2022 (6) TMI 229

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....owing grounds of appeal: "1. On the facts and circumstances of the case and in law, initiation of reassessment proceedings u/s 147/148 on 29.03.2018 is bad in law as there is no tangible material which has live link with the formation of belief for the alleged escaped income of Rs.20 lakhs, while the alleged document/transaction is not related/belonged to the assessee; the alleged initiation which is based on irrelevant documents/ transactions merely on presumption and surmises is invalid, hence, is liable to be quashed. 2. On the facts and circumstances of the case and in law, initiation of reassessment proceedings u/s147/ 148 on 29-3-18, 1s bad 1n law, void-ab-initio & without having jurisdiction, as there is no proper/ ....

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....und/s before at the time of hearing." 2. The brief facts of the case are that the assessee filed his return of income for Assessment Year 2011-12 electronically declaring total income of Rs.1,64,258/- on 30.03.2013. Subsequently, the case of the appellant was reopened on account of information received from ACIT, Central Circle-4(4) on 28.03.2018. As per the said information received the appellant bearing PAN ACYPA2036Q had advanced an amount of Rs.20,00,000/- to various persons. The contents of the said letter/information as extracted from the order of the CIT(A) were as under: Sharing of information in the case of Ramavtar Agarwal (Supash Agarwal) (PANACYPA20360): Annexure Page no. Amount received PAN (L) Amount Gi....

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....n of Rs.10,00,000/- as against that of Rs.20,00,000/- made by the Assessing Officer, observing as under: "5.6 I have carefully gone through the assessment order, the observations of the A.O and the contentions & assertions of the appellant. 5.7 It is seen that the impounded diary on page-25,35,66,69 & 75 pertains to various payments made by person named Ramavtar Agarwal (PAN-ACYPA2036Q) during Financial Year 2010-11 in cash and cheque. It is relevant that PAN-ACYPA2036Q has made the payments to various persons as per the impounded diary. 5.8 A perusal of the entries show that the two entries on page 35 and page 66 regarding payment of Rs.5,00,000/- by cheque twice on 04.12.2010 pertain to Financial Year 2010- 11 r....