2025 (9) TMI 1425

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....easons as stated in the condonation petition duly supported with affidavit, the bench considered the delay to be attributable to the reasons which were cogent, bonafide and genuine. Accordingly, the delay for 12 days is condoned and appeal is taken for adjudication. 03. The Revenue has challenged the order of ld. CIT (A) on the following grounds:- "1. That on the facts and in the circumstances of the case and in law, Ld. CIT(A) has erred in deleting the addition made u/s. 68 on account of sale consideration from sale of shares amounting to Rs. 7,85,95,921/- as unexplained cash credit without appreciating the material brought on record and facts evaluated by the A.O. in the assessment order. 2. That on the facts and in t....

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....information from DCIT (Investigation), Wing-4(1), Kolkata, vide letter dated 12.09.2018, that the assessee company has received funds from Jamakharchi/ paper companies, operated by Praveen Agarwal, a Kolkata based entry operator. Accordingly, the case of the assessee was reopened u/s 147 of the Act by issuing notice u/s 148 of the Act on 7.03.2019. The assessee complied with the said notice by filing return of income on 12.03.2019, declaring same income as was declared in the original return filed u/s 139(1) of the Act. Thereafter, statutory notices were issued along with questionnaire, which were responded and complied by the assessee during the course of assessment proceedings. During the course of assessment proceedings, the ld. AO accep....

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....araju Vs. ITO (2015) 60 taxmann.com 333 (Karnataka). 07. While the ld DR relied on the assessment order heavily and prayed for restoring the same by allowing the appeal of the revenue, the ld. AR prayed that the order passed by the ld. CIT (A) is reasoned and speaking one passed after following the ratio laid down in the above decisions and therefore, the appeal of the revenue may kindly be dismissed. The ld AR argued that it is settled legal position that no addition can be made by the AO for the items of income which he came accross during re-assessment proceedings when he accepted the plea of the assessee with regard to the items of income which were subject matter of the reasons u/s 148(2) of the Act. The ld AR contended that that on....

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....Agarwal and second of Rs. 39,29,796/- towards commission for arranging this accommodation entries at the rate of 5%. We note that both these items were not part of the reasons recorded u/s 148(2) of the Act. Therefore, when no addition is made for the escaped income as per the reasons recorded, then the AO has no jurisdiction to make any other addition in respect of item of income which has escaped assessment as discovered by the AO during the assessment. Therefore we do not find any reason to interfere with the appellate order. The case of the assessee finds support from the decision of Hon'ble jurisdictional High Court in the case of M/s. Infinity Infotech Parks Ltd. (supra) wherein the Hon'ble Calcutta High Court has held by following th....