TaxTMI 
TaxTMI 
2025 (5) TMI 1956
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....essee has raised the following grounds: - "A) Reopening of assessment 1) The learned Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Income Tax Department [CIT(A)] erred on facts and in law in not deciding the ground relating to reopening of assessment. 2) Appellant prays that your honours hold that the reopening of assessment is bad in law and the consequential order u/s. 147 assessing the income of the appellant at Rs. 246,47,13,410/- may be annulled. B) Not admitting additional evidence 3) The learned CIT(A) erred on facts and in law in not admitting the additional evidences specially when the AO had stated that the additional documents filed was in line with the contention of the appellant submitt....
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....me of M/s. Ason Trading Company was really opened by the appellant and the transactions therein were carried out by the appellant. 9) Appellant prays that the addition of Rs. 246,47,13,410/- made by the AO and confirmed by the CIT(A), may be deleted." 3. The brief facts of the case are that the assessee is an individual. For the year under consideration, the assessee did not file his return of income. On the basis of the information received from High-Risk CRIU/VRU on ITBA portal that the assessee has entered into various non-genuine and unexplained transactions to the tune of INR 246,45,14,121, proceedings under section 147 of the Act were initiated, and a notice under section 148 of the Act was issued on 30/06/2022. In response to the ....
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....ng the bank account with the Axis Bank. Accordingly, the AO held that there is nothing to prove that the PAN of the assessee was misused for the transaction made as per the information. Hence, the amount of INR 246,45,14,121 was held to be unexplained credit under section 68 of the Act and added to the total income of the assessee. 5. The learned CIT(A), vide impugned order, dismissed the appeal filed by the assessee by observing as follows: - "I have gone through the facts of the case, grounds of appeal, submissions of the appellant and the remand report, the emphasis of the appellant is on the fact that the account in the Axis bank was opened by forgery and he has no relation to it. I find that the appellant has filed Police complaint ....
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....il and has no bearing on the case of the appellant. Further I find that there is no finding of any court in this case that the account has been fraudulently opened. The appellant has not filed any concrete finding of any authority to prove that the bank account did not pertain to him. Further not filing any complain with Police or Bank or RBI for almost ten years even after knowing about the bank account has not been explained by the appellant. Thus the onus to prove the credits in bank account in his name has not been discharged and therefore the Assessing Officer has rightly made the addition in this case. Therefore, the ground of appeal is not tenable and is dismissed. In result the appeal is dismissed." Being aggrieved, the assesse....
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....tal that a proprietary concern, namely M/s Ason Trading Co Ltd, having PAN details of the assessee, was involved in various non-genuine and unexplained transactions to the tune of INR 246,45,14,121, proceedings under section 147 of the Act were initiated. From the record, we find that it has been consistently the claim of the assessee that his PAN card was misused without his knowledge and a bank account in the name of M/s. Ason Trading Co Ltd was opened with the Axis Bank with his PAN details. It is evident from the record that during the reassessment proceedings, the assessee has brought to the knowledge of the AO that an investigation by the CBI has already been initiated in respect of the fraudulent transaction. However, the AO on the b....
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....AO submitted that the details filed by the assessee during the appellate proceedings were already filed before the AO during the course of reassessment proceedings, and the issue of addition has already been considered by the AO. The AO further submitted that there is nothing new in the submission of the assessee, and the complaints filed by the assessee before the RBI, Axis Bank, and Police are in line with his earlier submissions. 10. From the perusal of the material available on record, we find that despite having all the details, there is no enquiry by the AO from the Axis Bank regarding the account opening by M/s Ason Trading Co Ltd using the assessee's PAN card. The record is also completely silent on any notice under section 133(6) ....