TaxTMI 
TaxTMI 
2022 (10) TMI 565
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....ment year 2013-14. 2. In this appeal, the assessee has raised following grounds: "On the facts, in the circumstances of the case and in law, the learned Commissioner of Income Tax - Appeals [Ld. C.I.T. (A)] has erred in upholding the impugned assessment order passed by the learned assessing officer (Ld. A.O) without having any lawful jurisdiction as a. there were no cogent reasons to believe that the Income had escaped assessment and accordingly the provisions of section 147 & 148 were not applicable to the case, b. the objections raised by & on behalf of the appellant were not dealt with by the ld. A.O and procedure laid down by the supreme court in case of G KN Drive Shaft (India) Ltd (259 ITR 19) was not fol....
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....The appellant therefore prays your honour to be kind enough to: i. Admit the appeal and grant stay against the recovery of demand, ii. Set aside the order of A.O., iii. Delete all illegal additions and disallowances made by A.O., iv. Grant justice." 3. The grievance of the assessee is against addition made by treating the long term capital gains earned by the assessee as from a penny stock transaction pursuant to reassessment proceedings. 4. The brief facts of the case, as emanating from the record, are: The assessee is an individual and has filed the return of income on 28/10/2013 declaring total income of Rs. 13,92,790. The assessee has shown income from speculation business and income from other sources. ....
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....sessee is an accommodation entry, which has been laundered in the form of bogus profit on sale of shares. Accordingly, sum of Rs. 84,45,050 being long term capital gains claimed by the assessee was treated as unexplained investment made by the assessee in cash to obtain the equivalent amount as bogus profit on sale of shares and was added to the total income of the assessee. Further, the AO made an addition of Rs. 22,712, being the commission charged by the brokers @ 0.25% for providing accommodation entry, on the basis that the payment would have been made in cash by the assessee over and above the total sale value of Rs. 90,85,050. 5. The learned CIT(A) vide impugned order dated 03/01/2022 dismissed the appeal filed by the assessee. Be....
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....nitiated and notice under section 148 of the Act was issued. The reasons recorded by the AO for initiating the proceedings under section 147 of the Act are as under: "In this case, the assessee has filed its return of income for A.Y declaring total income of Rs. 15,02,790/-. Information has been received from the Directorate of Investigation that an organized racket of generating bogus entries of LTCG in Penny Stocks have been unearthed as a result of investigation carried out throughout the country. The assessee, Sunita Chaudhry having PAN: ACLPC7278D, who is assessed in this charge has also availed of such an entry On query from AIR (ITS detail) of the assessee, it is seen that an amount of Rs 90,85,050/- has been reflec....
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.... "2. The assessee has raised the following objections with regard to reopening proceedings initiated u/s 148: The assessing officer has forms his opinion with regard to income escaped assessment merely on the basis of information received from the office of DDIT (Inv.), Mumbai. There were no efforts on the part of Assessing Officer to form any independent belief whether income chargeable to tax has escaped assessment. Reopening merely on the basis of information provided by other person or officer. 3. The objections raised by the assessee are duly considered but not acceptable due to the following reasons: With regard to objection as mentioned above in para 2, the reasons recorded by the AO have all material for....
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....ealing in securities, either directly or indirectly, in any manner, till further directions, pending investigation in the script of in case of First Financial Services Ltd. The directions issued vide aforesaid interim orders were, inter-alia, confirmed vide subsequent orders passed by SEBI. Subsequent to the interim orders, SEBI carried out an investigation to look into the role of debar entities in price manipulation in scrips of First Financial Services Ltd. Vide interim order dated 06/09/2017, the earlier interim orders were modified by SEBI and 91 entities including the assessee against whom directions were issued vide aforesaid interim orders were found to be not in violation of provisions of SEBI Act, 1992 and SEBI (Prohibition of Fra....