2023 (10) TMI 1024

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....e approval of Ld. CIT for initiation of proceedings u/s 148 of the Act? 2. Whether on the facts and circumstances of the case, Ld. CIT(A) has exceeded his jurisdiction in holding that approval of Ld. CIT was mechanical in nature? 3. Whether on the facts and circumstances of the case, Ld. CIT(A) has erred in holding that reasons to believe were recorded on borrowed satisfaction ignoring the inquiry conducted by the then AO which was part of record available with Ld. CIT(A) and in turn, his decision is perverse on facts? 4. Whether on the facts and circumstances of the case, Ld. CIT(A) has erred in not adjudicating the case on merits through a speaking order? 5. Whether on the facts and circumstances of the....

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....s claim, the Assessing Officer treated the amount of Rs. 3,68,15,167/- as unexplained cash credit under section 68 of Act and added back to the income of the assessee, while completing the assessment under section 143(3) read with section 147 of the Act. 4. Against the assessment order so passed, the assessee filed an appeal before learned first appellate authority, inter alia, challenging the validity of the reopening of assessment under section 147 of the Act. Based on the submissions made by the assessee, learned first appellate authority called for and examined the assessment records to decide the issue relating to validity of reopening of assessment under section 147 of the Act. After perusing the materials available on record, he f....

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....d the addition. 7. We have considered rival submissions and perused the materials on record. Facts on record reveal that in the return of income voluntarily filed for the impugned assessment year under dispute, the assessee has disclosed the credit entries appearing in the bank account. Whereas, in the reasons recorded for reopening the assessment under section 147 of the Act, copy of which is placed at page no. 47 of the paper-book, the Assessing Officer has stated that the assessee has not filed his return of income. Further, the Assessing Officer has referred to the information received from the Investigation Wing regarding the credit entries in the savings bank account of the assessee. The aforesaid facts clearly reveal that though, ....