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TMI Blog2012 (11) TMI 1336X X X X Extracts X X X X X X X X Extracts X X X X ..... able in law. 2. That the Ld. CIT(A) did not appreciate that the notice u/s 148 of the Income-tax Act, 1961 issued by the AO is illegal, invalid and void ab-initio and the same is liable to be cancelled. 3. That the Ld. CIT(A) did not appreciate that the conditions laid down u/s 148 of the I.T. Act, were not fulfilled. As such the order is bad in law and the same deserves to be cancelled. 4. That the Ld. CIT(A) did not appreciate that the objections filed before the AO against the issue of notice u/s 148 of the Act, dated 12.12.2008, were correct and the appeal should have been accepted. A copy of the letter dated 12.12.2008 is made part parcel of the grounds of appeal and the assessment made accordingly deserves to be cancelled. 5. That the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... interest charged under these sections of the I.T.Act, 1961, is very high excessive. 9. Any other ground of appeal that may be urged at the time of hearing of the appeal. 2. The Ld. counsel for the assessee, Mr. P.N.Arora Advocate pointed out at pages 1 2 of the assessment order, which contained reasons recorded, which for the sake of clarity are reproduced hereunder: In this case return of income for the A.Y. 2001-02 has been filed on 28.11.2001 declaring an income of Rs.6,61,379/-. There is an information in my possession, as furnished by the investigation wing, IT Department, Delhi that certain bank a/cs had been utilized by the bogus/non genuine entities to provide accommodation entries to various persons (beneficiaries) who wanted to l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... elhi, has been considered by me after through examination of information the record of the assessee. I have reasons to believe that income of Rs.5,16,030/- chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to disclose fully and truly this material fact necessary for his assessment and hence action u/s 147 of the I.T. Act, is warranted to tax the above income and any other income chargeable to tax which has escaped assessment and which comes to notice subsequently in the course of the proceedings under this section. 3. The assessee filed letter dated 29.04.2008 that his return may be considered as having been filed in response to notice u/s 148 of the Act. On 15.07.2008 notices u/s 142 143(2) were ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO that the assessee had received Rs. 2 lacs. The AO did not accept the explanation of the assessee and even did not accept the counter-signed gift deed of Rajan Jassal treating the same as selfserving document and relying upon the decision of Hon ble Punjab Haryana High Court, in the case of Jaspal Singh vs. CIT 290 ITR 306 (P H) observed that the assessee has not discharged his burden cast upon him to prove the genuineness of the gift received and accordingly an amount of Rs. 2 lacs and Rs.500/- being commission paid to Sh. Rajan Jassal was added to the income of the assessee. 5. Before the Ld. CIT(A), the assessee agitated on legal issue as well as on facts and the ld. CIT(A) dismissed both the grounds of the assessee. 6. Before us, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourts of law in this regard. 6.1. He further argued that assessee having received gift through banking channel for which the assessee had submitted counter-signed gift deed from the donor, which is a matter of record. The said gift deed has not been disproved by the AO in view of the decision of Hon ble Supreme Court in the case of Mehta Parikh Co. vs. CIT reported in 30 ITR 181 (SC). The Ld. counsel for the assessee, therefore, argued that the notice issued u/s 148 of the Act, is bad in law and prayed to quash the reassessment so made by the A.O. u/s 147/143(3) of the Act and allow the appeal of the assessee on the merit also, as argued hereinabove. 7. The Ld. DR, on the other hand, relied upon the orders of both the authorities below. 8. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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