2015 (10) TMI 2694

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....inst the order passed by CIT(A)-27, Mumbai and it pertains to A.Y. 2008-09. 2. Following revised grounds were raised by the assessee: - "1. On the fact and circumstances of the case as well as in Law, the Learned Assessing Officer has erred in reopening the completed assessment without recording the proper reasons, hence the assessment is bad in law. 2. On the fact and circumstances of the ca....

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....oup the DDIT (Inv) was of the opinion that M/s. Alliance Intermediaries and Network Pvt. Ltd. and other group companies were all run by Shri Mukesh Chokshi and his associates and they are engaged in fraudulent billing activities and they are also engaged in providing entries for speculation, short term/long term capital gain/loss, etc. As per the information received the AO reopened the assessment....

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....ter it was sought to be reopened on the ground that the assessee purchased shares worth Rs. 4,17,223/- through M/s. Alliance Intermediaries and Network Pvt. Ltd. and they are nothing but accommodation entries. It was also contended that the assessee merely purchased shares of Reliance Natural Resources to the tune of Rs. 1,51,110/- which was sold in the next year and the long term capital gains we....

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....grounds assessee raised a legal contention challenging the validity of reopening of assessment, in addition to challenging the addition made by the AO under section 69 of the Act. The learned counsel for the assessee adverted attention of the Bench to pages 13 and 16 of the paper book to submit that the assessee in fact purchased shares of only Reliance Natural Resources, which were sold in subseq....