TaxTMI 
TaxTMI 
2021 (12) TMI 1211
X X X X Extracts X X X X
X X X X Extracts X X X X
....reinafter referred to as the "Act") pertaining to Assessment Year (A.Y) 2009-10. 2. The solitary ground raised by the Assessee before us reads as under: 1. The Learned Commissioner of Income Tax (Appeals)-4, Vadodara has erred in law and on facts of the case in confirming the addition of Rs. 3,83,445/- as income from Long Term Capital Gains made by the Assessing Officer though there was no such gain earned by the Appellant. 3 During the course of hearing before us, Ld. Counsel for the assessee pointed out that the appeal relates to order passed in re-assessment proceedings u/s. 147 of the Income Tax Act which was upheld in first appeal by the Ld. CIT(A). The Ld. Counsel for the assessee contended that the addition relates to ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on to believe that the assessee has failed to disclose fully and truly all material facts necessary for assessment and the income of Rs. 3,83,445/- has escaped assessment for the A.Y. 2009-10." (P.M. Karve) Dy. Commissioner of Income-tax Anand Circle, Anand Date: 22.03.2016 To the reply filed before the A.O. denying any such investment ,as stated in the reasons, to have been made by the assessee reproduced at Para no. 4 of the assessment order as under: 4. Copy of reasons recorded for initiation of proceedings u/s. 148 of the Income Tax Act was supplied to the assessee on 17.06.2016 and notice u/s. 142(1) along with show cause was issued on 25/11/2016. In response to the show cause, the assessee has su....
X X X X Extracts X X X X
X X X X Extracts X X X X
....e reason to believe that the assessee has failed to disclose fully and truly all material facts necessary for assessment and the income of Rs. 3,83,445/- has assessment for the A.Y.2009-10. 3. In reply to it the objection to reason of reopening the case is made on 23.06.2016 on following grounds. (a) The department received information that there is claim of LTCG of Rs. 3,83,445/- is bogus claim in the income. (b) It was stated that I do not have any company in my total income and that no claim whatever is made. (c) There is full and true disclosure of material facts during assessment proceeding. (d) Order U/s. 143(3) of the Act was made on 29/10/2011. As per assessment order there is no LTCG inc....
X X X X Extracts X X X X
X X X X Extracts X X X X
....he account of Motilal Oswal Securities ltd. However, overlooked P & L A/c and other facts produced in Para. 4 above. 6. Your appellant earnestly request to appreciate facts and records of the case proceeding U/s. 143(3) of the Act and the blind addition based on departmental instruction of Rs. 3,83,444/- be deleted and oblige. Thanking you," Our attention was drawn to the finding of the A.O. making the addition of the alleged bogus long term capital gain merely on the basis of information in his possession and without meeting and addressing the contention of the assessee that it had not made any such investments, at para no. 4.1 and 4.2 of the order as under: 4.1. Submission of the assessee has been considered ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ealment of income separately. (Addition of Rs. 3,83,444/-) 8.Our attention was also drawn to the findings of the Ld.CIT(A) upholding the addition without addressing the contentions made by the assessee before it denying out rightly any Long Term Capital Gain having been claimed or for that matter any investment, as stated in the reasons, to have been made by the assessee: 3.3. I have considered the submissions of the learned Authorized Representative and the order of the Assessing Officer. In the appellant case the assessment proceedings u/s. 143(3) for the year has been completed on 29.12.2011 after an addition of Rs. 22,28,450/- u/s 69A of the I T Act. After completion of the assessment the A.O. has received informati....