9911796707
TMI Blog2025 (1) TMI 99X X X X Extracts X X X X X X X X Extracts X X X X ..... ed. The stamp duty paid on the purchases made amountingis yet another addition made in the re-assessment order which again is wholly unconnected to the allegations of escapement in the reasons recorded. Thus, where the ground on which the jurisdiction under s. 147 of the Act was exercised have not been reckoned and acted upon in the re-assessment proceedings and no additions were carried out for any of such ground recorded, the AO could not make additions on an altogether different ground which did not form part of the reasons recorded by him. Revenue could not controvert the fact that the additions on the points derives its genesis from the ground taken in the reasons recorded. In the light of the settled position of law, we find strong force in the plea of the assessee for reversal of the additions made. Also potency in the plea of the assessee that reasons recorded are plagued by the vice of being vague, non-descript and unintelligible. The reasons recorded do not identify the immovable property purchased at a certain consideration. Same is the case with reference to other immovable properties referred in the reasons recorded. Mere reference of purchase of immovable property wit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ting it as alleged unexplained investment u/s 69, is bad in law and against the facts and circumstances of the case. 5. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not allowing the stamp duty expenses of Rs. 2.10,964/-paid to Govt. of Rajasthan and that too without any basis and without appreciating the facts and circumstances of the ease. 6. That having regard to the facts and circumstances of the case. Ld CIT(A) ought to have quashed the impugned reassessment order u/s 147/144B which is barred by limitation. 7. That having regard to the facts and circumstances of the case. Ld. CIT(A) has erred in law and on facts in not reversing the action of Ld.AO charging interest u/s 234A, 234B and 234C of the Income Tax Act. 1961. 3. As per grounds of appeal, the Ld. Counsel for the assessee has challenged the assumption of jurisdiction under s. 147 of the Act as well as the additions carried out towards unexplained investment under s. 69 of the Act on merits. 4. When the matter was called for hearing, the Ld. Counsel for the assessee pointed out that the assessment for AY 2014-15 in question was re-opened under s. 147 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... for which reasons towards escapement was recorded under s. 148(2) of the Act. 8. For the sake of ready-reference, reasons recorded under s. 148 of the Act by the AO is reproduced hereunder:- 1. Brief details of assessee The above named assessee is having PAN and has filed return of income on 25.09.2014 declaring total income of Rs. 16,35,980/-. As per information available on records the assessee has carried out significant financial transactions. 2. Brief details of Information collected/ received by the AO In this case as per the information received in category of High Risk Transaction CRIU/VRU Information on Insight Portal of the department. As per the information uploaded by the ITO(I CI), Jodhpur it is noticed that the assessee has entered into significant financial transactions as mentioned hereunder in Para 5. 3. Analysis of information collected/received On perusal and analysis of information available on record, it is noticed that the assessee has entered into financial transactions exceeding the taxable limits. The assessee has undertaken transactions as per the details given in the following chart, however despite making these financial transactions the assessee has not ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to believe and details of escapement of income In light of the details available on records and the above facts and findings, I have reason to believe that income chargeable to tax quantified as above has escaped the assessment. 7. Applicability of provisions of section 147/151 to the facts of the case Considering all the details and materials available on records, I am satisfied that the assessee has understated the income in its return of income filed as per above details and therefore the income chargeable to tax to the tune of Rs. 99,71,563/- has escaped the assessment. I have reasons to believe that this is a fit case for reopening and there is escapement of income within the meaning of Explanation 2(b) to Section 147 of the Income Tax Act, 1961. 9. The legitimacy of additions in the re-assessment proceedings dehors the reasons recorded is one of the questions involved. As pointed out on behalf of the assessee, the AO alleged escapement of income on the ground that the assessee has purchased certain immovable property (particulars not provided) as a co-sharer. It was alleged that the investment has not been disclosed in the inquiry proceedings to the extent of INR 14,23,180/- ..... X X X X Extracts X X X X X X X X Extracts X X X X
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