TaxTMI 
TaxTMI 
2020 (9) TMI 763
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....l raised by the assessee are as follows: "1. For that Hon'ble Commissioner of Income Tax (Appeals), Guwahati-2 is not justified in rejecting the condonation of delay in filing the appeal with a so called view that the appellant was either no at all aggrieved by impugned order or was too casual. 2. For that the Hon'ble Commissioner of Income Tax (Appeals), Guwahati-2 is not justified in upholding the view of the Ld. A.O. (DCIT Circle-3) that the loss suffered by the appellant from share trading amounting to Rs. 42,97,440/- was a bogus and fabricated loss and gone beyond his powers in ordering the Ld. AO to conduct enquires u/s 133(6) of the I.T. Act, 1961. 3. For that the Hon'ble Commissioner of Income Tax (Appeals), Guwa....
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....ctions were done without settlement (nondelivery), therefore assessing officer treated the said loss as speculation loss under section 43(5) and hence made addition to the tune of Rs. 42,97,440/-. 4. Aggrieved by the order of the Assessing Officer, the assessee carried the matter in appeal before the ld CIT(A) who has not condoned the delay in filing appeal before him and he has also held that loss of Rs. 42,97,440/-was a bogus and fabricated loss. Aggrieved by the order of ld CIT(A), the assessee is in appeal before us. 5.We heard both the parties and carefully gone through the submission put forth on behalf of the assessee along with the documents furnished and the case laws relied upon, and perused the fact of the case including the fi....
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....ase was selected. The idea behind such a stipulation is to enforce checks and balances upon powers of an Assessing Officer to do fishing and roving enquiries in cases under 'Limited Scrutiny'. 2. In this regard, several representations have been received in the Board from the field authorities that in several cases under 'Limited Scrutiny', information pointing out specific tax-evasion for the relevant year, given by any law-enforcement/intelligence/regulatory authority or agency is available with the concerned Assessing Officer, however, in view of the restrictive nature of enquiry/investigation which can be made in 'Limited Scrutiny' cases, the same presently cannot be acted upon. 3. The matter has been considered by the Board. In o....
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....asons for expanding the scope of 'Limited Scrutiny' to the extent mentioned in para 2 and 3, above; ii. The same shall be placed before the Pr. CIT/CIT concerned and upon his approval, further issue can be considered during the assessment proceeding; iii. The Assessing Officer shall issue an intimation to the assessee concerned that additional issue would also be considered during the course of pending assessment proceeding; iv. To ensure proper monitoring in these cases, provisions of section 144A of the Income-tax Act, 1961 may be invoked in suitable cases. Further, to prevent fishing and roving enquiries in these cases, it is desirable that these cases are invariably picked up for Review/Inspection by the administrative authorit....
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.... the CASS. Therefore, we note that the assessee's case was selected for 'limited scrutiny' only and the assessing officer should not have expanded the scope of 'limited scrutiny' without recording reasons for doing so and without taking permission from the concerned Pr.CIT/CIT. The ld. Counsel also drew our attention to the notice issued by assessing officer under section 142(1) dated 07.06.2016 which is placed at page no. 45 & 46 of the Paper Book wherein the assessee was directed to reconcile the sales turnover reported in the audit report vis-à-vis turnover in the Income Tax Return. We note that in order to make the compliance of the notice under section 142(1) dated 07.06.2016 (supra), the assessee appeared before the Assessing ....
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....ering reopening of cases for last preceding six years and subsequent years of the assessee. The ld. Counsel for the assessee for the assessee submits before the Bench that the CIT(A) could not have given such directions. According to him, section 251 of the Income Tax Act empowers the ld. CIT(A) that he may (i) confirm, (ii) reduce, (iii) enhance or (iv) annual the assessment. The CIT(A) does not have power to give directions to the assessing officer for reopening of cases for last preceding six years and subsequent years of the assessee. Therefore, according to ld Counsel it is illegal and beyond jurisdiction. It is a trite law that the CIT(A) who is the first appellate authority can do what the Assessing Officer can do. The first appellat....