2025 (8) TMI 1682

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....e Revenue against the order of the Commissioner of Income-tax (Appeals)(hereinafter referred to as the "Ld. CIT(A)"] dated 08.12.2023 for the AY 2011-12. 02. The only issue raised by the Revenue is against the order of ld. CIT (A) holding the proceeding u/s 147 of the Income-tax Act, 1961 (the Act) as bad in law despite the ld. AO having concrete evidence and reasons to believe that income has es....

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....g and holding as under: - "In view of the material placed on record, it is therefore observed that the commodity profit to the tune of Rs. 1,61,92,645/- was shown in the Profit and Loss A/c filed by the assessee along with the return of income. The AO having himself accepted the said facts in the reasons recorded, there is no reason to say that assessee has failed to disclose fully and truly all....

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.... Since the initiation of proceedings u/s 147 is held to be bad in law, the actions of the AO in the resultant assessment order u/s 147 in initiating penalty u/s 271(1)(c) and the addition of Rs. 50,00,000/-as unexplained investment automatically stand deleted. Even otherwise, it is worthwhile to mention that in his assessment order u/s 147 dated 22.01.2018 also, the AO has accepted that the commod....

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....tion with regard to commodity profit of Rs.1,61,92,645/- which was already disclosed by the assessee in the return filed. However, the ld AO made the addition in respect of other incomes which were not subject matter of the reason s recorded i.e. Rs.50 lacs paid by the assessee company to Pushkar Trading and Holding Pvt. Ltd. to which notice u/s 133(6) of the Act was issued and also replied by the....