2025 (8) TMI 113

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....on facts by assuming jurisdiction u/s 263 of the income tax Act. 1961 and holding the reassessment order dated 29.03.2022 as erroneous as well prejudicial to the interest of revenue and that too by recording incorrect facts and findings. 2. The Ld. Pr.CIT grossly erred in law and on facts holding the impugned assessment order erroneous and prejudicial to the interest of revenue simply because the assessing officer had not made any addition on the reasons for which the assessment was reopened. 2.1. The Ld. Pr.CIT grossly erred in law and on facts in ignoring the clear cut findings of the Assessing Officer recorded in the assessment order regarding verification of details filed by the appellant during the assessment proceedi....

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....-09-2023 declaring total loss of Rs. (-) 26,27,196/-. The assessment was passed u/s. 147 r.w.s. 144B of the Income Tax Act, 1961 on 29-03-2022 thereby assessing nil income u/s. 148 of the Act. The Pr. CIT noticed that the case of the assessee was reopened on the basis of information that the assessee has made transaction totaling to Rs. 17,94,345/- with Umiya Industries, Perfect Steel Corp. and Bhoomi Traders, Prop. Alpeshkumar V Patel and other two companies in his statement recorded on 23-01-2019 and 24-01-2019 admitted that all the three proprietary concerns were engaged in providing accommodation entries. There was a specific reason for reopening of this issue but the Assessing Officer has not made any addition as observed by the Pr. CI....

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....ing about the persons based on whose allegations, the reopening has proceeded. The ld. A.R. submitted that the bank statement and the details thereof was also given including that of journal and cash book/ledger as well as audited accounts with Form No. 3CD was available before the Assessing Officer. Thus, the issue was verified by the Assessing Officer and after verifying the same has passed the reopening order u/s. 147 r.w.s. 144B of the Act. The ld. A.R. relied upon the decision of Hon'ble Calcutta High Court in case of Smt. Sumitra Devi Khirwal vs. CIT 84 ITR 26. 6. The ld. D.R. submitted that the Pr. CIT has rightly set aside the assessment order as the Assessing Officer has not verified the accommodation entries totaling to Rs. 17,....