2025 (12) TMI 185

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....IT(A), has erred in not appreciating that detailed investigation was already carried out by the Investigation Wing on the issue of Bogus Short Term Capital Loss from Alankit Group and the assessee was not able to substantiate its claim with evidences." (ii) "Whether on the facts of the case and in law, the Ld.CIT(A) has erred in not appreciating that the information received from the Investigation Wing is a valid piece of information." (iii) "Whether on the facts and circumstances of the case, the Ld. CIT(A) has erred in not appreciating that it WDS established by the Investigation Wing after detailed investigation that Aneri Fincap is bogus/paper entity and the assessee was not able to substantiate the Loan of Rs. 75,00,0....

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....pecifically raised vide ground nos. 2 and 4 before the ld. CIT (A) and was also decided by him in his impugned order. He, therefore, prayed, this application be taken as a notice of motion to raise the following legal grounds, in support of the order of the ld. CIT (A) :- "Additional Ground No.1 : That on the facts and circumstances of the case, it is apparent that the instant reassessment proceedings so initiated are with non application of mind, based on change of opinion and also without satisfying the statutory preconditions of provisions of section 147/ 148 of the Act. That further, the instant proceedings are also barred by limitation as per judgment of Hon'ble Apex Court in the case of PCIT vs Rajeev Bansal reported in 4....

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....Moralia & Sons vs. CIT) (iii) 220 ITR 398 (Ker) (CIT vs. Cochin Refineries Ltd) (iv) 176 CTR 406 (Gau) (Assam Company (I) Ltd vs. CIT) (v) 102 ITD 189 (Del) (ITO vs. Gurvinder Kaur) (vi) 284 ITR 80 (SC) CIT V. Varas International P.Ltd. (vii) 149 Taxmann 456 (Guj) Kharid Vechan Sangh Ltd. vs CIT. (viii) 397 ITR 282 (All) CIT vs Jindal Polyster Ltd. He, therefore, prayed that the assessee may be permitted to urge the aforesaid grounds as raised and mentioned in para 3 above. 3. On the other hand, ld. DR of the Revenue objected to the same. 4. After considering the submissions of both the parties, we observe that as held in the case of B.R. Bamsi (supra), the assessee has raised n....

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....n 469 ITR 46 and reliance is also placed on case laws referred in Paper Book at Sl.No.8 to 14. (i) Southern Gujarat Chamber Trade and Industrial Development Centre vs ITO (Gujarat HC) reported in 179 taxmann.com 55. (ii) DCIT vs Prasad Shetty (ITAT Mumbai) reported in 126 ITR (T) 124 7. Accordingly, he pleaded that the additional ground may be allowed and the notice issued by the AO u/ s 148 is liable to be quashed. 8. On the other hand, ld. DR of the Revenue relied on the findings of the lower authorities on this issue. 9. Considered the rival submissions and material placed on record. We observe that the issue is squarely covered by the decision of Hon'ble Supreme Court in the case of PCIT vs Rajeev Bansal (supr....

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.... sixty-one days from 18 June 2022 to issue a reassessment notice under section 148 of the new regime. Thus, in this illustration, the time limit for issuance of a notice under section 148 of the new regime will end on 18 August 2022." 10. Further we observe that Hon'ble Gujrat High Court (supra) in Southern Gujarat Chamber Trade and Industrial Development Centre vs ITO (Gujarat HC) has decided the same issue as under :- "Section 149, read with sections 148 and 148A, of the Income-tax Act, 1961 - Income escaping assessment - Time limit for issuance of notice (TOLA) - Assessment year 2016-2017 - Assessing Officer issued impugned notice under section 148 on 18-7-2022 for relevant assessment year - Whether in view of decision of Sup....