TaxTMI 
TaxTMI 
2020 (9) TMI 491
X X X X Extracts X X X X
X X X X Extracts X X X X
....e Appellants case. 2. On the facts and in the circumstances of the case and in law, the learned CIT erred in setting aside the Order passed under Section 143(3) of the Act by the learned Income Tax Officer-22(l)(3), Mumbai ('the AO') under section 263 of the Act by holding it to be erroneous and prejudicial to the interest of revenue. 3. The learned CIT failed to appreciate that the Appellant has disclosed fully and truly all the material facts necessary for the assessment and that the original assessment was made by the then AO under section 143(3) of the Act after due and proper consideration of the same; which is evident from the Assessment Order u/s.143(3) of the Act. 4. The learned CIT failed to appreciate that there was no failure on part of the Appellant to disclose fully and truly all material facts necessary for the assessment and all the material evidences were already on the record of department. Hence the issue of Notice under section 263 of the Act is bad in law being void ab-initio, invalid, beyond the authority of law and devoid of legal force. 5. In the view of above, the Order of the learned CIT be quashed, by holding it ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....In view of the above, the Order of the CIT (A) be quashed, by holding it to be bad in law. D. REVISIONARY ORDER PASSED WITHOUT DISPOSING THE OBJECTIONS RAISED BY APPELLANT: 12. On the facts and in the circumstances of the case and in law, the learned CIT erred in passing the Order u/s.263 of the Act, without dealing with and disposing the objections raised by the Appellant to the revisionary proceedings vide letter 19th March 2019. 13. In view of the above, the Order of the learned CIT be quashed, by holding it to be bad in law. E. REVISIONARY ORDER PASSED WITHOUT CONSIDERING THE FACTS AND CONTENTIONS RAISED BY APPELLANT: 14. On the facts and in the circumstances of the case and in law, the learned CIT erred in passing the Order u/s.263 of the Act, without dealing with or considering all the facts, details and documents furnished and contentions raised by the Appellant in the proceedings. 15. On the facts and in the circumstances of the case and in law, the learned CIT has failed to bring on record as to how after examining the complete details submitted by the Appellant pertaining to the claim of long term capital gain exemptio....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... G. FAIR AND PROPER OPPORTUNITY OF BEING HEARD NOT GRANTED: 22. On the facts and in the circumstances of the case and in law, the learned CIT erred in invoking Section 263 of the Act to set aside the Assessment Order u/s. 143(3) passed by the AO without giving the Appellant fair and proper opportunity of being heard and without following the principles and rules of natural justice. 23. The learned CIT failed to provide the Appellants copy of the following documents, on the basis of which he considers the Order u/s.143(3) of the Act to be erroneous and prejudicial to the interest of revenue, despite several requests: i. The copy of the proceeding sheet to enable us to respond appropriately; ii. The copy of the Affidavit referred in the notice and Order u/s.263; iii. The documents to establish that the Capital Gain as claimed by the Appellant is not proper. 24. In view of the above, the Order of the learned CIT be quashed, by holding it to be bad in law. H. GENERAL: 25. All the above Grounds of Appeal are independent of and without prejudice to each other. 26. The learned CIT's Order being contrar....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f single entity namely M/s SRK Industries Ltd. It is evident that after appreciating the same and being satisfied with assessee's claim, the assessment was framed wherein Ld. AO chose not to alter the returned income of the assessee. 3.3 Subsequently, Ld. Pr. CIT, after perusal of case records, noted that the reason for selection of case under scrutiny was suspicious long-term capital gain on shares. It was seen that there was an information by DGIT (inv.) related to trade by assessee in penny stock. As per the information, the assessee sold 44000 shares of M/s SRK Industries for Rs. 80.41 Lacs. Although Ld.AO, vide notice u/s 142(1), required the assessee to furnish the details of share transactions, however, in the assessment order there was no discussion with regard to claim of LTCG on sale of penny stock share of M/s SRK Industries Ltd. Therefore, a show-cause notice was issued on 25/02/2019, a copy of which is on record. In the notice, it was stated that assessment order contained assessee's affidavit that the aforesaid income was declared under Income Declaration Scheme, 2016. But no such proof of disclosure was on record. Further, the record showed that there was no such ....