2026 (4) TMI 401

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....24-25/1071770358(1) arising out of the order dated 29.03.2023 u/s 147 r.w.s144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') passed by the National Faceless Assessment Centre, Delhi for AY: 2015-16. 2. The assessee had filed return of income on 29.08.2015 declaring therein net income of Rs. 18,89,020/- besides claiming exemption u/s 10(38) of the Act for Rs. 34,06,000/- in respect of LTCG earned on the sale of shares of M/s Virtual Global Education. The case of the assessee was taken up for scrutiny by issuing of notice u/s 148 of the Act and the assessment has been completed on a total income of Rs. 52,95,020/- vide the impugned assessment order by making addition on account of disallowance of LTCG. The same was ch....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed on records. 2a. because the assessing office in face less assessment proceedings failed to appreciate the fact that the company M/S Virtual Global Education is an existing and wellestablished company having its presence in many states. 2b. because the assessing officer failed to appreciate the fact that the shares of the company namely M/S Virtual Global Education are being traded frequently and the rise and fall in prices is essentially connected with the stock trading, 2c. because the assessing officer in the face less assessment proceedings failed to issue the mandatory notice under section 142(1) of the Act before making addition to the income of appellant by disallowing available exemption under section 10....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....se of share amounting to Rs. 38,60,000/- during the year under consideration, which has been mentioned in detail in the, flagged report of DDIT (Inv)-5(1), New Delhi. By going through the complete information, I, by independent reason have reason to believe that there has been escapement of income on this account. 2. On perusal of the record it is seen that the assessee has not filed ITR for A.Y. 2015-16. 3. On the above mentioned facts and through independent opinion, I have reason to believe that an income to the tune of Rs. 38,60,000/- has escaped assessment for the aforesaid year. 5. Now very apparently the aforesaid reasons do not even mention as to what was the nature of transaction giving rise to escapement of in....