-11 INCOME TAX OFFICER, WARD-2 BHILWARA. VS M/S. GEMINI INFRAPROJECTS PVT. LTD., 31/83, AZAD NAGAR, BHILWARA. (APPELLANT) (RESPONDENT) PAN: AADCG5875D REVENUE BY SH. A. K. DAS (JCIT) (DR) ASSESSEE BY NONE. DATE OF HEARING 19/07/2018 DATE OF PRONOUNCEMENT 19/07/2018 O R D E R PER: R.C. SHARMA, AM THIS IS AN APPEAL FILED BY THE REVENUE AGAINST THE ORDER OF THE CIT(A), AJMER DATED 05/03/2018 FOR THE A.Y. 2010-11 IN THE MATTER OF ORDER U/S 143(3)/147 OF THE INCOME-TAX ACT, 1961 [HEREINAFTER REFERRED TO AS THE ACT, FOR SHORT]. THE GROUNDS R AISED BY THE REVENUE IN APPEAL ARE REPRODUCED AS UNDER: 1. DELETING ADDITION OF RS. 45,00,000/- ON ACCOUNT OF BOGUS SHARE APPLICATION MONEY RECEIVED FROM VARIOUS PAPER COMPA NIES FOR WHICH SPECIFIC INFORMATION WAS RECEIVED FROM THE INVESTIG ATION WING, WITHOUT APPRECIATING THE FACTS OF THE CASE; 2. THE APPELLANT CRAVES TO ADD, AMEND, ALTER, DELE TE OR MODIFY THE ABOVE GROUNDS OF APPEAL BEFORE OR AT THE TIME OF HEARING . 2. I HAVE GONE THROUGH THE ORDERS OF AUTHORITIES BELOW AND FOUND THAT TAX EFFECT IN RESPECT OF ADDITIONS DELETED BY CIT(A) IS BELOW RS. 20 LACS, ACCORDINGLY IN TERM OF CBDT CIRCULAR NO. 3/2018 DATED 11.07.201 8 THIS APPEAL DESERVES TO BE DISMISSED ON THE GROUND OF LOW TAX EFFECT. IN THE RESULT, THE APPEAL OF THE REVENUE IS DISMIS SED. ORDER PRONOUNCED IN THE OPEN COURT ON 19/07/2018. SD/- [R.C. SHARMA] ACCOUNTANT MEMBER DATED : 19/07/2018 A/N COPY TO : 1. THE APPELLANT 2. THE RESPONDENT 3. THE CIT 4. THE CIT(A) 5. THE DR 6. GUARD FILE (ITA NO. 286/JODH/2018) ASSISTANT REGISTRAR JODHPUR BENCH