KASHI NATH SETH SARRAF PRIVATE LIMITED,HARDOI vs. DCIT, SITAPUR, SITAPUR

PER ANADEE NATH MISSHRA, A.M.: (A). This appeal vide I.T.A. No.86/LKW/2024 has been filed by the assessee for assessment year 2012-13 against impugned appellate order dated 20.12.2023 (DIN & Order No.ITBA/NFAC/S/250/2023-24/1058934744(1) of Ld. Commissioner of Income Tax (Appeals) [“CIT(A)”, for short]. (B) In this case, assessment order dated 28.12.2019 was passed u/s 147 read with section143(3) of the Income Tax Act, 1961 (“Act”, for short) whereby the assessee’s total income was determined at Rs.78,18,230/- as against income assessed at Rs.28,18,230/- vide earlier assessment order dated 18.02.2015 passed u/s 143(3) of I.T. Act. In the aforesaid assessment order dated 28.12.2019 a further addition of Rs.50,00,000/- was made u/s 68 of the Act. The aforesaid amount of Rs.50,00,000/- was received by the assessee from M/s. Sharma Hire Purchase Ltd (“SHPL”, for short), as share application money. The assessee Page 2 of 11

filed appeal against the aforesaid assessment order dated
28.12.2019 in the office of the Ld. CIT(A). Vide aforesaid impugned appellate order dated 20.12.2023 of the Ld. CIT(A), the assessee’s appeal was dismissed. The present appeal has been filed by the assessee against the aforesaid impugned appellate order dated 20.12.2023 of the Ld. CIT(A). In the course of appellate proceedings in Income Tax Appellate Tribunal (“ITAT”, for short), the assessee filed a paper book containing the following particulars: -

(B.1) The aforesaid paper book contained, a copy of the written submissions dated 24.10.2023 filed by the assessee in the course of appellate proceedings in the office of the Ld. CIT(A), relevant portion of which is reproduced below, for the ease of reference: -
“1. The assessee company had submitted written submission dated 26-02-
2020 in support grounds of appeal alongwith supporting documents and relevant case laws etc. during the course of physical hearing before the Id.
CIT (A), Bareilly.
It is therefore requested that the same may kindly be considered. The copy of the submission is enclosed.
2. In continuation of above reply it is further bring to your kind notice that the appellant company has submitted all the information/documents during the assessment proceedings u/s 143(3) of the Income Tax Act, 1961
which is duly accepted by the Id. A.O. in the Assessment Order passed u/s 143(3) dated 18-02-2015. In support of this the copy of reply submitted during the assessment proceedings w/s143(3) is enclosed herewith for your kind perusal.
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3) Further, the Id. A.O. had issued notice u/s 148 of the Income Tax Act
1961, dated 30-03-2019 which is issued after the expiry of 4 years without having any fresh reasons/material information. The Id. A.O. has issued notice u/s 148 in continuation of material already available in the original assessment. Since the appellant company has already disclosed all the facts in financial statement as well as information submitted during the original assessment proceedings. The appellant company had successfully disclosed fully and truly all material facts at time of assessment.
4) It is also submitted that the similar facts had been in the following cases and additions had been deleted by the at higher forums:
D The Hon'ble Bombay High Court in the case of PCIT vs. L&T Ltd. 2020. 11) Further SLP of the revenue is also dismissed by The Hon'ble Supreme
Court in the case of PCIT vs. L&T Ltd. 2020 of the judgment of The Hon'ble
B) FOR THIRD GROUND OF APPEAL:
All the evidences in support of subscription of Share Capital of Rs. 50 lacs by Sharma Hire Purchase Ltd. were filed, which had not been doubted by the Id. AO. All of the them are fully verifiable from any of the records of department as well as