Manmeet Securities Pvt. Ltd., New Delhi V. Addl. CIT, New Delhi

ITA 5587/DEL/2012

• Counselvise Citation: 558720114 RSA 2012
• Duration Of Justice: 2 year(s) 8 month(s) 28 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 03-08-2015
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: SMC 1
• Next Hearing Date: 15-07-2015
• Assessment Year: 2000-2001
• Appeal Filed On: 05-11-2012
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: DEVI SHARAN SINGH
• Assessee Lawyers: R S SINGHVI
• Keywords: Reopening of assessment
• Section: 147; 68; 6

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL IN THE INCOME TAX APPELLATE TRIBUNAL DELHI DELHI DELHI DELHI BENCH BENCH BENCH BENCH SMC SMC SMC SMC : NEW DELHI : NEW DELHI : NEW DELHI : NEW DELHI BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA BEFORE SHRI G.C. GUPTA, VICE , VICE , VICE , VICE PRESIDENT PRESIDENT PRESIDENT PRESIDENT ITA NO ITA NO ITA NO ITA NO . .. . 5587/DEL/2012 5587/DEL/2012 5587/DEL/2012 5587/DEL/2012 ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR ASSESSMENT YEAR : : : : 2000 2000 2000 2000 - -- - 01 0101 01 M/S MANMEET SECURITIES M/S MANMEET SECURITIES M/S MANMEET SECURITIES M/S MANMEET SECURITIES PVT.LTD., PVT.LTD., PVT.LTD., PVT.LTD., E EE E- -- -189, 189, 189, 189, GREATER KAILASH GREATER KAILASH GREATER KAILASH GREATER KAILASH- -- -1, 1,1, 1, NEW DELHI NEW DELHI NEW DELHI NEW DELHI 110 048. 110 048. 110 048. 110 048. PAN : AACCM714 PAN : AACCM714 PAN : AACCM714 PAN : AACCM7146E. 6E. 6E. 6E. VS. VS. VS. VS. ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF ADDITIONAL COMMISSIONER OF INCOME TAX, INCOME TAX, INCOME TAX, INCOME TAX, RANGE RANGE RANGE RANGE- -- -6, 6,6, 6, NEW DELHI. NEW DELHI. NEW DELHI. NEW DELHI. (APPELLANT) (RESPONDENT) APPELLANT BY : SHRI R.S. SINGHVI, CA. RESPONDENT BY : SHRI DEVI SHARAN SINGH, SR.DR. DATE OF HEARING : 15.07.2015 15.07.2015 15.07.2015 15.07.2015 DATE OF PRONOUNCEMENT : 03.08.2015 03.08.2015 03.08.2015 03.08.2015 ORDER ORDER ORDER ORDER THIS APPEAL BY THE ASSESSEE FOR THE ASSESSMENT YEA R 2000-01 IS DIRECTED AGAINST THE ORDER OF LEARNED CIT(A)-IX, NE W DELHI DATED 8 TH AUGUST, 2012. 2. THE GROUNDS OF APPEAL OF THE ASSESSEE ARE AS UND ER:- 1. THE LD.CIT(A) HAS ERRED IN LAW WHILE CONFIRMING THE ACTION OF THE LD.AO OF REOPENING THE ASSESSMENT U/S 147 OF I.T. ACT, AND THE ACTION IS UNJUST, ILLEGAL, ARBITR ARY AND AGAINST THE FACTS AND CIRCUMSTANCES OF THE CASE AND SUCH ORDER PASSED UNDER 148 MAY PLEASE BE QUASHED. 2. THAT THE LD.CIT(A) HAS ERRED IN LAW WHILE CONFIR MING THE ADDITION OF RS.300000/- MADE BY THE LD.AO U/S 6 8 OF INCOME TAX ACT, AND THEREFORE THE ADDITION MADE MAY PLEASE BE DELETED. 3. THAT THE LD.CIT(A) HAS ERRED IN LAW WHILE CONTEN DING THAT THE FACTS OF ASSESSEE ARE DIFFERENT WITH THAT OF CIT VS. ITA-5587/DEL/2012 2 LOVELY EXPORTS 216 CTR 195 AND THEREFORE APPLYING T HE RATIO OF RESPECTIVE JUDGMENT THE ADDITION OF RS.300 000/- MAY PLEASE BE DELETED. 4. THAT THE LD.CIT(A) HAS ERRED IN LAW WHILE APPLYI NG THE RATIO OF M/S NOVA PROMOTERS AND FINLEASE PVT.LTD. 3 42 ITR 169, WHERE THE FACTS OF THE RESPECTIVE CASE ARE ENT IRELY DIFFERENT WITH THAT OF ASSESSEE AND AS SUCH UNDER R ELIANCE ON RESPECTIVE JUDGMENT THE ADDITION OF RS.300000/- MADE BY THE LD.AO IS BAD IN THE LAW AND THEREFORE THE SA ME MAY PLEASE BE DELETED. 