TaxTMI 
TaxTMI 
2016 (9) TMI 1143
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....as well as in the circumstances of the Appellant's case, the learned CIT(A) has erred in adjudicating that the impugned assessment order passed u/s.143(3) r.w.s.147 by the ITO, Ward 13(2)(1), Mumbai without legal initiation of proceedings u/s.147 and without issue / service of notice u/s.148 is valid and legal. 2. On the facts and in the law as well as in the circumstances of the Appellant's case, the learned CIT(A) has erred in adjudicating that the impugned assessment order passed u/s.143(3) r.w.s. 147 by the ITO, Ward 13(2)(1), Mumbai without issue / service of notice u/s.143(2) is valid and legal. 3. On the facts and in law as well as in the circumstances of the Appellant's case, the learned CIT(A) has erred in adjudic....
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....d any reason in terms of section 147 / 148(2); [b] has not obtained approval in terms of section 151(2) [c] has not issued / served legal and valid notice u/s.148--- Before issue of notice u/s.142(1) / 143(2) dated 29.11.2011 and 30.11.2011 respectively. 8. The jurisdictional ITO, Ward 13(2)(1), Mumbai has erred in passing impugned assessment order without providing copies of - [a] reasons recorded by him that---- [i] income chargeable to tax for assessment year : 2004-05 has escaped assessment in terms of section 147 or [ii] the appellant failed to file his return of income u/s.139 / 142(1) / 148 or [iii] the appellant failed to disclose fully and truly all material fa....
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.... at the hearing of the appeal as well as to submit fresh documents and information as advised." 3. The brief facts of the case are that the ITO 17(1)(3), Mumbai after recording the reason for initiating proceedings u/s.147 of the Income Tax Act, 1961 ( in short "the Act") and obtaining the sanction of Addl. CIT 17(1), Mumbai, has issued notice u/s.148 of the Act and served upon the assessee. The assessee vide letter dated 05.04.2011 has stated that his original return filed u/s.139(1) of the Act be treated as reply to the notice as return filed against the notice issued u/s.148 of the Act in Ward 13(2)(1) on 25.10.2004 vide inward no.1321001457 and also requested to issue the reasons. Thereafter, on request of the assessee by virtue of l....
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.... notice which is bad in law ab initio will be against the "principals of natural justice". 4. The assessee received the Long Term Capital Gain from the Buniyad Chemicals to the tune of Rs. 1,81,184/-. The information was received from the DDIT(Inv.) - Unit 1(4), Mumbai, that the assessee has taken bogus Long Term Capital Gain entries from M/s.Gold Star Finvest Pvt. Ltd. Shri Mukesh Choksi in his statement dated 11.12.2009 has stated that he is engaged in the business of giving (i) Speculation Profit adjustment entries, ii) Short Term Profit adjustment entries, iii) Long Term Capital Gains adjustment entries and (iv) Share application adjustment entries through various companied floated by him including M/s.Goldstram Finvest Pvt. Ltd. It ....
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....any of Shaila M. Choksi. These shares were taken from the above said broker, the company transferred the share with his name on 31.05.2002. The copies of shares certificates were attached. These shares were dematerialized with Dena Bank. Application for dematerialization request form with extract of said Demat Account confirming dematerialization of shares are attached herewith and collectively marked as Exhibit "O". Said 1900 shares were sold though above names share broker in Off Market to Infra Lease Financial Services Ltd. in following three lots - Date of Sale Number of shares sold Sold to Sales consideration 25.11.2003 600 Infra Leas Financial Services Ltd. 58,032 27.11.2003 700 Infra Leas Financial Se....