M/S. Statcon Power Controls Limited, New Delhi vs. ITO, New Delhi
In the result, appeal of the assessee is allowed
ITA 5953/DEL/2014[2005-06]Status: DisposedITAT Delhi16 Dec 2016AY 2005-06
Bench: Sh. N. K. Sainiita No. 5953/Del/2014 : Asstt. Year : 2005-06 M/S Statcon Power Controls Ltd., Vs Income Tax Officer, 19-E, Pocket-Ii, Kondli Gharoli-Ii, Ward-9(2), Mayur Vihar, Phase-Iii, New Delhi New Delhi-110092 (Appellant) (Respondent) Pan No. Aabcs1814N Assessee By : Sh. Anil Jain, Adv. Revenue By : Sh. F. R. Meena, Sr. Dr Date Of Hearing : 22.09.2016 Date Of Pronouncement : 16.12.2016 Order This Is An Appeal By The Assessee Against The Order Dated 04.09.2014 Of Ld. Cit(A)-Xii, New Delhi. 2. Following Grounds Have Been Raised In This Appeal: “1. The Ld. Cit(A) Has Erred In Confirming The Order Of The Ao In Making The Assessment At The Income Of Rs. 27,05,220 As Against The Returned Income Of Rs, 15,05,220. 2. The Ld Cit(A) Has Erred In Confirming The Order Of The Ld. Ao In Issuing Notice Under Section 148 & Subsequent Proceedings Thereafter Against The Appellant Company. 3. The Ld Cit(A) Has Erred In Confirming The Order Of The Ld. Ao In Treating The Investment By M/S Geecee Finance Limited In Shares Of The Appellant Company As An Accommodation Entry & Consequently Adding It Back To Income Of The Appellant Under Section 68 Of Income Tax Act,1961. 2 Statcon Power Controls Ltd. 4. The Order Of The Cit(A) Is Against Law & Facts Of The Case. 5. The Appellant Craves The Right To Add, Amend Or Withdraw Any Grounds Of Appeal At The Time Of Hearing.” 3. The Main Grievance Of The Assessee In This Appeal Relates To The Reopening The Assessment By Issuing Notice U/S 148 Of The Income Tax Act, 1961 (Hereinafter Referred To As The Act) & Making The Addition Of Rs.12,00,000/- U/S 68 Of The Act.
For Appellant: Sh. Anil Jain, AdvFor Respondent: Sh. F. R. Meena, Sr. DR
Section 143(1)Section 147Section 148Section 68
…ormation from the Investigation Wing and without applying the mind by the AO was not valid. The reliance was placed on the judgment of the Hon’ble Jurisdictional High Court in the case of Principal Commissioner of Income Tax-4 Vs G & G Pharma Ltd. reported at 384 ITR 147. 11. In his rival submissions the ld. DR supported the orders of the authorities below and submitted that the income of Rs.12,00,000/- escaped assessment, therefore, the reopening u/s 148 of the Act was valid. 12. I have considered the submissions of both the parties and carefully gone through the material available on the record. To resolve the…
