2021 (1) TMI 278

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....47 of The Income Tax Act dated 17/12/2018 was dismissed. Assessee aggrieved , therefore, this appeal. 2. The assessee has raised the following grounds of appeal:- "1. That Ld. CIT (A)-15 Delhi grossly erred in law and on facts in upholding the validity of proceedings initiated under section 147/148 by the Id. lTO without there being any tangible material before him at the time of recording reasons. 2. That Ld. CIT (A) -15 Delhi, was not justified in summarily upholding the addition of Rs. 12,16,248/- , as made by the ld. lTO, without appreciating the facts and the material brought on record, in correct perspective. 3. That Ld. CIT (A) -15 Delhi, while confirming the impugned addition, failed to appreciate and u....

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....turn of income for assessment year 2011 - 12, income from share/ commodities transaction has escaped assessment. However in absence of any denial, the profit of the total transactions amounting to Rs. 121,684,248/- is assumed that the rate of 2% which comes to Rs. 2,433,685/-. Accordingly I am satisfied that the income of Rs. 2 433685/- has escaped assessment because of failure on part of the assessee to disclose fully and truly all material facts of his income. It is pertinent to mention that in case of Raymond woollen Mills Ltd versus ITO (1999) 236 ITR 34 (SC), the honourable Supreme Court has held that we only to see whether there was a prima facie some material on the basis of which the Department could reopen the case. The su....

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....147 of the act by the order dated 17/12/2018 at Rs. 1,226,835/- against the returned income of Rs. 9993/-. The assessee aggrieved with that order preferred an appeal before the learned CIT - A. Before the learned CIT - A assessee submitted that the only the difference of the total transaction is to be taken as the turnover and not the full value of the contract. The learned CIT - A noted the contentions of the assessee and stated that it does not have any merit and therefore the addition was confirmed as assessee could not produce any conclusive documentary evidence in support of her claim. Therefore, aggrieved with the order of the learned CIT - A assessee has preferred this appeal before us. 5. We have heard the rival parties, perused ....

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....was having a tangible material in the nature of Annual Information Return where the concrete information about the trading by the assessee on commodities/shares were available with a particular broker for which assessee has not disclosed any profit/loss. Further the information available with the assessing officer cannot be found to be vague as there was concrete information with every rupee was found to be correct about the turnover and the name of the broker. It is not the case of the assessee that she denies carrying on any transaction. The learned AO also applied his mind to verify the above information from the ITD however, except the permanent account number of the assessee, no other information was available. Therefore, there was ....