COMMISSIONER OF INCOME TAX Vs. VARDHMAN ESTATES LTD.
LAWS(DLH)-2007-7-318
HIGH COURT OF DELHI
Decided on July 19,2007

COMMISSIONER OF INCOME TAX Appellant
VERSUS
Vardhman Estates Ltd. Respondents

JUDGEMENT

V.B.GUPTA, J. - (1.) SHORT question involved in the present appeal is whether the AO was justified in reopening the assessment proceedings for the asst. yr. 1996 -97 in the case of the present assessee. ?
(2.) ITA No. 404/Del/2005, allowed the appeal of the assessee holding reassessment proceedings to be bad in law.
(3.) AGGRIEVED with the order passed by the Tribunal, the Revenue has come in an appeal under s. 260A of the IT Act, 1961 (for short as 'Act') before this Court. For the asst. yr. 1996 -97, the assessee filed its return declaring income of Rs. 23,552 and the same was accepted under s. 143(1) of the Act. The loan in the name of M/s Visa Fin. Cap Ltd. was also accepted. Subsequently, the AO took 2002. The basis of initiating the reassessment proceedings was the statement of Sh. V.K. Jain, director of M/s Visa Fin. Cap (P) Ltd. who had stated that his company was indulging in money laundering business and provided merely adjustment entries and not genuine loans to different persons.;


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