AI Drafter 
TaxTMI 
TaxTMI 
2024 (5) TMI 1289
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....ment is bad in law since the all the proceedings followed by issue of notice u/s 148 by ITO, Ward-37(3) is without jurisdiction and bad in law when the jurisdiction of the case was with the ITO, Ward-45(1), Kolkata. 2. For that on the facts and in the circumstances of the case the proceedings u/s 148 is bad in law and not maintainable. 3. For that the ld. CIT(A) erred in accepting the proceedings initiated by AO simply on the basis of some vague information received from investigating wing without any tangible material or making any independent enquiry or examination as to the authenticity thereof simply on suspicion and surmises is not maintainable. 4. For that the proceedings initiated u/s 147 in the instant cas....
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..... AO further issued statutory notice u/s 142(1) and 143(2) of the Act to the assessee. However, assessee did not file any supporting documents / evidences such as relevant bank account statement, D-mat account statement and the ld. AO treated the entire amount of Rs. 9,16,444/- as unexplained sum u/s 68 of the Act in the hands of assessee. 3. Dissatisfied with the above order, assessee went into the appeal before the ld. CIT(A) where the appeal of the assessee was dismissed. 4. Aggrieved by the above order, assessee is in appeal before the Tribunal raising multiple grounds of appeal. However, the main grievance of the assessee is challenging the validity of assessment on the ground that reasons recorded by the AO for reopening of the ....
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....hi entities & finally Cheque is received by beneficiaries. Deep perusal of the information infers that bribed the actual transactions start taking place there are brokers in different town who contact prospective client sand take paper booking for entries. The commission to be paid to the operators is decided at this stage however, no money is paid. Once the booking is complete the operators have a reasonably good idea of how much LTCG is to be provided along with the break-up of individual beneficiaries. The activities were carried out for more than one year so that beneficiary can claim the loop holes of the Income tax Act by claiming exemption of section 10(38) of the Act. As per this section, if any individual/HUF holds any sha....
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....ise of LTCG through arranged transaction with the promoter/broker and mediator. The process was going for just to cover one year from its purchase. As a consequence, the assessee claimed this income as exempted tactfully by utilizing the loop holes of section 10(38) of the Income Tax Act. On examination of detailed report, it is found that these transactions was dubious in nature and everything was done in connivance of entry operator, broker and other middleman beginning from purchase to sale and also financial transaction among them. The scripts of the shares are seldom traded and it is under the control certain person/ group of persons. Until and unless there is understanding between the parties, it was not possible to acquire t....
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....t raised automatically in normal procedure but was created intentionally pushing back the liability to an exit provider and the same is a considered as shell company by providing its dummy directors, there is no way but only to consider that the assessee willfully evade tax by furnishing inaccurate particulars of income/details it should offer the income as earned from selling of shares. The entire amount of receipt towards alleged sale of the scrips of NYSSA CORPORATION LTD. through exchange in connivance with the entry operators & others associated are actually the income of the assessee. Therefore, I have reasons to believe that for the A.Y. 2015-16, income chargeable to tax to the tune of Rs. 9,16,444/- has escaped assessment. ....
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.... but did not disclose such exempt income which indicates the intention of the assessee conceal this fact from the eye of the department. Thereafter, the AO re- assessed the income of the assessee under the provisions of section 147 of the Act making an addition of Rs. 9,16,444/- in the hands of assessee which is not sustainable according to ld. AR. We find merit in the contentions of the ld. AR that the AO has recorded the reasons based on the borrowed satisfaction without application of mind and without carrying out any enquiry into case. We also note that assessee filed Schedule-EI which contained the details of exempt income earned during the year by the assessee disclosing sum of Rs. 63,938/- as long term capital gain from the transacti....