TaxTMI 
TaxTMI 
2025 (11) TMI 1907
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....on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding the order of Ld. AO without considering the fact that the assessment completed u/s 147 r.ws 143(3) was bad in law on various technical and jurisdictional grounds. 3.0 That, on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding the order of Ld. AO without appreciating the fact that recourse to section 147 of the Act would be unavailable in cases where the AO is empowered to proceed u/s 153C of the Act. 4.0 That, on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding the order of Ld. AO without appreciating the fact that there was no failure on the part of the appellant to disclose fully and truly all material facts necessary for the assessment for the year under consideration and hence assumption of jurisdiction u/s 147 by issuance of notice u/s 148 beyond the period of 4 years was invalid and as such, could not be sustained in law. 5.0 That on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding the order of Ld. A.O without considering the fact that assumption of ....
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....the Ld. CIT-(A) has erred in upholding the order of Ld. AO u/s 147 r.w.s 143(3) of the Act without considering the fact that no incriminating material was found towards rate of commission charged in respect of accommodation entries. 11.1 That on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding addition made by the Ld. AO on account of commission income amounting to Rs. 93,84,135/- @ 1% on total debits and credits transactions amounting to Rs. 9,38,41,353/-reflected in bank statement. 11.2 That on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in treating the appellant company as an accommodation entry provider by relying on statement recorded at back of the appellant without providing an opportunity by the Ld. AO to cross examine the same. 11.3 That on the facts and in the circumstances of the case, the Ld. CIT-(A) has erred in upholding the observations of Ld. AO in respect of entries reflected in bank statement either debit or credit entries which in fact transactions within group companies or payment of expenses or deposit of tax etc. under normal course of business considered as accommod....
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.... order dated 29/03/2014. The reasons recorded for reopening the assessment that the A.O. suspected the transactions of the Assessee's bank account to be accommodation entries. During the original assessment proceedings, the Assessee gave explanation with supporting documents such as bank statements, audited financials and other details. While reopening the assessment of the Assessee, A.O. has not demonstrated/mentioned how the Assessee has failed to disclose material facts fully and truly in the reason to believe. 7. The Co-ordinate Bench of the Tribunal in the case of M/s SRS Buildcon Private Limited Vs. DCIT (ITA No. 7431/Del/2019). "8. In this regard, Assessee's contention is that the assessment is barred by limitation for the reasons that assessment was already framed in this u/s. 153A(1)(b) r.w.s. 143(3) vide order dated 27.3.2015 and the impugned notice u/s. 148 of the Act dated 30.3.2017 for AY 2010-11 has been issued after the expiry of the four years from the end of the relevant assessment year and there is no allegation by the AO in the reasons recorded that escapement of income is due to the failure of the assessee to disclose fully and truly all material fac....
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....detailed examination of the Assessee's financial records, business operations, or other relevant evidence that could independently validate the claims made in the information received. The Ld. Counsel has relying on the ratio laid down in the case of PCIT Vs. RMG Polyvinyl (I) Ltd. (396 ITR 5), sought for allowing Ground No. 6.0 and 6.1. 11. Per contra, the Ld. Department's Representative submitted that case of the Assessee has been reopened as per the provisions of Income Tax Act, the additions have been made on its merits, the Ground No. 6.0 and 6.1 are devoid of merit, thus sought for dismissal of same. 12. We have heard both the parties and perused the material available on record. The assessing Officer while recording the reasons preliminary relied on the information provided by JCIT (OSD) Unit-1(2) Investigation, New Delhi. As could be seen form the reasons recorded, A.O. has not made any independent analysis or verification of facts. The reasons recorded for issuing the notice u/s 148 of the Act was solely based on the data received regarding the credits and debits in the Assessee's bank account and regarding the nature of transaction. The A.O. came to a conclusion....