TaxTMI 
TaxTMI 
2025 (6) TMI 1536
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....e and accordingly the belief formed that the income of the appellant had escaped assessment is incorrect and without application of mind. * That the reassessment was initiated merely for the purpose of making inquiries in the case of the appellant. * That the reassessment had been initiated on borrowed satisfaction and there was no independent application of mind by the assessing officer. (c) Your appellant, therefore, submits that the impugned reassessment, being not in accordance with the law, the same deserves to be quashed. The appellant prays that the same may please be quashed. II. Objection against confirming the addition of Rs. 82,967/- on account of Business Income (a) Without prejudice to Ground - I above, the Commissioner of Income-tax-NFAC, hereinafter referred to as the CIT (A), has erred in confirming the addition of Rs. 82,967/-, made in the case of the appellant on account of alleged business income computed @ 30% of Rs. 2,76,558/- on the basis of entries in Form 26AS (b) Your appellant respectfully submits that the above amount of Rs. 2,76,558/- has already been considered as part of revenue of the appellant and....
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.... assessment order. The assessing officer having specific information in system about financial transaction undertaken by the assessee during the relevant financial year. Thus, the assessing officer in order to verify various transactions in the regular books of accounts and taxable income was of the view that income of assessee has escape from assessment, obtained approval of Ld. PCIT under section 151 after recording reasons, issued notice under section 148 dated 27.03.2019 to the assessee. The Assessing Officer recorded that in response to notice under section 148 the assessee filed return of income on 28.03.2019 declaring loss at Rs. 12,90,789/-. The assessing officer in para No.3 of assessment order recorded that notice under section 142(1)/143(2) were also issue to the assessee. The assessing officer recorded that despite assessing officer various notice the assessee fail to make response. The assessing officer proceeded under section 144 and passed assessment order on 16.08.2019 by making addition on account of business income of Rs. 82,967/-, addition under section 68 of Rs. 26,19,911/-. 3. Aggrieved by the addition in the assessment orders, the assessee file appeal befor....
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....ndependent application. On merit of the case Ld.AR submits that of the cash credit added by assessing officer has already being including while computing the total income. The assessee has lost during the year. Even business receipt treated on the bases of TDS as a part of total turnover of the assessee and no separate addition is to be made. On merits the ld AR of the assessee submits that the assessee is a Private Limited Company and engaged in training of students and employees of various corporate house to develop their skills for better performance. The assessee had deposited cash out of payment collected from students against the course offered. The payment was made by students in cash and was deposited at various locations. Such payments are reflected in the audited accounts. The ld AR of the assessee submits that during the year they have suffered loss of Rs. 12,90,789/-. Though their operating revenue was of Rs. 2.12 crore which includes cash deposit by students at various centre of Rs. 1,31,70,675/- and Rs. 80,43,903/- as profession fees were received from corporate house for training of their employees. Thus, the business revenue of Rs. 2,76,558/- considered by assessing....
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....alterative and without submission the Ld. DR for the revenue submits that in case this bench is of the view that the assessee deserve any relief, the matter may be restore back to file of Ld. CIT(A) for adjudication at merit from the assessee may seek liberty on the contest such issues before the Ld. CIT(A). 8. We have considered the rival submission of both the parties and have gone through the orders of lower authorities carefully. First we are considering the legal issue / additional grounds of appeal that no notice under section 143(2) was issued by assessing officer before passing assessment order. To appreciate the facts on such issue, the Ld. Sr. DR for the revenue was directed to bring the assessment record. The assessment record was brought before the bench. On perusal of record we find that assessment order contain the reference of issuance of notice under section 143(2). However, no corresponding postal receipt is available on record. Though, the assessment record contains the postal receipt of notice under section 148 and reasons recorded, as well as notices issued under section 133(6) by assessing officer. The assessment was carried in 2019 and more than five years ....