2020 (6) TMI 665

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..... the issue on the merits of the case, but has merely brushed aside the arguments of the assessee and upheld the order of the AO - assessee could not get proper opportunity of explaining transactions before the lower authorities. We have given an offer to the AR to explain the transaction before the lower authorities by placing the accounts of the broker, the bank statement etc. with which he readily agreed. The purpose of making the assessment would be met if complete details are filed by the assessee before the Assessing Officer. Assessee has not co-operated before the lower authorities, precisely the Assessing Officer, we direct the assessee to deposit as a contribution ₹ 5,000/- to the Prime Ministers National Relief Fund as the .....

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..... f facts of the case shows that assessee is an individual. The Income Tax Department received information of the assessee that he has made investment in shares and securities to the tune of ₹ 23,01,652/-. On verification Assessing Officer found that assessee has not filed return of income, hence he could not verify the source of such investment. Therefore, after taking the approval of Pr. Commissioner of Income Tax on 29.03.2017 notice under Section 148 of the Act was issued on 31.03.2017. The ld. AO issued seven notices and none of them were responded by the assessee. Therefore, he issued notice under Section 133(6) of the Act to the National Stock Exchange. It was found that assessee purchased shares of ₹ 56,19,019/- and sold s .....

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..... mportant fact that was placed before the ld. CIT (Appeals) was that there was a fire on 9.11.2017 at the principal place of business of the assessee i.e. Kohinoor Traders at Karol Bagh, New Delhi. The copy of the complaint and photographs were placed before the CIT (Appeals) pleading the reasons for non-appearance. This was rejected by the CIT (Appeals). We find that naturally if there is a fire then subsequent non-compliance within a short span of one month may be due to sufficient cause. However, non-compliance prior to that cannot be accepted in the civilized society. Further the ld. CIT (Appeals) has also not dealt with the issue on the merits of the case, but has merely brushed aside the arguments of the assessee and upheld the orde .....

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