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16-01-2019, ALFA BHOJ, Section 260A, 68, 132, 153A, HIGH COURT OF DELHI

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6 months 2 weeks ago #8486 by amit
Section - 260A, 68, 132, 153A, 254(2)
Order Date - 16-01-2019
Favouring - Revenue
Court - HIGH COURT OF DELHI
Appellant - ALFA BHOJ LIMITED
Respondent - DCIT
Justice - SANJIV KHANNA & ANUP JAIRAM BHAMBHANI
Citation - 119Taxpundit321
Appeal No. - INCOME TAX APPEAL 27/2019
Asstt. Year - 2002-03

Order

PER : SANJIV KHANNA, J.

We have heard counsel for the appellant-assessee in this appeal under Section 260A of the Income Tax Act, 1961 (‘Act’ for short) which pertains to the Assessment Year 2002-03 and arises from the order of the Income Tax Appellate Tribunal (‘ Tribunal’ for short) dated 31st August, 2018.

2. The appellant-assessee has challenged factual findings recorded by the Tribunal in affirming addition of Rs.5.27 crores on account of bogus share capital under Section 68 of the Income Tax Act, thereby affirming the order passed by the Assessing Officer and reversing the findings recorded by the Commissioner of Income Tax (Appeals).

3. The appellant-assessee was subjected to search and seizure operations under Section 132 of the Act on 10th November, 2004 and thereafter notice under Section 153A of the Act was issued. During the pendency of the said proceedings, the appellant-assessee also approached the Settlement Commission on disclosing the undisclosed income of Rs.17 lacs.

4. However, as the tax on the undisclosed income was not paid, settlement application was dismissed as not maintainable vide order dated 17th September, 2007.

5. The appellant-assessee does not dispute the issue on bogus share capital as per the details noticed by the assessing officer who held:-

“8. While scrutinizing the seized documents and register of share applications, the Assessing Officer noticed that the following persons applied for shares of the company on different dates:

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