TaxTMI 
TaxTMI 
2026 (2) TMI 211
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....; a) Ld. ld.CIT (Appeals) has erred in confirming the reopening of assessment by issuance of a notice u/s 148 dated 30.06.2021. b) Ld. CIT (Appeals) has erred in confirming the addition of Rs.65,24,960/- which was added by the AO by disbelieving the claim of Long Term Capital Gain. It has been added u/s 68 of the Income Tax Act. 3. The brief facts of the case are that assessee has filed his return of income on 27.09.2014 declaring total income of Rs.4,01,840/-. This return was accepted by the Department without making any changes. Thereaftr, according to the AO, he received an information that assessee is a beneficiary of bogus Long Term Capital Gain of Rs.61,23,120/-. He recorded the reasons for re-opening the assessme....
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....ration of each credit and debit entries for the F.Y. 2013-14 relevant to A.Y. 2014-15. Please also justify LTCG with documentary evidence." 3. In response to the above notices u/s 142(1), the assessee has not filed any written submission and nor was any adjournment sought for. During the year under consideration, the assessee is a beneficiary of bogus Long Term Capital Gain of Rs.61,23,120/- through reputed stocks by issuing ante dated forged contract notes during F.Y.2013-14 relevant to A.Y.2014-15. Vide above notices u/s 142(1), the assessee was required to justify the Long Term Capital Gain with documentary evidence but he has failed to furnish the reply. Therefore, Long Term Capital Gain of Rs.61,23,10/- as shown by the assesse....
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....eing placed in the Paper Book at page 4. These shares were sold on 03.06.2013 through broker Trade Swift Broking Pvt. Ltd. The sale consideration was Rs.62,03,611/- and the payment was received through RTGS. According to the Revenue, a search was conducted at the premises of Tradenext Securities Ltd. and Kundu Group of Rohtak on 25.01.2021. Therein, one Shri Sunil Batra disclosed that he and his family members have issued such Contract Notes. The AO, thereafter recorded the reasons. He drew our attention towards copy of the reasons available in the Paper Book, which read as under : 6. The ld. counsel for the assessee submitted that these reasons were recorded on 29.06.2021 i.e. one day before the last day of the limitation. The file was ....
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....We have duly considered the rival contentions and gone through the record carefully. A perusal of Section 147, as was applicable in assessment year 2013-14 would indicate that if AO has reasons to believe that any income chargeable to tax has escaped assessment, for any assessment year, he may, subject to the provisions of Section 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment, which comes to his notice subsequently in the course of re-assessment proceedings. The AO must have a tangible information which has a live nexus with the formation of belief that income has escaped assessment. If we peruse the reasons, then it would reveal that there is no information possessed by ....
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.... module of Insight portal under CRIU/VRU High Risk cases, the assesse has executed the following transaction during the F.Y. 2013-14 relevant to A.Y. 2014-15, Sr. No. Nature of transaction Amount 1 Beneficiary of bogus LTCG through reputed stocks by issuing ante dated forged contract notes 6123120/- Beneficiary of bogus LTCG through reputed stocks by issuing ante dated forged contract notes iii. Analysis of information collected/received: During the course of investigation proceedings on Tradenext Securities Ltd (Erstwhile Lifeline Securities Ltd), it was found that the assesse is a beneficiary of bogus LTCG through reputed stocks by issuing ante dated forged contract notes during the F.Y. 2013-14 relevant to A.Y. 2014-15....