2022 (5) TMI 1130

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....ssessment passed u/s 147/143(3) of the Act on 30.03.2015 determining the income of the appellant at Rs.20,05,29,919/- as against the income returned at Rs.5,29,919/-. 2. The Learned CIT (A) has grossly erred both in law and on facts in failing to appreciate that initiation of the reassessment proceedings u/s 147 of the Act is without satisfying the statutory preconditions as envisaged w/ 147 of the Act, and hence initiation of the reassessment proceedings itself is bad in law. 3. The Learned CIT (A) has grossly erred both in law and on facts in failing to appreciate that learned AO has initiated the reassessment proceedings without having any tangible material for the formation of reasons to believe that the income of the ....

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....ection 68 of the Act. The assessee challenged the legality of reassessment proceeding and merit of the addition in the appeal filed before the Ld. CIT(A), however could not succeed. Aggrieved, the assessee is before the Tribunal by way of raising the grounds as reproduced above. 4. We have heard arguments of Ld. Departmental Representative and perused the material on record. We find that Ld. CIT(A) has rejected the contention of the assessee challenging the legality of the reassessment proceeding observing as under: "5.4.1 I have considered the submissions of the appellant. | have also gone through the records. I found that in this case the appellant did not raise any objections to the reopening in the course of the assessment p....

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.... (a) Vouchers in respect of the entries passed in the accounts the following parties: 1) Aim Infrastructure Pvt. Ltd. 2) Pearl Infrastructure Pvt. Ltd. 3) Sterling Sez & Infrastructure Ltd. 4) Sulabhaya Engineering Pvt. Ltd. 5) Tropical Infrastructure Pvt. Ltd. 6) Jaico Textile Pvt. Ltd. 7) NCHPL (b) Correspondences with the aforementioned parties in respect of transactions with those parties. 6.4.4 The appellant did not produce the documents called for. Those documents were necessary for verifying the genuineness of appellant's transactions with the four creditors as claimed by the appellant, In failing to produce the vouchers and correspondence, the a....