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TMI Blog2021 (5) TMI 963X X X X Extracts X X X X X X X X Extracts X X X X ..... of Rs. 1,00,000/-. 3. Meanwhile the Assessing Officer had received information from the Investigation Wing, Kolkata that the assessee has purchased 70,000 shares of the following penny scripts for a total value of Rs. 12,98,500/- during the financial year 2010-11 relevant to the A.Y 2011-12: a) M/s. Golden Bull Research & Growth Ltd b) M/s. Regency Trust Ltd c) M/s. Global Capital Markets Ltd 3.1 As per the report of the Investigation Wing, Kolkata, the above penny stocks are used for generating bogus LTCG/STCL and business loss. In view of the same, the assessment was reopened on 29.03.2018 by issuance of notice u/s 148 of the Act and was served on the assessee and the assessee responded by stating that the shares were purchase ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is objections if any, would be unsustainable in law. 4. The CIT (A) failed to note that merely investment in a dubious company does not make the investment unexplained if otherwise the sources of investments are properly explained. Therefore the CIT (A) ought to have deleted the addition which was wrongly made on above premise. 5. The CIT (A) has wrongly based his order on following decisions: A. Sumati Dayal V CIT (80 Taxman 89) (SC). B. Bimalchand [ain L/H Shanti Devi Bimalchand Jain V CIT (Bombay High Court, ITA No.18/2017. C. Sri Abhimanyu Soin V ACI (Chandigarh Bench of ITAT - ITA No.951/2016). D. ITO V Shamim M Bharwani (ITAT, Mumbai - ITA No 4906/2011). The above cases were decided in relation to unexplained credits ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee wherein vide letter dated 13.1.2018, the assessee had requested the Assessing Officer to provide him with a copy of the reasons for reopening of the case u/s 147 of the Act. He also drew my attention to page 8 of the Paper Book wherein, vide letter dated 19.11.18, the assessee had informed the Assessing Officer that the return has been uploaded pursuant to notice u/s 148 on 30.4.2018 and that there was no sale of immovable property during the financial year 2010-11 and also requested for supply of reasons for reopening of the assessment u/s 148 of the Act. There is no mention of any letters nor there was any mention of supplying the reasons for reopening of the assessment to the assessee. Though a specific ground was taken before ..... X X X X Extracts X X X X X X X X Extracts X X X X
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