2025 (8) TMI 425

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....rom the order of the Learned Income-tax Officer-31(1)(1), Mumbai, order passed under section 147 read with section 143(3) of the Act, date of order 28/12/2017. 2. The assessee has taken the following grounds: - "1 On facts and in law, the learned Commissioner of Income Tax (Appeals) had failed to appreciate that the re-opening of the assessment by the issue of notice u/s. 148 without satisfying the jurisdictional conditions precedent to assuming jurisdiction u/s. 147 is without jurisdiction and bad-in-law and consequently, any assessment made on the basis of the notice which is bad-in-law, may kindly be annulled. 2 On facts and in law, the learned Commissioner of Income Tax (Appeals) had erred on confirming Rs. 90,01,43....

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....account showing the amount received from the aforesaid broker had already been submitted vide our letter dated 04.10.2017. The assessee requested for the statement of various persons recorded by the Directorate of Income-tax, Kolkata for our record and further explanation. The assessee submitted that nowhere in the statement of various persons recorded, the assessee's name existed. Further, the assessee submitted that if it was proposed to rely on the statement of any person, the assessee may be provided with an opportunity to cross-examine the concerned person. It has also been stated in the show cause notice that shares sold by the assessee are purchased by various entities which were owned by the entry/exit operators. In this connect....

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....e the submissions made by the Ld. AR. 5. After hearing the rival submissions and carefully considering the documents available on record, we note that the assessee earned LTCG related to the scrip AGIL through transactions conducted on the BSE. No adverse findings or comments have been issued by SEBI regarding this scrip, and the Ld. DR was unable to submit any such directions or allegations by SEBI related to the scrip in question. The Ld. AO did not reject any of these primary pieces of evidence. In this context, the Hon'ble Bombay High Court in Shyam R. Pawar, 229 Taxman 256 (Bom)held that when details of share transactions are substantiated by DEMAT account statements and contract notes, and the Assessing Officer fails to prove su....