9911796707
TMI Blog2025 (2) TMI 1130X X X X Extracts X X X X X X X X Extracts X X X X ..... Goods Private limited - HELD THAT:- Assessee was holding Equity Shares prior to the alleged transaction. The assessee sold some of the Equity Shares held by it to M/s. Destiny Goods Private Limited for a consideration of Rs. 8.00 lakh. In support of said transaction, the assessee has furnished the copy of sale bill, ledger copy, bank statements. So far as the proof that the alleged sum was not an accommodation entry, but was sale consideration received from sale of Equity Shares, CIT(A) has also mentioned these facts but nowhere during the course of proceedings before the lower authorities, the genuineness of these documents have been doubted. Rather no enquiry has been conducted by the AO to verify the correctness of these details and in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... section u/s 147/143(3) of the Income Tax Act, 1961 was without jurisdiction, illegal and void ab initio. 3. That the Ld. Commissioner of Income Tax (Appeals), erred in partly dismissing the appeal of the Assessee although the initiation of reassessment proceedings, in the case of the Appellant Assessee, by issue of Notice u/s 148 of the Act and continuation of the same culminating into the impugned assessment order passed under section 147 r.w.s 143(3) of the Act, were without jurisdiction, illegal and void ab initio. 4. That the Ld. Commissioner of Income Tax (Appeals) erred in upholding the assessment order u/s 147/143(3) passed by the ITO, Ward 9(3), Kolkata, which is liable to be quashed since the assessment proceeding u/s 147 of t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the grounds of appeal. 3. The assessee has raised as many as Nine grounds of which Grounds of appeal No.1 to 6 have been raised challenging the validity of reassessment proceedings. Grounds of Appeal No. 7 and 8 are against addition u/s. 69 of the Act at Rs. 8.00 lakh made by the AO and affirmed by the CIT(A). 4. Facts in brief are that the assessee is a Private Limited Company and it filed its return of income for the A.Y. 2009-10 on 16.09.2009 declaring income of Rs. 1,536/- which was processed on 01.11.2010 at the returned income. Thereafter, based on the information received from the DDIT (Investigation), Unit-4 Kolkata about huge cash deposits in certain bank accounts and thereafter immediate transfer through RTGS to the other inte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ther hand, ld. Departmental Representative relied on the order of the lower authorities. 10. I have heard the rival submissions and perused the record placed before me. So far as the legal grounds raised by the assessee vide Grounds of appeal No.1 to 6, I have carefully gone through the details filed by the assessee as well as the reasons recorded, copy of approval and also finding of ld. CIT(A) and I am of the considered opinion that ld. AO reopened the assessee's assessment after due application of mind and obtained proper approval and therefore no interference is called for in the finding of ld.CIT(A). I therefore dismiss the legal Grounds of appeal No. 1 to 6 raised by the assessee. 11. Apropos to Grounds of Appeal No.7 and 8 which re ..... X X X X Extracts X X X X X X X X Extracts X X X X
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