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TMI Blog2023 (2) TMI 571X X X X Extracts X X X X X X X X Extracts X X X X ..... ee nor was any application seeking adjournment filed. From the perusal of record, we find that even on previous occasions also no one appeared on behalf of the assessee, despite service of notice. Therefore, in view of the above, we proceed to dispose off the present appeal ex-parte, qua the assessee after hearing the learned Departmental Representative ("learned D.R.") and based on the material available on record. 3. In this appeal, the assessee has raised the following grounds: "1. On the facts and in the circumstances of the case and in law the Hon'ble CIT(A) erred in upholding validity of issuing notice u/s. 148 of the IT Act 1961 and the reason assigned for doing so are wrong and contrary to the provision of Income Tax Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iled in compliance with the aforesaid notice. During the reassessment proceedings, the Assessing Officer ("AO") took into consideration the investigation report of the Directorate of Investigation, Kolkata regarding the accommodation entry of long-term capital gain and SEBI action on NCL Research. The AO in detail analysed the financial statement of NCL Research and found that the financial worth of the company is not significant and had razor-thin profits in the recent past. The AO also took into consideration the report of SEBI which found NCL Research to be involved in fraudulent practices. In addition to the above, the AO also issued notices under section 133(6) of the Act to the exit providers to whom the assessee sold the shares, howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e information was received by the Assessing Officer which was examined by him. After examination, a reasonable belief was formed by the Assessing Officer that the income for A.Y. 2013-14 escaped assessment. He therefore, issued notice u/s 148 of the Act, after recording 'reasons to believe' and taking approval. On receipt of request from the appellant, copy of reasons recorded was provided to the appellant. The objections filed by the appellant challenging the reopening were also disposed by the Assessing Officer vide his order dated 14/11/2018. Thus, the Assessing Officer has followed the due procedure for reopening the assessment. In view of the totality of facts, provisions of the Act and relevant case laws as discussed above, it ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... genuine. In the present case, besides the department, SEBI has independently undertaken the investigation and found that the prices were actually rigged in order to facilitate the bogus LTCG entries to various beneficiaries. In view of this discussion and the recent decision of Calcutta High Court in IA No. GA/2/2022 in ITAT/6/2022 PCIT vs Swati Bajaj & other cases, various contentions raised by the appellant are rejected. 22. The above discussion clearly suggests that the appellant has taken premeditated series of steps for bringing his unaccounted income in the books by way of taking bogus long term capital gain entry. It is a well settled legal position that in deserving cases, the AO can lift the corporate veil in order to uncover the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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