3. LEARNED COUNSEL FOR THE ASSESSEE SUBMITTED THAT THE ASSESSEE HAS FILED EVIDENCE IN SUPPORT OF ITS CLAIM OF GENUI NENESS OF THE CREDIT OF `3 LAKHS IN THE FORM OF COPY OF CONFIRMATION OF M/S ONYX EXIM & SALES (P) LTD., COPY OF APPLICATION FOR EQUITY SHARES, CO PY OF BOARD RESOLUTION, COPY OF AFFIDAVIT OF DIRECTOR OF M/S ONYX EXIM & SA LES (P) LTD., COMPANY MASTERS AND PAN DETAILS, COPIES OF WHICH HA VE BEEN FILED IN THE COMPILATION BEFORE THE TRIBUNAL AT SR.NO.2 TO 6 . HE SUBMITTED THAT THE ENTRY WAS GENUINE AND THERE WAS NO INCRIMINATIN G EVIDENCE WITH THE DEPARTMENT TO DISBELIEVE THE EVIDENCE FILED BY THE ASSESSEE. THE DEPOSITOR IS A REGISTERED COMPANY AND IS AN EXISTIN G INCOME TAX ASSESSEE AND ITS DIRECTOR HAS FILED A DULY SWORN IN AFFIDAVIT BEFORE THE ASSESSING OFFICER. 4. LEARNED DR HAS OPPOSED THE SUBMISSIONS OF THE LE ARNED COUNSEL FOR THE ASSESSEE. HE HAS REFERRED TO THE RELEVANT PORTION OF THE ASSESSMENT ORDER IN SUPPORT OF THE CASE OF THE REVE NUE. 5. I HAVE CONSIDERED THE RIVAL SUBMISSIONS AND HAVE PERUSED THE ORDER OF THE ASSESSING OFFICER AND THE LEARNED CIT( A). IN VIEW OF THE EVIDENCE SUBMITTED BY THE ASSESSEE IN SUPPORT OF IT S CLAIM OF GENUINENESS OF THE CREDIT OF `3 LAKHS IN THE FORM O F COPY OF CONFIRMATION OF M/S ONYX EXIM & SALES (P) LTD., COP Y OF APPLICATION FOR EQUITY SHARES, COPY OF BOARD RESOLUTION, COPY OF AF FIDAVIT OF DIRECTOR OF ITA-5587/DEL/2012 3 M/S ONYX EXIM & SALES (P) LTD., COMPANY MASTERS AND PAN DETAILS AND ALSO IN VIEW OF THE FACT THAT THE DEPOSITOR IS A RE GISTERED COMPANY AND IS AN EXISTING INCOME TAX ASSESSEE AND ITS DIRECTOR HAS FILED AN AFFIDAVIT IN SUPPORT OF THE CLAIM OF THE ASSESSEE ALONG WITH THE COPY OF BOARD RESOLUTION, I HOLD THAT THERE IS NO MATERIAL BROUGH T ON RECORD ON BEHALF OF THE REVENUE TO DOUBT THE GENUINENESS OF THE ENTR Y OF `3 LAKHS AND, THEREFORE, NO CASE OF ADDITION U/S 68 COULD BE MADE OUT BY THE DEPARTMENT AND THE GROUND OF APPEAL NO.2 OF THE ASS ESSEE IS DECIDED IN FAVOUR OF THE ASSESSEE AND IS ACCORDINGLY ALLOWE D. 6. IT MAY BE MADE CLEAR THAT THE OTHER ISSUE RAISED BY THE ASSESSEE REGARDING THE VALIDITY OF REOPENING OF ASSESSMENT U /S 147 OF THE ACT IS NOT BEING ADJUDICATED UPON FOR THE REASON THAT THE ASSESSEE HAS SUCCEEDED ON ITS MERITS. 7. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PAR TLY ALLOWED. DECISION PRONOUNCED IN THE OPEN COURT ON 3 RD AUGUST, 2015. SD/- (G. (G. (G. (G. C. GUPTA C. GUPTA C. GUPTA C. GUPTA ) )) ) VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VICE PRESIDENT VK. COPY FORWARDED TO: - 1. APPELLANT : M/S MANMEET SECURITIES PVT.LTD., M/S MANMEET SECURITIES PVT.LTD., M/S MANMEET SECURITIES PVT.LTD., M/S MANMEET SECURITIES PVT.LTD., E EE E- -- -189, GR 189, GR 189, GR 189, GREATER KAILASH EATER KAILASH EATER KAILASH EATER KAILASH- -- -1, 1,1, 1, NEW DELHI NEW DELHI NEW DELHI NEW DELHI 110 048. 110 048. 110 048. 110 048. 2. RESPONDENT : ADDITIONAL COMMISSIONER OF INCOME T AX, ADDITIONAL COMMISSIONER OF INCOME TAX, ADDITIONAL COMMISSIONER OF INCOME TAX, ADDITIONAL COMMISSIONER OF INCOME TAX, RANGE RANGE RANGE RANGE- -- -6, NEW DELHI. 6, NEW DELHI. 6, NEW DELHI. 6, NEW DELHI. 3. CIT 4. CIT(A) 5. DR, ITAT ASSISTANT REGISTRAR