TaxTMI 
TaxTMI 
2025 (5) TMI 331
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.... are contested in all the appeals, they were heard together and are being disposed of by this common order. 2. The assessee has challenged the said orders on following grounds in all the four years:- "1. On the facts and under the circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) has erred in reopening confirming the reopening the assessment under old provisions of section 148 of the Income Tax Act which are no more in existence after 01.04.2021 and there are no old provisions in existence after 01.04.2021 to complete the assessment & pass the assessment order. Therefore impugned re-assessment order is bad in law and void ab-initio. 2. On the facts and under the circumstances of the case ....
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....otted by Sharon Bio Medicine Ltd. of Rs. 66,83,00,000/- ignoring the fact that no such warrants were allotted to appellant company. 3. The assessee has raised following additional ground on 26.11.2024 in all the years : "On the facts and in the circumstances of the case, the assessment unit has erred in making addition w/s. 69A of the Act in absence of any addition made in respect of the reasons recorded for reassessment. The appellant respectfully submits that since no addition has been made in respect of the alleged circular movement of funds, which was the reason recorded for reassessment, it is not permissible for the assessment unit to make addition in respect of any other issue. Accordingly the addition made by th....
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.... regarding Circular movement of funds without having any actual trade with the assessee during AY 2013-14. The details are as under : Sr. No. Information Source Name of party Amount (Rs.) 1 DDIT (Inv.) Unit-3(1), Mumbai M/s Impressive Trading Pvt. Ltd. 66,83,00,000 TOTAL 66,83,00,000 3. As per the above information, it is apparent that the assessee has earned an income to the tune of Rs. 66,83,00,000/- during the relevant previous year. Since the assessee has not included this amount in the income while filing return of income for AY 2013-14, this income has escaped assessment. 4. In this case return of income was filed by the assessee for the year under consideration. Howe....
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....u/s 144 of the Act by making very same addition of Rs. 66.83 crores as unexplained money in all the four years under Section 69A of the Act. 7. Before the learned CIT(A), the assessee raised various contentions, both on legal issues and on merits. The learned CIT(A) dismissed all the appeals of the assessee with the following observations :- "CONCLUSION : From the above discussion it is very much clear that, the appellant assessee company is deliberately not providing the relevant information and documents with reference to its dealings or transactions with M/s Sharon Bio Medicine Ltd. and or other companies and firms in having nexus with it. The Appellant Assessee company is also included in the list of companies in nexus with ....
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....sidering the above facts of the case, details mentioned in FIR of the Union Bank of India before the Central Bureau of Investigation (CBI), against Sharon Bio Medicine Limited, the behavior and intention of the assessee for not providing the information and documents related to the transactions with Sharon Bio Medicine Limited and its group entities, this Appellate Authority has little choice than to decide the matter against the Appellant Assessee and hence in favor of Revenue. Consequently, the appeal of the Assessee is dismissed and the addition of Rs 66,83,00,000/- made by the Assessing Officer as unexplained money u/s 69A of the Income Tax Act, 1961 and to be taxed u/s 115BBE of the Income Tax Act, is UPHELD." Aggrieved, assessee ha....