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pplication of share application money received from family members & relatives of directors

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Court :
ITAT Delhi

Brief :
These batch of seven appeals filed by the Assessee are directed against the separate Orders Dated 12.05.2017 of the Ld. CIT(A)-30, New Delhi, relating to the A.Ys. 2006- 2007 to 2012-2013 respectively.

Citation :
ITA.Nos.5296, 5297, 5298, 5299, 5300, 5301 & 5302/Del./2017

IN THE INCOME TAX APPELLATE TRIBUNAL
DELHI BENCHES “F” : DELHI
[THROUGH VIDEO CONFERENCING]
BEFORE SHRI R.K. PANDA, ACCOUNTANT MEMBER
AND
Ms. SUCHITRA KAMBLE, JUDICIAL MEMBER
ITA.Nos.5296, 5297, 5298, 5299, 5300, 5301 & 5302/Del./2017
Assessment Years 2006-07, 2007-08, 2008-09, 2009-10, 2010-11, 2011-12 & 2012-2013

M/s. Bansal In Hold
Ltd., 306, 3rd Floor, S-
524, Vikas Marg,
Delhi – 110 092.
PAN AAACB3812A

vs

The ACIT,
Central Circle-14,
New Delhi.

For Assessee : Shri Mayank Patawari, C.A.
For Revenue : Smt. Sushma Singh, CIT-DR
Date of Hearing : 29.07.2021
Date of Pronouncement : 03.09.2021

ORDER

The facts of the case, in brief, are that a search and seizure operation under section 132 of the Income Tax Act, 1961 was initiated by the Investigation wing of the Department on 11.04.2011 in the case of Sh. R.S. Bansal. The documents/books belonging to the assessee, M/s Bansal Inhold Ltd., 104,1st Floor, S-524,Neelkanth House, Shakarpur, New Delhi-110092 were also found and seized from the Office Premises of Sh. Radhey Shyam Bansal, Address-308, S-524, Vikas Marg, Shakarpur, Delhi-110092 in whose name search warrant of authorization was issued.

2. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee that the order passed by the learned AO under Section 153C is bad and liable to be quashed as the same has been
framed consequent to a search which itself was unlawful and invalid in the eye of law.

3. On the facts and circumstances of the case, the learned CIT(A) has erred, both on facts and in law in rejecting the contention of the assessee the proceedings initiated under Section 153C are bad in law and without jurisdiction in the absence of any incriminating material belonging to the assessee being found during the course of the search.

4.In the result, all the appeals filed by the Assessee are allowed for statistical purposes.
Order pronounced in the open Court on 03.09.2021.

Please find attached the enclosed file for the full judgement

 

 

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