ACIT, NEW DELHI vs. M/S. SRG INFRASTRUCTURE PVT. LTD., NEW DELHI
In the result, the appeal filed by the Revenue is allowed for statistical purposes
ITA 3263/DEL/2015[2010-11]Status: DisposedITAT Delhi15 Jul 2019AY 2010-11
Bench: Shri R.K. Panda & Shri Sudhanshu Srivastavaassessment Year: 2010-11 Acit, Vs Srg Infrastructure Pvt. Ltd., Central Circle-07, 8-A/3, Wea, Karol Bagh, Ara Centre, Jhandewalan Extn., New Delhi. New Delhi. Pan: Aajcs1335C (Appellant) (Respondent) Assessee By : Shri Rakesh Kumar Khiwani, Ca Revenue By : Mrs. Naina Soin Kapil, Sr. Dr Date Of Hearing : 01.07.2019 Date Of Pronouncement : 15.07.2019 Order Per R.K. Panda, Am: This Appeal Filed By The Revenue Is Directed Against The Order Dated 24Th March, 2015 Of The Cit(A)-24, New Delhi, Relating To Assessment Year 2010-11. 2. Facts Of The Case, In Brief, Are That The Assessee Is A Private Limited Company. A Search & Seizure Operation U/S 132 Of The Income Tax Act Was Carried Out On M/S Satya Parkash & Brothers Group Of Cases On 28.10.2010 Headed By Sh. Satya Prakash Gupta. M/S S.R.G. Infrastructures P. Ltd. Is One Of The Associate Companies Of The Group. During Search On The Group, Certain Documents Relating To M/S S.R.G. Infrastructures P. Ltd. Were Found & Seized. The Assessing Officer Accordingly Issued Notice U/S 153C Of The Act On 8Th May, 2012 Requiring The Assessee To File Return Of Income Within 15 Days From The Service Of Notice U/S 153C Of The It Act, 1961. The Assessee, Vide Letter Dated 27.11.2012, Submitted That The Return Already Filed On 30Th March, 2012 Declaring Total Income Of Rs.8,270/- May Be Treated As Return Filed In Response To Notice U/S 153C Of The It Act. During The Course Of Assessment Proceedings, The Assessee Objected To The Notice Issued U/S 153C Terming The Same As Illegal. The Assessing Officer Disposed Of That Objection And, Thereafter, Proceeded To Complete The Assessment. Rejecting Various Explanations Given By The Assessee From Time To Time, The Assessing Officer Determined The Total Income Of The Assessee At Rs.1,43,23,550/-.
For Appellant: Shri Rakesh Kumar Khiwani, CAFor Respondent: Mrs. Naina Soin Kapil, Sr. DR
Section 132Section 153C
…s sufficient that such satisfaction note is placed in the file of the other person by the AO in his capacity as the AO of such other person...." 6. Referring to the decision of the Hon'ble Delhi High Court in the case of PCIT vs. Nau Nidh Overseas (P) Ltd., 394 ITR 753 (Del), she submitted that the Hon'ble High Court in the said decision has held that the statement made by the Director of the assessee company during the course of search at his premises that some of the cash seized from his premises belonged to the assessee was sufficient material to initiate proceedings u/s 153C in case of the assessee. The…
