Trade Concepts India Ltd., Delhi V. ITO, New Delhi

ITA 942/DEL/2013

• Counselvise Citation: [2015] 140 COUNSELVISE.COM (IT) 91317 (ITAT-DELHI)
• Duration Of Justice: 2 year(s) 5 month(s) 2 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 17-07-2015
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: H
• Next Hearing Date: 29-06-2015
• Assessment Year: 2004-2005
• Appeal Filed On: 15-02-2013
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: J P CHANDREKAR
• Assessee Lawyers: ASHWANI TANEJA
• Keywords: Rectification of order; Accommodation entries
• Section: 143(3); 147; 68; 148; 154

Judgement Text

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH : H : NEW DELHI BEFORE SHRI I.C. SUDHIR, JUDICIAL MEMBER AND SHRI INTURI RAMA RAO, ACCOUNTANT MEMBER ITA NO . 942 /DEL/201 3 ASSESSMENT YEAR: 2004 - 05 TRADE CONCEPTS INDIA LTD. VS. INCOME TAX OFFICER, 23/32, EAST PATEL NAGAR, WARD 16(3), C.R. BUILDING, DELHI NEW DELHI. (PAN: AABCT3562E ) (APPELLANT) (RESPONDENT) APPELLANT BY : SH. ASHWANI TANEJA, FCA RESPONDENT BY: SH. J.P. CHANDREKAR, SR.DR DATE OF HEARING: 29.06.2015 DATE OF PRONOUNCEMENT: 17.07.2015 ORDER PER INTURI RAMA RAO, A.M. : THIS APPEAL FILED BY THE ASSESSEE FOR THE ASSESSMENT YEAR 2004 - 05 AGAINST THE ORDER OF CIT(A), DATED 27.11.2012 RAISING THE FOLLOWING GROUNDS OF APPEAL: ON THE FACTS AND IN THE CIRCUMSTANCES OF THE CASE, THE LD. CIT(A) WAS NOT RIGHT IN CONFIRMING THE ADDITION OF RS. 20,00,000/ - MADE BY THE A.O. U/S 68 OF THE INCOME TAX ACT, 1961 AS PER RECTIFICATION ORDER UNDER SECTION 154 DATED 04.01.2012. 2. BRIEFLY STATED FACTS OF THE CASE ARE THAT APPELLANT COMPANY FILED ITS RETURN OF INCOME FOR THE ASSESSMENT YEAR 2004 - 05 ON 30.10.2004 DECLARING INCOME OF RS. 7385/ - . THE SAID RETURN OF INCOME WAS PROCESSED ON 19 TH FEBRUARY, 2005. THERE WAS NO SCRUTINY ASSESSMENT. SUBSEQUENTLY, THE ASSESSING OFFICER ISSUED NOTICE UNDER SECTION 148 OF THE INCOME - TAX ACT, 1961 (FOR SHORT THE ACT ) ON 25 TH MARCH, 20 11 AND FINALLY THE ASSESSMENT WAS COMPLETED UNDER SECTION 143(3) READ WITH SECTION 147 OF THE ACT VIDE ORDER DATED 15.12.2011 MAKING 2 ADDITION OF SHARE CAPITAL RECEIVED OF RS. 25 LAKHS AS UNEXPLAINED MONEY. SUBSEQUENTLY, THIS ORDER WAS RECTIFIED UNDER SECTI ON 154 OF THE A CT VIDE ORDER DATED 04.01.2012 FOR ADOPTING UNEXPLAINED MONEY OF RS. 20 LAKHS AS AGAINST RS. 25 LAKHS . AGGRIEVED BY THIS ORDER, AN APPEAL WAS FILED BEFORE THE CIT(A) WHO VIDE ORDER DATED 27.11.2012 CONFIRMED THE ASSESSMENT ORDER. AGGRIEVED, THE APPELLANT IS BEFORE US WITH THE PRESENT APPEAL. 3. IT WAS SUBMITTED BY THE LEARNED COUNSEL FOR THE ASSESSEE THAT THE APPELLANT IS NOT THE BENEFICIARY OF ACCOMMODATION ENTRIES AND THE NAME OF THE APPELLANT COMPANY DOES NOT FIGURE AMONG THE BENEFICIARIE S OF ACCOMMODATION ENTRIES PROVIDER AND THEREFORE HE SUBMITTED THAT THE MATTER MAY BE REMITTED BACK TO THE FILE OF THE AO FOR FRESH VERIFICATION AND FRESH ADJUDICATION, FOR WHICH THE LD. SR. DR HAD NO SERIOUS ADJUDICATION. ACCORDINGLY, WE REMIT THE MATTER BACK TO THE FILE OF ASSESSING OFFICER TO PASS FRESH ASSESSMENT IN ACCORDANCE WITH LAW AFTER GIVING DUE OPPORTUNITY OF BEING HEAR D TO THE APPELLANT. 4. IN THE RESULT, THE APPEA L FILED BY THE ASSESSEE IS ALLOWED FOR STATISTICAL PURPOSES. THE DECISION IS PRONOUNCED IN THE OPEN COURT ON 17 TH JULY , 2015. SD/ - SD/ - ( I.C. SUDHIR ) (INTURI RAMA RAO) JUDICIAL MEMBER ACCOUNTANT MEMBER DATED: 17 TH JULY , 2015. RK/ - COPY FORWARDED TO: 1. APPELLANT 2. RESPONDENT 3. CIT 4. CIT(A) 5. DR ASST. REGISTRAR, ITAT, NEW DELHI