If the loan taken by the company is already offered as income as trading receipt cannot be taxed again as undisclosed

Last updated: 24 June 2013

Court :
INCOME TAX APPELLATE TRIBUNAL

Brief :
Ground Nos.1 to 4 of the assessee’s appeal are against the reopening of assessment under Section 147 of the Income-tax Act, 1961. In the assessment order, the Assessing Officer has recorded that in this case, the original return furnished by the assessee was processed under Section 143(1) and no regular assessment had taken place. The Assessing Officer had received the information from DIT(Investigation) that during the course of investigation, it was found that Mukesh Gupta along with his relatives and associate concerns were in the business of providing entries by way of loans, share application money, gifts etc. As per information, the assessee was also beneficiary of the entry of `5 lakhs taken from Suma Finance Investment Ltd. In view of the above specific information, the Assessing Officer recorded the satisfaction for reopening of assessment under Section 148 and after issuing notice under Section 148, reopened the assessment.

Citation :
M/s Ramji Dass Darshan Kumar Ltd., 100/28, Shiva Tower, Sector-9, Rajapur, Rohini, Delhi – 110 085. PAN : AAACR0805J. (Appellant) Vs. Income Tax Officer,Ward-15(2),New Delhi. (Respondent)

Daily Limit Reached