2025 (5) TMI 1582

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....rder was originated from the order of the Learned Income-tax Officer, Ward 11(2)(1), Mumbai (for brevity the "Ld.AO") passed under section 143(3)r.w.s. 147 of the Act, date of order 28/12/2017. 2. The assessee has raised the following grounds of appeal:- 1. That on the facts and circumstances of the case, the learned Income Tax officer erred in adding Rs. 13,335,500/- assuming it to be share trading income as per details received from AIR 2. The appellant craves leave to add further grounds or to amend or alter the existing ground on or before the date of hearing." 3. The brief facts of the case are that the assessee is a non-filer of the income-tax return. On the basis of the AIR information, the Ld.AO found that th....

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....C of the BSE was not shared by the Ld. Assessing Officer to the assessee. So the assessee was incapable to find out the basis of AIR information. The Ld. AO, by relying on the AIR information made the impugned addition, which was confirmed by the Ld.CIT(A). Being aggrieved, the assessee filed an appeal before us. 4. The Ld.AR argued and filed a written submission spanning pages 1 to 22, which is kept on the record. The Ld.AR explained that CBI Investigation was going on against the assessee. So assessee was engaged in the said investigation and was unable to submit the return of income. The Ld.AR invited our attention on the observation of the Ld.AO in the assessment order. The relevant paragraph of the assessment order page-6 is reprodu....

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....with the said "Mr. Virendra Sharadaprasad Pandey" after A.Y. 2008-09 and the assessee has no DP account and not even involved in any of the transactions. So, he denied the entire transactions, which were made in the name of "Mr. Virendra Sharadaprasad Pandey" bearing client code "BY0021". 6. The Ld.DR argued and relied on the order of the revenue authorities and argued. He invited our attention at para 6 of the impugned appellate order, which is as under:- "6. A copy of the Remand Report was forwarded to the appellant, calling for comments, if any. However, the appellant did not submit any rejoinder. Upon perusal of the Assessment Order, statement of facts, Remand Report and the comments of the Additional CIT it is evident that ....

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....the course of arguments, the Ld. AR contended that the assessee was never served with any documents pertaining to the alleged transactions, nor was any detailed statement in respect thereof furnished to the assessee. It was also submitted that the assessee neither held any Demat (DP) account nor maintained any bank account through which such transactions could have been routed. From the perusal of the appellate order, it is further evident that the assessee did not file a rejoinder or any conclusive submission before the Ld. CIT(A). In light of these facts, we deem it appropriate to remand the matter to the file of the Ld. Assessing Officer for comprehensive verification and clarification regarding the entire transaction and the underlying ....