2026 (2) TMI 1139

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 3 and submitted that the appeal can be decided on the limited issue of lack of proper sanction for reopening of assessment. For deciding this issue, we may discuss few relevant facts. 3. Briefly, the facts of the case are that the assessee is a resident individual. Upon receiving information from DDIT, Investigation Kolkata, while investigating certain companies in Kolkata, it was found that without having any actual business activities they were merely acting as entry/exit providers for the beneficiaries taking bogus long term capital gain/loss (LTCG/L for short). 4. Based on such information, the Assessing Officer (A.O. for short) reopened the assessment, as, according to him the assessee is a beneficiary of bogus LTCG from sale of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ommissioner of Income Tax ('JCIT' for short). Thus, she submitted, due to lack of proper sanction, the entire proceeding leading to the passing of the impugned assessment order is vitiated, hence, these are to be quashed. In support of such contention, ld. Counsel relied upon the decision of Hon'ble Jurisdictional High Court in case of Sidhmicro Equities Pvt. Ltd. v. Dy. CIT (2023) 453 ITR 33 (Bom). 6. The ld. Departmental Representative (ld. DR for short) submitted, the assessee having participated in the assessment proceedings cannot raise question regarding its validity post completion of assessment. Without prejudice, he submitted, the approval u/s. 151 of the Act has been validly obtained. 7. We have considered rival submissi....