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TMI Blog2013 (11) TMI 109X X X X Extracts X X X X X X X X Extracts X X X X ..... Revenue. Validity of reassessment proceedings u/s. 148 - Without issuance of notice – Held that:- Both the additions made by the AO have been deleted on merits - validity of proceedings u/s. 148, did not arise from the order. - ITA No. 74/Agra/2010, C.O. No.04/Agra/2011 - - - Dated:- 7-3-2012 - Shri Bhavnesh Saini And Shri A. L. Gehlot,JJ. For the Petitioner : Shri Sohail Akhtar, Jr. D. R. For the Respondent : None ORDER Per Bhavnesh Saini, J.M. The departmental appeal as well as cross objection by the assessee are directed against the order of ld. CIT(A)-I, Agra dated 29.12.2009 for the assessment year 2001-02. 2. We have heard the ld. DR and perused the findings of the authorities below. None is present on b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the AO has taken income at Rs.50,000/- on notional basis only and accordingly, directed that the computation of income filed by the assessee should have been accepted by the AO. There is no departmental appeal on this ground. 3.1 The Revenue has only challenged the deletion of addition of Rs.8,99,850/- made u/s. 69A of the IT Act. The assessee furnished complete details of purchase and sales of the shares and reiterated the same submissions which were made before the AO regarding receipt of the amount in question. A copy of the assessment order was also filed of the broker. It was, therefore, claimed that the AO was not justified in making addition treating the income from other sources and further, the AO was not justified in holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion as non-genuine for the purpose of making addition. Since the source of the receipt of the amount in question is explained and the transaction entered into by the assessee with the broker clearly suggests a case of short-term capital gains, therefore, the ld. CIT(A) rightly directed the AO to compute the income as per return of income and for capital gains. The departmental appeal has no merit and is, accordingly dismissed. 6. The assessee in the cross-objection raised the issue of reopening of the assessment u/s. 148 of the IT Act as well not complying with the provisions of section 124(4) and framing assessment without issuance of notice u/s. 143(2) of the IT Act. We find that the issue of validity of reassessment proceedings u/s. 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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