2019 (11) TMI 504

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....ion of Ld. AO in assuming the jurisdiction u/s 147 that too without complying with mandatory conditions as envisaged u/s 147 to 151 more so when jurisdiction was assumed by Ld. A who was not having the valid jurisdiction over the assessee. 2. That in any case and in any view of the matter, action of Ld. CIT(A) in confirming the action of Ld. AO in assuming jurisdiction over the assessee is bad in law and against the facts and circumstances of the case. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 10,00,000/- on account of share capital u/s 68 of the Income Tax Act and has further erred in making the double addition ....

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....try from the entry operator as detailed below: Value of entry taken Instrument no. by which entry taken Date of which entry taken Name of account holder of entry giving account Bank from which entry given Branch of entry giving bank A/c No. entry giving account 500000 151129 07.10.04 Keshav Sehkari Karol Bagh Umesneh Securities Pvt. Ltd. 625 500000 151129 07.10.04 Umesneh Securities Pvt. Ltd. Karol Bagh Keshav Sehkari 625 These accommodation entries involving total amount of Rs. 10,00,000/- represent the assessee's own unaccounted money. The escapement of income has been on account of failure on the part of the assessee to truly and fully disclose all the material facts necessary for assessment. In....

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.... hand, the ld. DR strongly supported the order of the Assessing Officer with regard to recording of the reasons. He has submitted that the reasons have been duly recorded on application of mind based on the investigation and after obtaining necessary approval from the Addl. CIT as required under the Act. Hence, he argued that the reasons recorded cannot be disputed. 7. We have perused the record and the reasons recorded by the Assessing Officer as mentioned in the assessment order and as supplied to the assessee. The same have been reproduced above. From the reading of the reasons, we find that the value of the entry taken has been mentioned as Rs. 5,00,000/- twice along with the similar instrument number being 151129. The name of the acc....

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....sessing Officer; 2. No substitution or deletion is permissible; 3. No additions can be made to those reasons; 4. It is for the Assessing Officer to disclose and open his mind through reasons recorded by him, 5. It is for the Assessing Officer to reach to the conclusion as to whether there was failure on the part of the assessee to disclose fully and truly all material facts necessary for his assessment for the concerned assessment year: 6. The reasons recorded should be clear and unambiguous and should not suffer from any vagueness; 7. The reasons recorded should be self explanatory and should not keep the assessee guessing for the reasons; 8. Reasons provide the link between conclusion and evidence; 9. The reasons must be b....