2024 (8) TMI 1699

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....ures: "1. That on the facts and circumstances of the case and in law, the Commissioner of Income Tax (Appeals) ['CIT(A)'] erred in dismissing the appeal of the appellant against the order dated 30.09.2021 passed under section 143(3) r.w.s. 153A of the Income Tax Act, 1961 ('the Act') ex-parte, without affording adequate opportunity of being heard, in gross violation of principles of natural justice. 1.1 That the CIT (A) erred in adjudicating the appeal ex-parte vide order dated 31.10.2023, in undue haste, not only without considering the .detailed written submissions, rejoinder and contemporaneous documents filed, which contained vital/crucial arguments fundamental to adjudication of appeal, but also not affording personal....

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....eby rendering the assessment beyond jurisdiction and bad in law. Without Prejudice - On Merits 3. That the CIT (A) erred on facts and in law in confirming the action of the assessing officer in assessing the income of the appellant at Rs. 34,26,53,830 as against income of Rs. 28,78,17,230 declared by the appellant. 4. That the CIT (A) erred on facts and in law in confirming the addition of Rs. 31,78,46,580 being gross consideration received on sale of diamonds, as unexplained credits under section 68 of the Act, in place of long-term capital gains thereon of Rs. 26,35,82,101 being declared by the appellant in the return of income. 4.1 That the CIT (A) erred on facts and in law in confi....

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....the transaction as such, but at the later stage holding, by taking a complete U turn, the transaction itself to be a bogus transaction. 4.6 That the CIT (A) erred in, that too behind the back of the appellant, placing reliance on the order dated 28.06.2023 passed by the Adjudicating Authority under the Prohibition of Benami Property Transactions Act, 1988 (in short "the Benami Act"), without even confronting the same to the appellant and without attempting to find out the complete facts, appreciate the controversy involved and the current status of the Benami proceeding. 4.7 The CIT (A) erred in drawing adverse inference against the appellant by relying upon ex-parte communication/material purportedly shared by the assessi....

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....nference(s) drawn based on allegations regarding certain irregularity in notarization of affidavit of Sh. Singhvi was totally unwarranted and misplaced inasmuch as Sh. Singhvi has repeatedly, before various authorities including in proceedings under the Benami Law, stood by and confirmed the contents of the retraction affidavit. 4.12 Without prejudice, that the CIT (A) erred in upholding the action of the assessing officer in invoking the provisions of section 68 of the Act, which was not at all applicable in the case of the appellant. 5. That the CIT (A) erred on facts and in law in confirming addition of Rs. 5,72,124 under section 69C of the Act on account of alleged commission paid by the appellant in the assessmen....