2023 (6) TMI 768

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....is against the order passed by the Ld. Commissioner of Income Tax (Appeals), (in short "Ld. CIT(A)"), Gandhinagar, Ahmedabad on 21.12.2016 for A.Y. 2008-09. 2. The grounds of appeal raised by the assessee are as under: "1. The order of the learned Commissioner of Income Tax (Appeals) is erroneous and bad in law and on the facts of the case. 2. The learned Commissioner of Income Tax (Appeals) ....

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....by the parties and therefore, made addition to that extent as well as in respect of transaction of Rs. 2,25,000/- the Assessing Officer found that the same is not genuine and also made the addition to that extent. Thus, the total addition of Rs. 12,90,350/- was made by the assessee. 4. Being aggrieved by the assessment order the assessee filed appeal before the CIT(A). The CIT(A) dismiss the appe....

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....opening and recorded reasons clearly set out to verify the source of amount of investment and not set out the escapement of income. The Hon'ble Gujarat High Court in case of Manzi Dineshkumar Shah (Supra) has clearly set out that the Assessing Officer cannot reopen the assessment which was already been verified by the Assessing Officer. Only in the case of escapement and the proper valid reasons t....

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....ng Officer had independently formed a belief on the basis of information available on record that income in case of the assessee had escaped assessment. Accepting such a request would in plain terms require us to ignore an important sentence from the reasons recorded viz. 'it needs deep verification'. 11. Before closing, we can only lament at the possible revenue loss. The law and the principles....