2019 (9) TMI 1509

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ccordingly, the appeal has come up for fresh hearing before this coordinate bench. 1.2 The appeal contests the order of Ld. Commissioner of Income Tax (Appeals)-53, Mumbai [CIT(A)], Appeal No. CIT(A)-53/IT-185/ITO- 19(2)(1)/2017-18 order dated 22/12/2017 on following grounds of appeal: - The ground or grounds of appeal are without prejudice to one another. 1.On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in confirming the action of the AO in re-opening of the assessment u/s. 147 of the Income Tax Act, 1961 as the prescribed conditions therein are not satisfied. 2.a) On the facts and in the circumstances of the case and in law, the ld. CIT(A) erred in confirming the addition of Rs. 11,....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....cts of the case. 3. The ld. CIT(A) erred in holding that the ground raised disputing initiation of penalty proceedings u/s.27l(l)(c) is premature. The Appellant denies his liability for such penalty. 2.1 Facts in brief are that the assessee being resident individual stated to be engaged as trader of metals, was assessed for impugned AY u/s. 143(3) r.w.s. 147 on 29/02/2016 wherein the income of the assessee was determined at Rs. 17.31 Lacs after sole addition of alleged bogus purchases for Rs. 11.62 Lacs as against returned income of Rs. 5.68 Lacs filed by the assessee on 27/09/2011 which was processed u/s.143(1). 2.2 Pursuant to receipt of certain information from investigation wing / Sales tax Department, Govt. of Maharashtr....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... So far as the legal grounds are concerned, we find that the original return of income was processed u/s 143(1) and the only requirement under law to initiate reassessment proceedings was that learned AO had reasons to believe that certain income escaped assessment in the hands of the assessee. The Ld. AO was clinched with tangible material in the shape of information from investigation wing / Sales Tax Department which, primafacie, suggested possible escapement of income in the hands of the assessee. Nothing more was required at this stage. Therefore, the reassessment proceedings were perfectly valid. Nothing on record support the legal grounds raised by assessee before us. Therefore, these grounds stand dismissed. 4. So far as the esti....