TaxTMI 
TaxTMI 
TaxTMI 
2025 (1) TMI 281
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.... Appellant contends that the issuance of notice U/s. 148 of the I T Act for reopening of the assessment was itself illegal and unjustified and consequently the reassessment order so passed liable to be quashed. 2) On the facts and circumstances of the case as well as in law the Learned CIT(A) erred in confirming the action of the Learned A.O. on addition of Rs. 17,50,000/- as unexplained investment under section 69 of the I T Act. 3) On the facts and circumstances of the case as well as in law the Learned CIT(A) erred in confirming the action of the Learned A.O. on addition of interest income of Rs. 2,10,000/- under section 69B of the IT Act. 4) On the facts and circumstances of the case the Ld AO erred in completing the assessment wi....
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....was paid by the borrower party to the lender party. Accordingly the investigating team had impounded/seized books of M/s.Evergreen Enterprises wherein the name of assessee also appeared which clearly indicated that assessee had lent cash loan of Rs. 17,15,000/-. 2.2. On receipt of such specific information from the investigating wing, wide letter dated 19/03/2019 in respect of the assessee, the Ld. AO of assessee reopened the assessment by showing notice under section 148 of the act on 13/03/2019 after recording the reasons. In response to the notice under section 148, assessee filed its return of income as generally filed declaring total income of Rs.8,63,860/-. The assessee also filed its objections for reopening that was disposed of by ....
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....tion made by the Ld.AO was also confirmed similarly. Aggrieved by the order of the Ld.CIT(A), the assessee is in appeal before the Tribunal. 4. The Ld.AR submitted that ground number 1 raised by the assessee is challenging the reassessment proceedings and the order passed u/s.143(3) r.w.s.147 of the act, on 13/12/2019 to be bad in law. He submitted that he had sought for the statements recorded on oath of Mr.Nilesh Bharani and the accountant of M/s.Evergreen Enterprises, vide letter dated 06/12/2019, along with objections to the reopening of assessment was raised. The Ld.AR submitted that, in para 5 of the assessment order, Ld. AO records the letter filed by the assessee wherein he also rejects the cross-examination of the persons who sta....
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.... was not granted to the assessee therein. 4.4. On the contrary, the Ld.DR relied on the orders passed by on the by authorities below. I have perused the submissions advanced by both sides in the light of records placed before me. 5. On perusal of clarify of the assessment order, it is noted that there is a sheer violation of principles of natural justice. Further 9.3 of the impugned order it is recorded that the assessee had filed attract and statement by Shree. Nilesh Bharani and therefore it is reasonable to presume that the assessee was aware about the statements made by Sri Nilesh Bharani. It is noted from the various submissions of the assessee before authorities below that the statements that has been reproduced in the assessment o....
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....the statement recorded. Rejection of deeply is totally untenable. It is a bounden duty of the assessing authority to provide the materials that has been used against assessee to make addition in the hands of such assessee. 5.3. It is also noted that there is nothing other than the statement recorded of the partner and the accountant of methods evergreen Enterprises in the possession of the revenue to justify the addition made in the hands of the assessee it is also noted that no further enquiries has been carried out by the Ld. AO to unearth any other circumstantial evidence is to support the statements that was relied upon to make addition in the hands of the assessee. 5.4. It is no doubt a settled rule that the Ld.CIT(A) or the assessin....