2021 (10) TMI 213

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....nces of the case and in law the learned CIT(A) erred in not holding the assumption of jurisdiction by the learned Assessing Officer as bad in law as the conditions laid down under the Act for initiating reassessment proceedings u/s 147 of the Act were not fulfilled. 2.On the facts and circumstances of the case and in law the learned CIT(A) erred in confirming the addition made by the Ld. AO of Rs. 7,68,67,753/- on account of alleged bogus purchasers, by treating genuine purchases as accommodation entry. 3. On the facts and circumstances of the case and in law the learned CIT(A) erred in confirming the addition of genuine purchasers solely on the basis of the statement of the third party i.e. Mr. Bhanwarlal Jain with whom t....

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....der section 148 of the Act. The assessee also filed its objection against the reopening, which was disposed off by separate order by Assessing Officer. During the assessment the assessing officer issued show cause notice dated 11.11.2016 as to why the purchases of Rs. 7,68,67,753/- shown from M/s Rare Diamonds, which is managed by Bhanwarlal Jain should not be disallowed. The assessing officer also mentioned the modus operandi of hawala transaction followed by Bhanwarlal Jain group. The assessee filed its reply dated 25.11.2016. In the reply the stated that they have made normal purchase from the said party. The assessee has no concern with Bhanwarlal Jain and its group. The assessee furnished the details of subsequent sale of the goods pur....

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.... assessee and would submits that the assessee has not appeared before ld CIT(A) and the ld CIT(A) dismissed the appeal of revenue for the want of prosecution. The assessee has not explained the fact nor availed the opportunity of hearing at the stage of first appellate authority. In case the assessee is allowed to raised legal and factual submissions directly before the Tribunal, which would be wrong precedent. The ld DR for the revenue submits that the assessee submits that the matter may be restored to the file of ld CIT(A) to adjudicate all the issue raised by assessee. 6. In the rejoinder submissions the ld. AR for the assessee insisted to consider all the grounds of appeal and to decide the appeal of assessee on merit. On confrontin....