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TMI Blog2011 (3) TMI 1602X X X X Extracts X X X X X X X X Extracts X X X X ..... essing Officer and upheld by the Ld. CIT(A) is against the law and to the facts of the case. 2. That the Assessing Officer was not justified and had erred in law for not passing any speaking orders on the objection raised by the assessee with regard to initiation of proceedings u/s 147 of the act. In ITA no. 2727/Del/10, Revenue has raised following effective ground: In the facts and the circumstances of the case, the Ld. CIT(A) has erred in deleting the addition of ₹ 1,01,00,000/- made u/s 69A of the I.T. Act. 3. Relevant observations of CIT(A) regarding validity of proceedings u/s 147/148 are as under: 4.3. There is no merit in the contention of the appellant that the assessing officer failed to pass a speaking ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ade u/s 69A by following observations: 5.1. It is contended by the appellant that the assessing officer proceeded to make an addition u/s 69A without discharging the burden to prove the ownership of the assessee over money etc. It was also contended that the addition was made merely on the basis of statements of third parties recorded during search on another person and that the appellant was never confronted with those statements, nor was any opportunity afforded for cross- examination, thus violating the principle of natural justice. 5.2. The submissions of the appellant are considered. On examination of the assessment record it is seen that the appellant categorically denied having any financial or business transaction with Sh ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... otices u/s 148 were issued in the name of Shri Dev Dutt Raj, M/s Dev Dutt Prasad Raj Kumar , which are placed on paper book page nos. 30 31. Shri Dev Dutt had expired on 6-3-1994, copy of death certificate is enclosed in paper book at page no. 38. Learned counsel further contends that this fact was brought to the notice of AO and a ground was taken before CIT(A) under Rule 46A. CIT(A) had called a remand report on this issue, however, this ground has been summarily decided. 6. Learned DR on the other hand, vehemently argues that the original notices u/s 148 placed on paper book page nos. 28 29 do not refer to the word proprietor , the approval obtained by AO refers to the same pertaining to registered firm, copy thereof is placed o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e proceedings thereto. Therefore, this plea of the assessee is rejected. 8. Coming to the assessee's plea that there was no material on record to come to a reasonable plea that assessee's income had escaped assessment also cannot be accepted. On a departmental search in the case of a finance broker Shri Brij Mohan Gupta, a diary was found reflecting entry no. 177 in the name of the assessee. As per information received, the broker had facilitated this transaction. In our view AO had reasonable material in his possession to come to a satisfaction that income had escaped assessment. On this aspect also, issuance of notice u/s 148 read with section 147 is upheld. Assessee's grounds are dismissed. 9. Coming to the revenue' ..... X X X X Extracts X X X X X X X X Extracts X X X X
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