2026 (3) TMI 1493

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....d circumstances of the case, Ld. CIT(A) erred in law and on facts in upholding the action of Ld. AO in assuming jurisdiction u/s 147 and passing the impugned assessment order without complying with the mandatory conditions as envisaged under Section 147 to 151 of the Act. 2. That in any case and in view of the matter, the impugned assessment order is bad in law on various legal and factual grounds. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) erred in law and on facts in confirming the action of L.d. AO in making an addition of Rs. 34,50,858/- u/s 69A as alleged unexplained money invested in the shares of Eicher Motors Ltd. and Yes Bank Ltd. and further taxing the same u/s 115BBE of the Act,....

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....u/s. 69A of the Act. Ld. Counsel for the assessee submitted that the assessee purchased these shares during the Financial Year 2009-10 and the assessee has not made any investment during the year under consideration and not claimed any long term capital gain as the assessee did not sell any shares during the year under consideration. 4. On the other hand the Ld. DR relied on the orders of the authorities below. 5. Head rival submissions. In this case assessment was reopened based on the investigation report that the assessee had obtained bogus long term capital gain and claimed exemption u/s. 10(38) of the Act in respect of investments made in Yes Bank Ltd. and EICHER Motors Ltd. with the help of the broker-lifeline Securities Ltd. by....