DEPUTY COMMISSIONER OF INCOME TAX, AURANGABAD vs. VISTA NIRMAN PVT. LTD., MUMBAI

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ITA 1340/PUN/2023Status: DisposedITAT Pune05 August 2024AY 2011-12Bench: SHRI R. K. PANDA (Vice President), MS ASTHA CHANDRA (Judicial Member)41 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the reopening of assessment was invalid as the reasons recorded did not allege any failure on the part of the assessee to disclose material facts, and the proviso to Section 147 was applicable. Therefore, the addition made by the AO was not justified.

What were the facts?

The assessee company received a substantial amount as share premium. The Assessing Officer reopened the assessment, alleging that the share premium was unexplained cash credit and treated it as the assessee's own money. The CIT(A) deleted this addition.

What were the issues?

Whether the reopening of assessment was valid when the original assessment was completed under Section 143(3) and the reasons for reopening did not allege any failure to disclose material facts? Whether the share premium received by the assessee constituted unexplained cash credit under Section 68?

Which sections of the Income-tax Act were involved?

Section 147,Section 143(3),Section 68

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Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Jaiprakash Bairagra
For Respondent: Shri Ajay Kumar Keshari

आदेश की प्रतितिति अग्रेतिि/Copy of the Order is forwarded to: 1. अपीलार्थी / The Appellant; 2. प्रत्यर्थी / The Respondent 3. The concerned Pr.CIT, Pune 4. DR, ITAT, ‘B’ Bench, Pune 5. गार्ड फाईल / Guard file. आदेशानुसार/ BY ORDER, // True Copy //

Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 22.07.2024 Sr. PS/PS 2 Draft placed before author 25.07.2024 Sr. PS/PS Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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