2017 (4) TMI 1355

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....lding the addition of Rs. 24,03,120/- by the AD in the income of the Assessee. 3.The CIT (A) has erred in law in dismissing the Ground No. 2(b) of the Grounds Of Appeal, on wrong facts and confirming the addition of Rs. 45,600/- made by the AO for the first time in the income of the Assessee on presumption while passing the order u/s 143(3)/147. 4.The CIT (A) has grossly erred in law and on facts of the case in dismissing the Ground No 2(c) of the grounds of appeal and confirming the disallowance of Rs. 77,515/- against Rs. 61,580/- u/s.14A of the Income Tax Act 1961. 5.The learned CIT (A) has. grossly erred on the facts of the case and not directing the AO to adjust the brought forward losses against current income as per law." 2. The ....

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....on Wing's list of Beneficiaries (of such accommodation entries) gives_comprehensive details of Beneficiaries Name. Entity from where entry received, bank, cheque/RTGS, date and even the middleman through which such entry is received. This list contains the name of M/s Zurassic Properties P. Ltd. which has taken such ccommodation entries. Two entries of Rs. 4.6 lakhs each have been received vide instrument numbers 48085 & 979852 on 5.12.2005. The entries have been received from M/s Hilridge investments Ltd & M/s. Pelicon Finance & Lease Ltd. respectively from their accounts in Bank of India. Copies of handwritten papers seized from residence of Sh. S.K. Jain have also been forwarded' from the wing. The middleman involved in helping t....

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....report permits the reopening of the assessment and is a starting point for the enquiry. Further, Investigation Wing is an arm of department itself. The genuineness of the inquiry specifically conducted by it cannot be doubted by the Assessing Officer, otherwise it may hamper the efficient functioning of the department itself" 4.2 From the decision of the Assessing Officer while disposing of the reasons, the report of the investigation wing is final for initiation of reassessment proceedings u/s.147 of the Act. It is evident that the Assessing Officer has not applied his mind independently to the fact of the case and in such circumstances of the case, the Assessing Officer does not acquire any jurisdiction to assess or reassess the matter i....