Case Law Details
DCIT Vs Esteem Textiles P. Ltd. (ITAT Delhi)
Evidently, AO on the basis of a letter written by the company, which was returned by the assessee by putting its signature and seal in confirmation of the accounts, had framed the assessment under section 153C. However, the said document could not be said to belong to assessee inasmuch as besides assessee there were so many names and it could not be said that these documents belonged to them. It would lead to some absurd conclusions or consequences to say that when a person maintains a list of their shareholders, such document belongs to or pertains to such shareholders also. These documents only showed that the appellant company had invested in the share capital which is not in dispute. Considering, these factors it has to be held that there are no documents belonging to the assessee which has been seized from the premises of M/s Gee Ispat Pvt. Ltd. Therefore, order passed under section 153C was quashed.
FULL TEXT OF THE ITAT JUDGMENT
This is an appeal by the Revenue against the orders dated 31.01.2014 in Appeal No. 1218/2011-12 passed by the Ld. that Commissioner of income tax (Appeals)-XXXI, New Delhi (for short
hereinafter referred to as “Ld. CITA”).
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