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2026 (1) TMI 353
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....or the revenue, opposed the prayer of the assessee, for condonation of delay. I note that the reasons given in the affidavit for condonation of delay were convincing and these reasons would constitute reasonable and sufficient cause for the delay in filing these two appeals. Having heard both the parties and after having gone through the affidavit as well the delay condonation, application, I am of the considered opinion that in the interest of justice, the delay deserves to be condoned. I, accordingly, condone the delay in both appeals. 3. Since, the issues involved in all the appeals are common and identical; therefore, these appeals have been heard together and are being disposed of by this consolidated order. For the sake of convenience, the grounds as well as the facts narrated in ITA No.449/RJT/2025, for assessment Year 2012-13, have been taken into consideration for deciding the above appeals en masse. 4. Grounds of appeal raised by the assessee, in lead case in ITA No.449/RJT/2025, for assessment Year 2012-13, are as follows: 1. The ld.CIT(A) erred in law as well as on fact in upholding reopening of assessment u/s 147 on insufficient, invalid, incorrect and v....
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....he above notices online through his account in e-fling website. However, the assessing officer rejected the above contention of the assessee and held that assessee has failed to prove the genuineness of the transaction, therefore, assessing officer made the addition to the tune of Rs. 8,60,444/-. 6. Aggrieved by the order of the assessing officer, the assessee carried the matter in appeal before the learned CIT(A), who had remitted the issue back to the file of the assessing officer for fresh adjudication. The learned Counsel for the assessee submitted that learned CIT(A) should not have been remitted the issue back to the file of the assessing officer, as order passed by the assessing officer is not an ex-parte order. During the assessment proceedings, the assessee submitted reply before the assessing officer and made the compliance, therefore, issue should be adjudicated on merit by the ld.CIT(A). Therefore, aggrieved by the order of the learned CIT(A), the assessee is in appeal before us. 7. Shri Chetan Agarwal, Learned Counsel for the assessee argued that reasons recorded by the assessing officer are defective, as the reasons were mainly recorded by the assessing officer ....
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....asons are recorded in the assessee's case, as per the old provisions of section 147/148 of the Act, therefore old provisions of section 147/148 would be applicable to the assessee under consideration. In the reasons supplied to the petitioner, there is no whisper, what to speak of any allegation, that the petitioner had failed to disclose fully and truly all material facts necessary for assessment. The assessee has raised the contention that the assessing officer was not having any material information to form "a reason to believe" that there was an escapement of income. However, Ld. DR stated that this contention is not acceptable because the assessing officer was having sufficient material to form the "reason to believe" at the time of re-opening of the assessment. I find merit in the submission of learned Counsel for the assessee to the effect that the reasons were mainly recorded by the assessing officer to conduct further enquiry. In the assessee's case, under consideration, the reopening of the assessment is based on the outside information and such information were not examined by the assessing officer before issuance of notice under section 147 of the Act. The assessee is e....
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....conclusion that the Assessing Officer had independently formed a belief on the basis of information available on record that income in case of the assessee had escaped assessment. Accepting such a request would in plain terms require us to ignore an important sentence from the reasons recorded viz. 'if needs deep verification'. 11. Before closing, we can only lament at the possible revenue loss. The law and the principles noted above are far too well settled to have escaped the notice of the Assessing Officer despite which if the reasons recorded fail the test of validity on account of sentence contained, it would be for the Revenue to examine reasons behind it." The above decision of Gujarat High Court in the case of PCIT vs Manzil Dinesh Kumar Shah [2018] 95 taxmann.com 46 (Guj) (supra) were challenged by department before the Supreme Court. The Hon'ble Supreme Court in PCIT v/s Manzil Dinesh Kuamr Shah [2019] 101 taxmann.com 259 (SC) vide order dated vide order 04.01.2019 has dismissed SLP, and confirmed the finding of Gujarat High Court. 12. I note that in assessee's case, under the guise of reopening of the assessment, the Assessing Officer wants to have a r....
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....RI KRUPA, MERCHANT COLONY, MITHAPUR, DWARKA - 361345. PAN of the Assessee: AJBPJ5189M Assessment Year: 2011-12 Details of the Assessing Officer having jurisdiction over the Assessee: Income-Tax Officer, Ward-1(4), Dwarka Reasons for reopening of the assessment in case of Smt Sapna Naimesh Jatnia for A.Y. 2011-12 U/s. 147 of the Act. 1. Brief details of the Assessee :- Assessee has filed the Return of income vide ack no. 144002066 for A y 2011-12 declaring total income at Rs 165180 /- on 14/08/2012. 2. Brief details of information collected/ received by the AO :- The information in respect of the penny stock transaction made in FY 2010-11 was made by the assessee as per information received from ADIT(Inv.), Unit 5(2), Mumbai as on dtd. 22/03/2018. 3. Analysis of information collected/ received : - As per the penny stock transaction data available, assessee has made sell transaction of shares of M/s. Gemstone Investment Limited (GIL) (scrip code -531137)share of Rs 714957/ -. 4. Enquiries made by the AO as sequel to information collected/ received :- as per information received from ADIT(Inv.), Unit 5(2), Mumbai as on dtd. 22/03/2018. 5. Findings of the ....