2025 (5) TMI 1639

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....iled after a delay of 2 days for this the assessee has filed condonation petition., which are as follows- Sir. Sub: Condonation petition for delay in filing 2nd appeal in the case of Tribute Trading & Finance Ltd. [PAN: AAACT5329A) for the A.Y. 2013-14 Matter regarding. Kindly refer to the above. In respect of filing appeal in the case of M/s Tribute Trading & Finance Ltd. date-wise details are given as below - 21.10.2024 Date of order passed by the National Faceless Appeal Centre (NFAC). 11.12.2024-Date of Appeal Scrutiny Report sent to PCIT with comments of AO. 27.12.2024-Date of receipt of direction along with grounds of appeal for filing 200 appeal from PCIT-2. Kolkata offic....

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....ide its order dated 31.12.2018 confirmed the order of Ld. CIT(A). Subsequently the ITO, Ward-4(1), Kolkata reopened the case by issuing notice dated 16.03.2021 u/s 148 of the Act, notice u/s 143(2) along with reasons for reopening was issued on 21.05.2021 and in compliance to the same objections were filed on 10.08.2021. The reasons for reopening as mentioned that the assessee booged bogus loss of Rs. 4,52,000/- and later increased the amount to Rs. 49,69,269/- on baseless evidence. The AO after disposing the objection of the assessee, issued show cause notice on 03.03.2022 and again issued another show cause notice on 16.03.2022 along with draft assessment order. The AO added an amount of Rs. 49,69,269/- to the total income of the assessee....

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.... Ld. CIT(A) vide order dated 21.03.2017. The Ld. Counsel further submits that complete details of purchase and sale of scrips during FY 2012-13 were submitted and assessed by DCIT, Circle-5(2), Kolkata during original assessment, so reassessment cannot be sustained on the basis of only change of opinion. He has challenged the reasons for reopening by citing a decision passed by the Hon'ble Supreme Court in the case of Yogendrakumar Gupta vs. ITO [2014] 51 taxmann.com 383 (SC). 7. Upon hearing the submission of the counsel of the respective parties there is no dispute that in the present case tax effect is low but the submission of Ld. D.R is that the case of the assessee is covered in the exceptional clause. We have gone through the orde....

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....2013-14, assessment has been done on 28.03.2016, by making addition of Rs. 78,25,188/- as bogus losses, on shares of M/s. Tuni Textiles Ltd and M/s. Blue Circle Ltd. During A.Y.2013-14, assessee has incurred total losses on equity of Rs. 1,27,94,656/- out of which Rs. 78,25,188/- has been added by Assessing Officer and remaining losses of Rs. 49,69,468/- has been allowed after due verification. In this regard during assessment proceedings itself, assessee has submitted the list of all the shares and their purchases and sales details, which resulted into losses of Rs. 1,27,94,656/-. In this list, there is also mention of share transactions of KCCL Plastics resulting into loss of Rs. 4,54,083/-, at Sr.No.6, but that was allowed in assessment ....

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....wrong. (vii) Assessee Company has done all the transactions electronically and through banking channel, by way of debiting and crediting shares in demat account. All transactions are being done through recognised Stock Exchanges and through SEBI Registered Brokers. (viii) Assessee Company has not been provided the opportunity to cross-examine the persons, on whose statement and information assessee's case has been reopened, hence principles of natural justice being violated. 8. We have also gone through the cited decision passed by the Hon'ble Gujarat High Court in the case of Yogendrakumar Gupta vs. ITO [2014] 46 taxmann.com 56 (Guj) wherein the Hon'ble Court has held thus: "Section 69A, read with Section 147,....