TaxTMI 
TaxTMI 
2025 (1) TMI 1584
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....2(11) of the Code of Civil Procedure, 1908 once the learned "NFAC" has already confirmed the assessment findings in his hands in entirety as per para 1.1 of the lower appellate discussion under challenge? 2. Whether, in the facts and circumstances of the case, the appellant herein could be held as not having any "locus standi [as the legal representative of the deceased-assessee) for purpose of invoking this tribunal's sec. 254(1) jurisdiction in light of the NFAC's mutually contradictory findings in para 1.1 upholding the Assessing Officer's action in his hands' as well as disputing his status as the legal representative in paras 9 to 9.1; at the same time, on "alternative" basis. 3. Whether, in the facts and circumstances of the case, the appellant is barred from involving sec. 254(1) appellate jurisdiction of this tribunal, in absence of the remaining legal heirs of his father/deceased-assessee, in light of the fact that learned "NFAC" has upheld the entire addition in his hands? Questions framed by the Hon'ble Accountant Member: 1. Whether in facts and circumstance and in law the impugned order dismissed as infructuous by the ....
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....NMCE platform. The detailed report shared by the DIT(Inv.), Unit-3(1), Kolkata is as under.- As per the Forwards Market Commission (FMC) report that "Clients/members of NMCE were found to be involved in creating artificial volume and suspected evasion of Income Tax by misuse of NMCE platform" and the surveys conducted by Pr. DIT(Inv.), Ahmedabad, 50 clients who have booked contrived losses in excess of Rs. 10 Crores falling under DGIT(Inv), Kolkata. As per this information, surveys, search & seizers and enquiries were conducted by the DGIT(Inv), Kolkata. However, most of them were not found on their given address. Some parties submitted books of accounts/documents and their statement was recorded. It was also found that most of them did not file ITR for the concerned A.Y. and some of them who filed ITR did not claim this loss in their return of income. Departmental database was also checked to identify the nature of companies/entities and it was found that Barbarik Dealcom Pvt. Ltd, Avenue Dealers Pvt. Ltd., Anand Share Broking Pvt. Ltd., Darpan Commosales Pvt. Ltd., Dignity Tie up Pvt. Ltd., Fairdeal Vincome Pvt. Ltd., Gulistan Vanijya Pvt. Ltd, Jackson Inve....
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....rchased shares worth Rs. 6,77,00,975/- from unaccounted cash. I, therefore, have reason to believe that there is an escapement of income to the tune of Rs. 6,77,00,975/- in F.Y. 2009-10 within the meaning of section 147 of the I.T. Act, and I consider that this is a fit case for reopening of the assessment u/s. 147. 4. Therefore, approval of The Pr. Commissioner of Income Tax-1, Kolhapur is sought in this case as per the provisions of Section 151(2), to issue notice u/s. 148. Sd/- [Mahesh S Shingate) Asstt. Commi. of Income Tax, Circle-1, Sangli." 4. The Assessing Officer accordingly issued notice u/s 148 of the Act on 31.03.2017. The assessee vide letter dated 03.04.2017 requested the Assessing Officer to treat the return filed earlier as return in response to the notice u/s 148 of the Act. The Assessing Officer completed the assessment u/s 143(3) r.w.s. 147 of the Act determining the total income of the assessee at Rs. 12,87,18,365/- wherein he made addition of Rs. 1,95,90,855/- on account of disallowance of speculation loss shown on account of trading in commodities and Rs. 77,35,444/- being the speculation....
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....ffers from irregularity and therefore, deserves to be dismissed with a leave to revive it in accordance with the applicable provisions of law. 8. I have carefully perused the record and gone through the orders of both the Hon'ble Members. It is an admitted fact that no addition has been made by the Assessing Officer on account of which the case was reopened but certain other additions were made which was not the basis of reopening of the assessment. A perusal of the reasons so recorded shows that the Assessing Officer has reopened the assessment on the ground that the assessee has purchased shares worth Rs. 6,77,00,975/- from unaccounted cash which has escaped assessment. However, in the order passed u/s 143(3) r.w.s. 147 of the Act, the Assessing Officer has made addition of Rs. 1,95,90,855/- by disallowing the speculation loss shown on account of trading in commodities and Rs. 77,35,444/- u/s 68 being the speculation profit earned through Divya Commodities as unexplained income. Thus, there is absolutely no addition on account of which the case was reopened but certain other additions have been made. Therefore, the re-assessment proceedings in the instant case a....