2025 (9) TMI 1629

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.... Income Tax (Appeals) [hereinafter referred to as Ld. CIT(A)] erred in law and on facts in passing the appellate order under section 250 of the Act in an ex-parte manner, without affording a proper and effective opportunity of being heard to the Appellant. 2. The Ld. CIT(A) erred in law and on facts in treating the Appellant's specific legal grounds (i) challenging the assumption of jurisdiction under section 147 for non-compliance with the mandatory procure under section 148A of the Act, and (ii) failure to issue notice under section 143(2) of the Act after return filing, as general in nature and failing to adjudicate them on merits, thereby violating the principles of natural justice and causing grave prejudice to the Appella....

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....able with the AO, the AO came to know that the assessee has generated non-genuine profit/loss on illiquid derivatives on BSE by trading of Rs. 1,03,25,650/- in derivative of Good Luck Securities of Rs. 46,90,000/- being traded in derivatives with SPS Share Brokers Pvt. Ltd. Drawing support from the decision of the Hon'ble Supreme Court in the case of Union of India vs. Ashish Agarwal (2022 SCC Online SC 543), notice u/s 148 of the Act was issued and served upon the assessee and the assessment was completed at a figure of Rs. 1,37,31,860/-. 3.1. The assessee challenged the addition before the ld. CIT(A) questioning the validity of the re-assessment proceedings but without any success. 4. Having heard the rival contentions, we have care....