2025 (11) TMI 1149

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.... Tax Act, 1961 (hereinafter referred as "the Act") arising out of assessment order dated 29.05.2023 of the Learned Assessing Officer/Assessment Unit, Income Tax Department, Delhi (hereinafter referred as "Ld. AO") under Section 147 read with section r.w.s. 144B of the Act for assessment year 2014-15. 2. Brief facts of case are that assessee filed return of income declaring income of Rs. 4,46,51,650/- on 19.11.2014. The return was processed under Section 143(1) of the Act. The case was selected for scrutiny assessment for assessment year 2014-15 and order under Section 143(3) dated 07.12.2016 was passed for the year under consideration. As per information available on Insight Portal and flagged by the Directorate of Income-Tax (System) as....

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.... dated 15.05.2023 and 16.05.2023 were issued. On completion of assessment proceedings, Ld. AO made addition of Rs. 6,05,07,00,151/- under Section 68 of the Act vide order dated 29.05.2023. 3. Against order dated 29.05.2023 of Ld. AO, the appellant/assessee preferred appeal before the Ld. CIT(A) which was dismissed vide order dated 24.10.2024. 4. Being aggrieved, the appellant/assessee preferred appeal with following grounds: "1. Under the facts and in the circumstances of the case, the Learned Commissioner of Income Tax (A) ("Ld. CIT(A)") vide a non-speaking and erroneous order dated 24.10.2024 u/s. 250 of the Income-tax Act, 1961 ("Act") (hereinafter referred to as "1st impugned order") has erred in upholding the untenable a....

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....impugned proceedings void-ab-initio vide Divya Capital One(P.) Ltd v. ACIT, [2022] 139 taxmann.com 461 5. That on the facts and circumstances of the case and in law, the AO has failed to consider that same income cannot be taxed "twice" contrary to settled law qua alleged foreign inward remittances of Rs. 605,07,00,151/- duly disclosed in the financial statements and accordingly offered to tax vide Laxmipat Singhania Vs. CIT (72 ITR 291) (SC). 6. That on the facts and circumstances of the case and in law, the Ld. Authorities have erred by failing to consider that the total sales of Rs. 867.48 Crores includes sales to Al Khat Al Fizi Trading LLC and thereby reconciles with the amount disclosed as export sales in the audited....

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....anted. 10. That on the facts and circumstances of the case and in law, the Ld. AO has failed to dislodge its burden of proof of any live link/nexus with Mohd. Afroze Hasan Fatta, as the Appellant is not required to prove the negative as per settled law vide K.P. Varghese Vs. ITO [1981] 7 Taxman 13 (SC). 11. That on the facts and circumstances of the case and in law, the Ld. AO has failed to disprove the substantial evidence furnished by the Appellant to establish bona-fide export sales transactions and that the Ld. AO has also failed to present any substantial evidence to establish beyond reasonable doubt its claim of bogus sales. 12. That on the facts and circumstances of the case and in law, the Ld. AO has wrong....