Need Tally
for Clients?

Contact Us! Here

  Tally Auditor

License (Renewal)
  Tally Gold

License Renewal

  Tally Silver

License Renewal
  Tally Silver

New Licence
  Tally Gold

New Licence
 
Open DEMAT Account with in 24 Hrs and start investing now!
From the Courts »
Open DEMAT Account in 24 hrs
 Inordinate delay in income tax appeal hearings
 Income Tax leviable on Tuition Fee in the Year of Rendering of Services: ITAT
 Supreme Court invoked its power under Article 142 of Constitution to validate notices issued under section 148 as notices issued under section 148A. However the same shall be subject to amended provisions of section 149.
 ITAT refuses to stay tax demand on former owner of Raw Pressery brand
 Bombay HC sets aside rejection of refund claims by GST authorities
 [Income Tax Act] Faceless Assessment Scheme does not take away right to personal hearing: Delhi High Court
 Rajasthan High Court directs GST Authority to Unblock Input Tax Credit availed in Electronic Credit Ledger
 Sebi-taxman fight over service tax dues reaches Supreme Court
 Delhi High Court Seeks Status Report from Centre for Appointments of Chairperson & Members in Adjudicating Authority Under PMLA
 Delhi High Court allows Income Tax Exemption to Charitable Society running Printing Press and uses Profit so generated for Charitable Purposes
 ITAT accepts Lease Income as Business Income as Business Investments were mostly in nature of Properties

M/s. Innobyte Systems (P) Ltd., 1 F / 93, NIT FARIDABAD. Vs. ITO, Ward 11 (4), New Delhi.
September, 19th 2014
          IN THE INCOME TAX APPELLATE TRIBUNAL
               (DELHI BENCH `C' : NEW DELHI)

         BEFORE SHRI I.C. SUDHIR, JUDICIAL MEMBER
                             and
          SHRI B.C. MEENA, ACCOUNTANT MEMBER

                        ITA No.3904/Del./2013
                      (Assessment Year : 2001-02)

M/s. Innobyte Systems (P) Ltd.,               vs.    ITO, Ward 11 (4),
1 F / 93, NIT                                        New Delhi.
FARIDABAD.

       (PAN : AAACI2229Q)

       (Appellant)                                   (Respondent)

                Assessee by : Shri K.V.S. Gupta, Advocate
                Revenue by : Shri Satpal Singh, Senior DR

                                        ORDER

PER B.C. MEENA, ACCOUNTANT MEMBER :

       This appeal filed by the assessee emanates from the order of CIT
(Appeals)-XV, New Delhi dated 22.12.2011.







2.     In this case, the Assessing Officer received an information from the
Investigation Wing that assessee has taken bogus accommodation entries. The
case was reopened by issuing notice u/s 148 of the Income-tax Act, 1961 after
recording the reasons. The Assessing Officer has also called information u/s
133(6) of the Act during the assessment proceedings wherein the bank has
confirmed the instrument number through which the accommodation entry was
provided by M/s. H.B. Relan and Coy. and credited to the assessee's account.
The assessee filed an appeal and the CIT (A) has confirmed the addition by
holding as under :-
                                         2                  ITA No.3904/Del/2013


       "7.5 Accordingly, since the appellant has not discharged the
     initial onus of proving the genuineness of the transaction with
     HB Relan and Co. and also in view of the fact that appellant is
     not engaged in the business of investment and financing and no
     details of share/securities sold through HB Relan and Co. were
     made available, hence in these circumstances I hold that the
     money received in appellant's bank account to the tune of
     Rs.10,11,210 is to be treated as unexplained credit and it calls for
     the addition under section 68 of the Act."






3.     We have heard both the sides on the issue. It was pleaded before us that
this company was taken over by present management in the year 2004. They
could not collect the copies of balance sheet, books of account and other
documents from the earlier management. It was also claimed before us that
material or evidences collected by Assessing Officer were not confronted to the
assessee with regard to the genuineness of transactions. After hearing both the
sides on the issue and considering the relevant material on record, we are of the
view that in the interest of justice and equity, this issue requires a relook at the
level of Assessing Officer wherein the assessee shall submit necessary
documents asked for. Accordingly, we restore this issue back to the file of the
Assessing Officer for deciding afresh after providing an opportunity of being
heard to the assessee.


4.     In the result, the appeal of the assessee is allowed for statistical
purposes.
Order pronounced in open court on this 15th day of September, 2014.



               Sd/-                                        sd/-
         (I.C. SUDHIR)                               (B.C. MEENA)
       JUDICIAL MEMBER                          ACCOUNTANT MEMBER


Dated the 15th day of September, 2014
TS
                               3   ITA No.3904/Del/2013




Copy forwarded to:
     1.Appellant
     2.Respondent
     3.CIT
     4.CIT(A)-XV, New Delhi.
     5.CIT(ITAT), New Delhi.                 AR/ITAT

Home | About Us | Terms and Conditions | Contact Us
Copyright 2023 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting