2024 (1) TMI 1505

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....s emanated from the order of the ld. Deputy Commissioner of Income Tax, Circle-6(1), Kolkata (in brevity the 'AO') passed u/s 147/251/143(3) of the Act dated 31.12.2018. 2. The assessee has taken the following grounds of appeal: "1. That order of the Ld. Commissioner of Income Tax (Appeals) is bad in law as facts of the case. 2. That the Ld. CIT (Appeal) erred in upholding the addition u/s 68 involving proviso to section 68 inserted w.e.f. A.Y.2013-14 to A.Y.2011-12. 3. That the Ld. CIT (Appeal) erred in upholding addition of Rs. 15 lakhs u/s 68 which was duly confirmed and accepted by the loan creditors. 4. That the Ld. CIT (Appeal) erred in upholding A.O.'s action of not sending the 131 notice over m....

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....er was upheld.  The grievance of the assessee is that related to impugned assessment year the ld. AO had initiated the investigation beyond the jurisdiction by asking source of the source which is contradiction the Sec 68 for AY  11-12. The aggrieved assessee filed an appeal before us. 5. The ld. Counsel for assessee (in short AR) argued and taken the legal ground first. The ld. AR placed that all the documentary evidences were filed by the party related to the transaction amount of Rs. 15,00,000/- before the ld. AO during assessment proceeding. The ld. AR invited our attention in relevant paragraph of assessment order page 4 which is reproduced as below: "On 27.12.2018 a reply has been received from Stream Suppliers P....

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.... the jurisdiction. The party had fulfilled all the criteria related to transaction of assessee. The ld. AR argued that though the ld. CIT(A) passed the order ex-parte but the appeal order is a speaking order and the grounds are considered in appeal order.  7. The ld. DR vehemently argued and fully relied on the orders of revenue authority.  8. We heard the rival submission and considered the documents available on records. However, in the case in hand the material evidence produced by the assessee has been duly examined by Ld. AO and there is no dispute with regard to identity of the parties, the amounts were paid by them through banking channels. They themselves did not receive any amount in cash in the immediate vicinity o....