It is well settled that in 153A/C assessments additions cannot be made unless they are based on any incriminating material or inquiries based on such material. It clearly emerges from record that there is neither reference nor reliance on any incriminating material.
There cannot be any dispute with the legal contention of the learned counsel that the reimbursement of the expenses can never be income. Hon’ble Jurisdictional High Court has also held that the reimbursement of expenses can under no circumstances
Ld. Counsel of the assessee submitted that the assessee has not been given proper opportunity of being heard. He submitted that the assessment order was passed on 28.12.2007. He submitted that the query in this regard came from the Assessing Officer on 20.12.2007.
For any RNBC registered with RBI engaged in the business of mobilizing deposits, it is well nigh impossible to insist on the depositor to submit documents to establish creditworthiness of the prospective depositors before accepting the deposit.
The fact that there is a short deduction of tax in the present case where it was linked with the performance incentive paid to the employee on the basis of achievement of fixed percentage, the estimated TDS deducted in a bona fide manner as per the settled legal position cannot be faulted with.
When in the electronic filing of the return there is no provision for filing of the balance sheet, then non-furnishing of the balance sheet cannot lead to the presumption that there was no cash in hand with the assessee.
Investigation Wing informed the Assessing Officer of the assessee that they have carried out large scale investigation to unearth a huge racket including accommodation entry providers. Such entry providers found to be involved in giving accommodation entries in the form of bogus gifts/loans/share capital money etc.
In view of this position, there was no reason why reassessment proceedings should continue as no notice under section 143(2) of the Act was served on the assessee within the stipulated time. Decision of Hon’ble Jurisdictional High Court in the case of Alpine Electronics Asia Pte. Ltd. (supra) and V.R. Educational Trust (supra) would be applicable.
At this juncture Shri Mishra in a malicious and contemptuous manner alleged that the Bench is hurrying the justice and burying the justice. Such type of unprovoked utterances from a Commissioner of Income Tax
Imparting of yoga training through well structured yoga shivirs/ camps also falls under the category of imparting education, one of the charitable objects defined under section 2(15) of the Act.
