2024 (1) TMI 263

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....ounds of appeal: "1. On the facts and circumstances of the case as well as law on the subject, the ld. CIT(A) has erred in confirming the action of assessing officer in reopening the case of the assessee u/s 147 by issuing notice u/s 148 of the Act. 2. On the facts and circumstances of the case as well as law on the subject, the ld. CIT(A) has erred in confirming the action of assessing officer by sustaining the addition of Rs. 3,24,340/- (12.5% of Rs. 25,94,724) on account of alleged unexplained cash credit. 3. It is, therefore, prayed that addition made by the assessing officer and confirmed by CIT(A) may please be deleted. 4. Appellant craves leave to add, alter or delete any ground(s) either before or....

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....ann.com 387 (Gujarat) and the decision of Hon'ble Apex Court in PCIT Vs Maruti Suzuki India Ltd. (2019) 107 taxmann.com 375 (SC). 3. On ground No. 1 which relates to validity of reopening, the ld. AR of the assessee submits that the reasons recoded by the Assessing Officer were not the valid reasons. The Assessing Officer made reopening on the basis of third party information without recording his own satisfaction. The assessment was reopened on borrowed satisfaction. Thus, the reopening and issuance of notice under Section 148 is bad in law and the action initiated thereon is also void ab initio. 4. In her without prejudice submission, the ld. AR of the assessee on merit of the addition submits that the Assessing Officer made add....

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.... escaped assessment is sufficient. The person from whom, the assessee has shown purchases is/was a well-known entry provider who was not doing any actual business activity except providing accommodation entry. Such fact was proved beyond doubt in a number of cases by accepting Bhanwar Lal Jain and his group as entry provider by various Benches of the Tribunal as well as by the Higher Courts. On the merit of addition, the ld. Sr. DR for the revenue submits that the ld. CIT(A) has reasonably restricted the addition to the extent of 12.5% of the impugned/ bogus purchases and the assessee do not deserve any further relief. 6. In rejoinder submission, the ld. AR of assessee submits that she has raised a legal plea and it was raised right from....

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....m Parwati Exports, an entity managed by Bhanwar Lal Jain and his group. The assessee while filing appeal before the ld. CIT(A), in the statement of fact, clearly reiterated that this fact that assessee firm was dissolved on 12/03/2012. The ld. CIT(A) despite recording such fact in para 2 of his order, proceeded further and partly confirmed the addition. No curative action was taken by the ld. CIT(A) despite having co-terminus power as of Assessing Officer. 8. The Hon'ble Gujarat High Court in the case of Adani Estate Management (P) Ltd Vs ITO (supra) held that where an assessee company was amalgamated and same was intimated to the Assessing Officer, reopening notice issued in the name of erstwhile company which was amalgamated with a....