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TMI Blog2023 (7) TMI 607X X X X Extracts X X X X X X X X Extracts X X X X ..... eless Appeal Centre (NFAC), Delhi dated 07.10.2022 passed for A.Y. 2012-13. 2. The appeal was listed for hearing on 23.02.2023. The ld. Counsel for the assessee filed an application for permission to raise additional ground of appeal. In this application, he submitted that no addition has been made on an item for which assessment order was reopened. He placed on record copy of the reasons dated 06.08.2019 and submitted that assessment was reopened for the reason that ld. Assessing Officer was satisfied to believe that the amount of Rs. 142,18,37,911/- received by the assessee from M/s. Angel Commodities Broking Pvt. Limited has escaped assessment within the meaning of section 147. According to the assessee, the addition of this amount was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee, otherwise actually reasons were recorded earlier. 4. The ld. D.R. could not rebut this contention, rather submitted that reason was recorded on 30.03.2019 as contemplated in the assessment order. 5. We have duly considered the rival contentions and gone through the record carefully. The reasons for reopening are running into three pages, but the relevant observation for us is the last paragraph, which reads as under:- "Reason to believe by the A.O.: In the above facts and circumstances of the case, prima facie it appears that source of fund utilized by the assessee to the tune of Rs. 142,18,37,911/- being deposit into the account of the assessee, utilized for making payment to M/s. Angel Commodities Broking Pvt. Limited has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sessee. Initiated penalty proceeding u/s 271(1)(c) of the I.T. Act, 1961 for furnishing inaccurate particulars of income". Addition: Rs. 5,35,262/-". 7. It is pertinent to observe that the assessee has originally filed its return of income on 29.09.2012 declaring total income of Rs. 45,30,623/-. An assessment was passed under section 143(3)/144 on 15.03.2015 at a total income of Rs. 16,64,03,410/. The assessment was reopened and after reopening of the assessment, income has been determined at Rs. 16,69,38,670/-. In other words, the only addition made by the ld. Assessing Officer in the income already assessed under section 143(3) is the addition of Rs. 5,35,262/-. 8. The stand of the assessee is that if an addition on the item for which ..... X X X X Extracts X X X X X X X X Extracts X X X X
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