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TaxTMI 
TaxTMI 
TaxTMI 
2019 (11) TMI 1102
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....essing Officer has wrongly assumed jurisdiction u/s. 148 without proper appreciation of facts, recording of satisfaction and requisite approval in terms of provisions of sec. 151 of the Act. (ii) That there is no case of any income escaping assessment and whole basis of reassessment is illegal and without jurisdiction. 2(i) That on the facts and circumstances of the case, the CIT(A) was not justified in confirming addition of Rs. 27,27,350/- as unexplained investment in terms of provisions of sec. 69 of I.T. Act, 1961. (ii) That there is no case of any unexplained investment and finding and conclusion of the CIT(A) is without proper appreciation of facts, application of mind and opportunity to the appellant. ....
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.... IT Act, 1961 in the case of Sh. Pankaj Sapra (BBOPS2128D) for the A.Y. 2008-09 The Addl. Director Income Tax (inv.), Unit-V, New Delhi vide his letter F.No. Addl. DIT (Inv.)/U-V/2011-12/251, dated 16.03.2012 had sent a report in the case of Sh. Pankaj Sapra. As per the investigations made, the assesse had deposited unaccounted cash in his Bank account and also made large investment in assets. The details are as follows:- 1. Unexplained cash deposit:- A.Y. 2008-09 Rs. 23,48,615/- 2. Unexplained investments: Rs. 27,27,350/- In view of the above mentioned facts, the unexplained cash deposits and unexplained investments are liable to tax u/s. 68 & 69 of the Income Tax Act, 1961. The income has escap....
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....presumed that the income has escaped assessment. However, as per the facts of the case and based on relevant bank account, there is no case of cash deposits as referred to in the reasons recorded by the Assessing Officer. The Ld. AR pointed out the relevant bank account and its details which were produced before the Assessing Officer as well as CIT(A). The Ld. AR further submitted that in fact on the identical grounds, proceedings u/s 148 relating to A.Y. 2007-08 was set aside by the Tribunal vide order dated 28.03.2019 being ITA No.4253/Del/2018. The Ld. AR further submitted that there are various decisions of Jurisdictional High Court in respect of reasons recorded on the basis of wrong facts and the Hon'ble High Court held that there is ....
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....as cancelled by Sh. S N Sapra & Sh. Nilamber and the arrangement was made between the parties to adjust the advance of Rs. 46,50,000/-. Subsequently, on 13/02/2008, Sh. Pankaj Sapra i.e. assessee along with Smt. Daya Sapra i.e. Mother of the assessee purchased rights of second floor with terrace that of property mentioned hereinabove vide sale deed for a consideration of Rs. 27,27,350/-. Similarly, on 14/02/2008, Smt. Daya Sapra along with Smt. Kamlesh Gupta having 50% share each purchased first floor from sale property from Sh. Nilamber vide agreement to sell for a consideration of Rs. 27,27,350/- in joint ownership. The Ld. AR further submitted that the balance amount of Rs. 5,58,975/- [46,50,000 - 27,27,350 - 13,63,675] was received by S....
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....,000/-. The Ld. AR further submitted that the Assessing Officer in the remand report dated 01.05.2008 made an observation that the returned cheque of Rs. 10,00,000/- has to be considered. The CIT(A) ignored the said observations and upheld the additions made in the assessment order. 8. The Ld. DR, as regards Ground No.1 submitted that the reasons are properly drafted and there is a proper satisfaction given by the Assessing Officer for reopening the matter. As regards Ground No.2, the Ld. DR submitted that the addition u/s 69 on account of unexplained investment has duly been added, as the fact remains that before the Assessing Officer, the assessee could not established any direct nexus about the investigation. As regards Ground No.3 th....
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.... force in the above arguments advanced by the learned counsel for the assessee. A perusal of the notice issued under section 148 shows that the notice has been issued in a very casual manner, Clause 3 of the notice reads as under:- "Notice under section 148 of the Income Tax Act, 1961. 3. This notice is being issued after obtaining the necessary satisfaction of the commissioner of Income Tax ............./the Central Board of Direct Taxes." 10. Similarly, a perusal of the bank account maintained with Vijaya Bank account no. 004427, copy of which has been placed at page no. 25 and 26 of the paper book, shows that an amount of Rs. 2,50,000/- was by way of clearing of Cheque No. 719443 and not cash deposit. If the sa....