9911796707
TMI Blog2024 (5) TMI 105X X X X Extracts X X X X X X X X Extracts X X X X ..... AN of penny stock of EML and GBFL Limited and (ii) Sale of shares by related PAN of penny stock of EML and GBFL Ltd] and the fact that assessment orders have already been passed with regard to those two items and item 2 includes item 1 mentioned above, also clearly indicates total non-application of mind by the Assessing Officer ( AO ) as also by the Principal Chief Commissioner of Income Tax ( PCCIT ), who has granted the approval u/s 151. Such an order has been passed without referring to first two items in the notice that was issued under Section 148A(b) of the Act. Decided in favour of assessee. - K.R. SHRIRAM DR. NEELA GOKHALE, JJ. For the Petitioner : Mr Ashok Kumar Gupta a/w Mr Shrawan Kumar Gupta i/b Mr Viraaj Y Bhate. For the Res ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve said scripts within 3-4 days and claimed STCG amounting to Rs. 2,69,603/-. Even if the contention of the assessee is accepted, it is found that the assessee has not offered the said STCG amounting to Rs. 2,69,603/- for taxation, as the assessee has failed to furnish any supporting documentary evidences to substantiate the claim of chapter VIA deduction. The assessee is a non-filer of income tax and also failed to furnish the source of investment of Rs. 14,47,767/-in shares with supporting documentary evidences as claimed by the assessee. The assessee has claimed that she has not hold the shares for 12 months but sold the shares within 3-4 days thus the allegation of taking accommodation entry by trading in the shares of above scripts is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vit in reply filed through one Jignesh B. Anand, Income Tax Officer and affirmed on 19th March 2024. The enclosure which is an extract from the case related information detail of Insight Portal, refers to only one information. It says Primary Source Name Mangalam Industrial Finance Limited and the information value is given as Rs. 38,93,386/-. In the notice, though Petitioner s name is given in Related Person Detail , there is no explanation as to how there is any escapement of income. The Insight information says Packet Source Description Fictitious LTCG Benefit by Manipulation in Share Price but does not say whether there was any sale or who manipulated and how was the manipulation. It is not even alleged how Petitioner could have manipul ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 71/- mentioned as towards purchase of shares. Therefore, if these two items are already included in the reassessment order dated 22nd May 2023, certainly, they could not form part of fresh order of Section 148A(d) of the Act. This is the submission that Mr. Ashok Kumar Gupta made without prejudice to his first submission that the second reassessment proceedings could not have been initiated when the first reopening assessment proceedings were pending. Mr. Ashok Kumar Gupta submitted that the second reopening notice under Section 148A(d) of the Act was dated 2nd March 2023 whereas the reassessment order based on the first notice of reopening dated 27th May 2022, was passed only on 22nd May 2023. Mr. Harnesha infact submitted that the first r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s reveal that the assessee is a non-filer for the given year and has therefore not offered the income arising out of the said transactions to taxes, thereby suggesting that income chargeable to tax represented in the form of assets which has escaped assessment, is exceeding rupees fifty lakhs. Therefore, in the backdrop of this information, I am satisfied that the assessment/re-assessment proceedings are required in this case. Thus, I am satisfied that it is a fit case for issue of Notice u/s 148. Such an order has been passed without referring to first two items in the notice that was issued under Section 148A(b) of the Act. 7. In the circumstances, without even going into the issue as to whether an assessment can be reopened when the firs ..... X X X X Extracts X X X X X X X X Extracts X X X X
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