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TMI Blog2022 (6) TMI 186X X X X Extracts X X X X X X X X Extracts X X X X ..... Code Modification. Thus, it is very much clear that the Assessing Officer had tangible material to reopen the assessment u/s 147 of the Act. Further, the objection raised by the assessee against reopening of assessment was disposed of by the Assessing Officer by a separate order. We do not find any merit in the grounds raised by the assessee challenging the validity of reopening of assessment under Section 147 of the Act. Loss as non genuine - As it can be seen that the AO in course of assessment proceedings has made inquiry to find out the genuineness of the loss claimed - the result of inquiry did not prove the genuineness of the loss claimed. Even, the assessee was not unable to furnish any conclusive evidence to support its clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... anted to the assessee, which the assessee has not availed, we deem it appropriate to proceed with the appeal ex parte qua the assessee after hearing the learned Departmental Representative and based on material available on record. The assessee has raised the following grounds: 1. Action of learned Commissioner (A) in passing the order without considering the circumstances of the case and confirming the action of Income Tax Officer in reopening the assessment under section 148 of the Income Tax Act is unjust, illegal, arbitrary and against the facts and circumstances of the case. 2. Action of learned Commissioner (A) in treating the loss from F O Trading of Rs.1,21,17,685 as non genuine, as made by the Income Tax Officer, is unj ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e aforesaid disallowance while deciding assessee s appeal. 7. We have considered the submissions of learned Departmental Representative and perused the material available on record. 8. As regards the issue relating to validity of reopening of assessment under Section 147 of the Act, it is noticed that the return of income filed by the assessee was not subjected to scrutiny but was only processed under Section 143(1) of the Act. Subsequently, Assessing Officer received the specific information indicating that the loss from share transaction claimed by the assessee is non-genuine as such undue benefit was gained through Client Code Modification. Thus, it is very much clear that the Assessing Officer had tangible material to reopen the a ..... X X X X Extracts X X X X X X X X Extracts X X X X
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