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09-01-2019, Sri Balaji Forgings, Section 263, 147, 148, 133(6), Tribunal Delhi

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1 week 2 days ago #8321 by amit
Section - 263, 147, 148, 133(6), 153A, 153C
Order Date - 09-01-2019
Favouring - Assessee
Court - Tribunal Delhi
Appellant - Sri Balaji Forgings (P) Ltd.
Respondent - PCIT
Justice - BHAVNESH SAINI, J.M. & PRASHANT MAHARISHI, A.M.
Citation - 119Taxpundit117
Appeal No. - ITA.No.3216/Del./2017
Asstt. Year - 2009-2010

Order

PER : BHAVNESH SAINI, J.M.

This appeal by Assessee has been directed against the Order of the Pr. CIT-8, New Delhi, Dated 27.03.2017 passed under section 263 of the I.T. Act, 1961, for the A.Y. 2009-2010.

2. Briefly the facts of the case are that the assessee filed return of income on 30.09.2009 which was processed under section 143(1) of the I.T. Act. The case was reopened for scrutiny under section 147 of the I.T. Act vide recording reasons dated 29.03.2014. The assessee filed required documents before the A.O. The assessee is engaged in the business of manufacturing of M.S. ingots. The A.O. after considering the explanation of assessee and material on record, accepted the returned income and completed reassessment order under section 143(3) vide Order Dated 19.03.2015.

3. The Ld. Pr CIT considering the assessment order dated 19.03.2015 to be erroneous in so far as prejudicial to the interests of Revenue, it is noted in the impugned order that assessment was reopened under section 148 of the I.T. Act on the allegation of accommodation entry taken from S.K. Jain group of cases who were searched on 14.09.2010 by Investigation Wing of the Department, some of the Assessing Officers did not examine the seized material in the form of cash book and book containing the details of cheques issued by such concern seized from the premises of Shri S.K. Jain during the course of search. The Investigation Wing, Delhi, forwarded the hard copy of appraisal report dated 12.03.2013 which was received by him on 15.03.2013, the relevant seized material was scanned and sent to CIT in soft copy. However, while completing the reassessment though the A.O. referred the appraisal report but did not look into the relevant seized material in soft copy. Therefore, show cause notice was issued to the assessee as to why the re-assessment order be not revised under section 263 of the I.T. Act. The assessee objected to the same and submitted hat there is no evidence against the assessee. The inference drawn that alleged cash of Rs.55 lakhs was paid by the intermediary Shri A.K. Jain to Shri S.K. Jain was enumerated from the coffers of the assessee, is not evident from any of the documents. The A.O. conducted independent examination and cross-verified all the transactions and verified the genuineness of the transaction. The A.O. verified the identity of the Investor, its address, PAN, confirmation letter and bank statements and was satisfied with the creditworthiness of the Investor. The Commissioner cannot revised the order in such circumstances. The Ld. Pr. CIT, however, held that the seized material have not been considered by the A.O. at the re-assessment proceedings. He has referred to the seized material in the impugned order and set-aside the reassessment order to the file of A.O. with a direction to redecide the issue after examining the seized material and passed the order afresh.

4. The assessee in the present appeal challenged the Order of the Ld. Pr. CIT passed under section 263 of the I.T. Act.

5. We have heard the Learned Representatives of both the parties and perused the material available on record.

6. Learned Counsel for the Assessee submitted that information about entry operator and their beneficiaries was received by the A.O. vide letter dated 12.03.2013. The A.O. recorded the reasons for reopening of the assessment under

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