TaxTMI 
TaxTMI 
2022 (5) TMI 1261
X X X X Extracts X X X X
X X X X Extracts X X X X
.... which is without application of mind because the statement dated 03.02.2010 provided by the learned assessing officer to your appellant based on which the reasons were recorded and notice under section 148 was issued does not mention anything about transaction in Shares. 2. In the facts and circumstances of the case the learned CIT (Appeals) erred in not considering the submissions of your appellant and confirming the action of the learned assessing officer in re-opening the assessment under section 147 by issuing notice under section 148 of the Income Tax Act, 1961 after obtaining approval from the Commissioner of Income Tax -16 instead of Joint / Additional Commissioner of Income Tax us provided under section 151 (2) of the Inco....
X X X X Extracts X X X X
X X X X Extracts X X X X
....okshi as recorded on 03.02.2010 and subsequent confirmation letter dated 14.02.2014 submitted by Shri Mukesh Chokshi instead of personally being, present for Cross Examination and not insisting on personal presence thus cleverly denying the opportunity to cross examine Shri Mukesh Chokshi based on whose statement the case was reopened and addition have been made which is against the principle of natural justice. 8. That the appellant craves leave to add, to alter, amend, modify, substitute, delete and/or rescind all or any of the GROUND OF AITF.A1, on or before the final hearing, if necessity so arises. 3. Brie facts of the case are as under :- The return of income for A.Y. 2007-08 was filed on 31.10.2007 declaring total inco....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... same subject and the same read as under :- "The Hon'ble High Court of Gujarat has held in the case of Khatu Shyam Processors (P.) Ltd.[(94 taxmann.com 429(Gujarat) (2018)] that where the AO on the basis of information supplied by the Investigation Wing of the Department, initiated reassessment proceedings on ground that a company provided accommodation entries to the assessee, in form of share capital and premium, there being a prima facie case to believe that income chargeable to tax had escaped assessment, validity of re-assessment proceedings was to be upheld. The Hon'ble High Court held that the Ld. AO on receiving information from the Investigation Wing co-related the material on record and prima facie came to the con....
X X X X Extracts X X X X
X X X X Extracts X X X X
....(INS230783537) affiliated to M/s ISE Securities & Services Ltd. (TM code: 10777), a registered trading member of the Exchange. The date of registration of M/s Alliance lntermediateries & Network Pvt Ltd in the Capital Market segment is October 12,2000. The registration was cancelled on February 19, 2004. Thus, the contract notes for sale are not reliable. The Assessing Officer noted that enquiries were also caused with the BSE with regard to the registration of M/s Vijay Bhagwandas & Co. BSE has replied " ...As per the records available with the Exchange, Vijay Bhagwandas & Co. is not registered as a Trading member of the Exchange (As per Notice No. 20060628-12 dated 28th June, 2006, Mr. Vijay Bhagwandas Shah (Proprietor of M/s Vij....
X X X X Extracts X X X X
X X X X Extracts X X X X
....t the sales were made during the period June 2006 and July 2006 through M/s Vijay Bhagwandas & Co. is baseless. 10. Upon assessee's appeal learned CIT(A) held as under :- "5.4.4. During appellate proceedings, a notice for enhancement dt 14.10,2019 was issued wherein it was proposed to enhance the addition made by the AO. The Ld. AO had made an addition of Rs. 29,36,793/-, on account of bogus profit entry received from M/s Alliance Intermediateries & Network Pvt. Ltd. The appellant sold 55000 shares and 30000 shares of M/s Talent Infoway through M/s Alliance Intermediateries & Network Pvt Ltd. and M/s Vijay Bhagwandas & Co., respectively for a total consideration of Rs.79,95,160/-. In the light of the above mentioned facts, the e....