SHIVANI AGGARWAL,NEW DELHI vs. ITO, WARD-52(1), NEW DELHI

Briefly the facts of the case are that in this case information available on record was that the assessee has invested sum of Rs.7,29,000/- against purchase of scrips of one paper company M/s Blueprint Securities Ltd. On the basis of this information assessment was reopened under section 148 of the I.T. Act. The A.O. considering the material on record, was of the opinion that assessee has entered into colourable devise for avoidance of tax and the receipt of Rs.7,29,000/- by way of cheque is nothing but unexplained cash credit under section 68 of the I.T. Act. The Ld. CIT(A) confirmed the reopening of the assessment as well as dismissed the appeal on merits.

Learned Counsel for the Assessee at the outset submitted that the case of sister of the assessee has been considered by ITAT, Delhi SMC-Bench in the case of Raakhi Agarwal, New Delhi vs. ITO, Ward-52(1), New Delhi, in ITA.No.1170/Del./2018 for the A.Y. 2009-2010 and vide Order Dated 10.06.2019 the reopening of the assessment have been confirmed and this ground was dismissed.

The Ld. D.R. also suggested that since identical facts have been considered in the case of sister of the assessee Raakhi Agarwal (supra), therefore, issue on merit may be remanded to the file of A.O. for reconsideration.

In view of the above facts, it is clear that the case of the assessee and her sister Raakhi Agarwal (supra) have been considered by the authorities below on the same issue in respect of purchase of shares of M/s Blueprint Securities Ltd. In the case of Raakhi Agarwal (supra) sister of the assessee, the Tribunal has confirmed the reopening of the assessment and this ground was dismissed. Learned

Following the reasons for decision on identical facts in the case of Raakhi Agarwal (supra), I dismiss the issue of reopening of the assessment in the matter.

In the result, appeal of Assessee allowed for statistical purposes.