2021 (5) TMI 887

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....aimed chapter VIA deduction of Rs. 94,120/-. 3. Meanwhile, the Assessing Officer had received information from the Investigation Wing, Kolkata that the assessee has purchased 70,000 shares of the following penny scripts for a total value of Rs. 12,77,500/- during the financial year 2010-11 relevant to the A.Y 2011-12: a) M/s. Golden Bull Research & Growth Ltd b) M/s. Regency Trust Ltd c) M/s. Global Capital Markets Ltd 3.1 As per the report of the Investigation Wing, Kolkata, the above penny stocks are used for generating bogus LTCG/STCL and business loss. In view of the same, the Assessing Officer was of the opinion that the income of the assessee had escaped the assessment and therefore, he issued notices u/s 148 of the Act to the....

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....le Supreme Court in the case of NRA Iron and Steel (P) Ltd in SLP No.29855 of 2018 dated 5th March, 2019 (reported in 103 taxmann.com 48) to dismiss the assessee's appeal on merits. 4. Aggrieved, the assessee is in second appeal before the Tribunal by raising the following grounds of appeal: "1. The order of the learned Commissioner of Income tax, (Appeals) - 3, Hyderabad in sustaining the additions of Rs. 12, 77 ,500/- as unexplained investment u/s 69B is wholly unsustainable in law and on facts. 2. The CIT (A) failed to note that the source of investment of Rs. 12,77,500/- were properly explained and the same was acknowledged by the A.O in the order, therefore the CIT(A) ought to have held that there was no unexplained investment as ....

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....aper Book filed by the assessee wherein vide letter dated 13.1.2018, the assessee had requested the Assessing Officer to provide him with a copy of the reasons for reopening of the case u/s 147 of the Act. He also drew my attention to page 8 of the Paper Book wherein, vide letter dated 19.11.18, the assessee had informed the Assessing Officer that the return has been uploaded pursuant to notice u/s 148 on 30.4.2018 and that there was no sale of immovable property during the financial year 2010-11 and also requested for supply of reasons for reopening of the assessment u/s 148 of the Act. There is no mention of any letters nor there was any mention of supplying the reasons for reopening of the assessment to the assessee. Though a specific gr....