SHREEJEE APTEX P.LTD,NEW DELHI vs. INCOME TAX OFFICER, NEW DELHI
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Income Tax Appellate Tribunal, DELHI BENCH: ‘SMC’ NEW DELHI
Before: SHRI SAKTIJIT DEY
per the status available in Ministry of Corporate Affair’s record. He
submitted, the assessee had allotted shares to the concerned entities.
Thus, he submitted, a direction may be issued to the Assessing Officer
to conduct necessary inquiry with the concerned entities.
Learned Departmental Representative submitted, issue can be
restored back to the Assessing Officer for fresh adjudication.
I have considered rival submissions and perused the material
available on record.
Undisputedly, the assessee had received aggregate amount of
Rs.23,79,000 towards investment in share capital from M/s. Nepostel
India Pvt. Ltd. and M/s. Chinu Press & Prakash Pvt. Ltd. It is
4 ITA No.707/Del./2022
observed from Form 23 filed by the assessee before the Registrar of
Companies (ROC), the assessee had issued shares to M/s. Nepostel
India Pvt. Ltd. and M/s. Chinu Press & Prakash Pvt. Ltd. during the
financial year 2010-11. Further, from the MCA data filed in the paper
books, it is observed that the status of these companies have been
shown as active as on 31.03.2022, the balance sheet date. It is further
observed, in course of assessment proceedings itself, the assessee had
requested the Assessing Officer to issue summons under Section 131
of the Act to the parties as they were not cooperating with the
assessee. It appears, the Assessing Officer has neither acceded to the
request of the assessee nor has himself conducted, even, preliminary
inquiry by issuing notice under Section 133(6) of the Act. Merely
because, the assessee was unable to produce the bank statements of
M/s. Nepostel India Pvt. Ltd. and M/s. Chinu Press & Prakash Pvt.
Ltd., for that reasoning alone, the share capital cannot be added under
Section 68 of the Act. Since, the departmental authorities, particularly,
the Assessing Officer have failed to carry out the necessary inquiry, I
deem it appropriate to restore the issue to the Assessing Officer for
fresh examination after conducting necessary inquiry with M/s.
5 ITA No.707/Del./2022
Nepostel India Pvt. Ltd. and M/s. Chinu Press & Prakash Pvt. Ltd.
with regard to the investments made in share capital.
Needless to mention, before deciding the issue the Assessing
Officer must afford reasonable opportunity of being heard to the
assessee.
Grounds are allowed for statistical purposes.
In the result, the appeal is allowed for statistical purposes.
Order pronounced in the open court on31st March, 2023.
Sd/- (SAKTIJIT DEY) JUDICIAL MEMBER Dated: 31st March, 2023. Mohan Lal
