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TMI Blog2015 (1) TMI 1364X X X X Extracts X X X X X X X X Extracts X X X X ..... isions of law. 2. On the fact and circumstances of the case as well as in Law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in making an addition. 3. On the fact and circumstances of the case as well as in Law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in making an addition of Rs. 8,368/- on account of alleged commission paid in cash @ 2% of Rs. 4,18,437/-, without considering the facts and circumstances of the case." 3. The assessee raised preliminary objection with regard to the jurisdiction of the Assessing Officer in issuing notice under section 148 of the Act. Facts necessary for disposal of the issue are stated in brief. Assessee, in his indivi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vant to A.Y. 2008-09 through Alliance Intermediatories & Network Pvt. Ltd. in respect of shares of M/s. Reliance N.R. This is nothing but income earned from a source not disclosed to the department in his return of income. Hence, the assessee has suppressed the primary facts required in the return of income. In view of the above facts and after going through the records available, I have reason to believe that the income chargeable to tax to the tune of Rs. 4,18,437/- or any other income chargeable to tax which comes to my notice subsequently in the course of proceedings of reassessment, has escaped assessment, within the meaning of provisions of Sec 147 of the Act, 1961. Therefore, I am satisfied that the assessee has failed to disclose tr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee purchased other shares. 6. The learned CIT(A) appears to have not properly appreciated the facts of assessee's case as could be noticed from the fact that in para 2.1, grounds of appeal of some other appeal was extracted. In other words, there was no independent application of mind in this case and the order was more in the form of cut and paste, which could have been avoided by the learned CIT(A) since the facts of each case would differ and it is always advisable that the facts should have been properly recorded. 7. Aggrieved by the order of the learned CIT(A) assessee is in appeal before the Tribunal. The learned counsel for the assessee submitted that reopening of assessment itself is bad in law since there is no material to c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee submitted that there is no evidence on record to justify that the assessee purchased shares of other companies and even in the Balance Sheet assessee has not shown either availability of shares or purchase of shares of Essar Oil, Jai Corporation, etc. Even at this stage there is nothing on record to suggest that the assessee had either purchased or sold those shares at a later date. The AO had not at all applied his mind while reopening the assessment except mechanically issuing notice under section 148 of the Act. He thus strongly condemned the action of the AO on the ground that the basic tenet of taxation is that the AO should not proceed on a matter unless the conditions prescribed therein are properly satisfied. Section 14 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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