TaxTMI 
TaxTMI 
2026 (5) TMI 453
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.....T. Act-1961. The Assessment order is without jurisdiction needs to be held as void, bad in law. 2. The Learned CIT(A) erred in confirming the action of the AO in making addition of Rs. 51,52,212/-, as unexplained money under Section 69A of the I.T.Act-1961. 3. The learned CIT(A) erred in confirming the application of Section 115BBE; since the credits represent gross business income from mobile trading and Loan collection services, the penal tax rate is not applicable to the facts of the case. 4. The Learned CIT(A) has erred in by facts and law by charging Interest u/s 234A (Rs. 15,32,388/-) of the Act and 234B (Rs. 24,19,560/-) of the Act. 5. The Learned CIT(A) has erred in by facts and law by charging fees for default in furnishing return of income u/s 234F of the Act of Rs. 10,000/-. 6. The Ld. Assessing Officer has wrongly initiated penalty proceedings u/s 271AAC of the I. T.Act-1961. 7. The appellant craves leave to add, alter, or amend any of the grounds of appeal." 3. When this appeal was called out for hearing, learned counsel for the assessee invited our attention to the order dated 03.09.2025, passed by the Hon'....
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....In the present set of facts there was no valid satisfaction recorded by the by the Prescribed Authority under section 151 of the Act, 1961 when the Assessing Officer issued notice to the assessee under section 148 of the Act, 1961. At the time when the notice under section 148 of the Act, 1961 was issued by the Assessing Officer to the petitioner there was no valid satisfaction recorded by the Prescribed Authority ie. the Principal Chief Commissioner or Chief Commissioner or Principal Commissioner or Commissioner. Subsequent to issuance of the notice under section 148 of the Act, 1961 by the Assessing Officer, the satisfaction under section 151 was digitally signed by the Prescribed Authority. Therefore, the point of time when the Assessing Officer issued notices under section 148, he was having no jurisdiction to issue the impugned notices under section 148 of the Act, 1961. Consequently the impugned notices issued by the Assessing Officer under section 148 of the Act, 1961 were without jurisdiction. The questions no. (a) and (b) are answered accordingly. 8.2. Therefore, based on these facts and circumstances of the case, the assessment order framed by the AO needs to be ....
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....corded u's 147, the case is ft for issue of notice u/s 148 TApproval Details:/ Name NIRAJ KUMAR Designation PCIT 3. RAJKOT Approval Status Approved Date of Approval 20/03/2020 Remarks of approving authority On the basis of information in possession of the AO, further verification done by the AO. it has been, prima facie, found that there is a case of escapement of tax and I am satisfied that it is a fit case for issue of notice u/s 148 of the IT Act On examination of the reasons recorded u's 147, the case is ft for issue of notice u/s 148 NIRAJ KUMAR PCIT 3, RAJKOT BHAWAN, RACE COURSE RING ROAD, RAJKOT, Gujarat, 300001 Emal: RAJKOT.CITABINCOMETAK.GOV.IN. " DIN- Document identification Nia. Document 2 GOVERNMENT OF INDIA MINISTRY OF FINANCE INCOME TAX DEPARTMENT OFFICE OF THE PRINCIPAL COMMISSIONER OF INCOME TAX PCIT, Rajkot-1 Approval u/s 151 of the IT Act, 1961 PAN: APAPM1847G Assessment Year: 2020-21 Date 04/03/2024 DIN ITBA/AST/S/118/2023-24/1061929474(1) 1 Name of the assesse JIGESH MUNVAR 2 Address and e-mail of the assessee MUNVAR NIVAS, NEAR JAIN TEMPLE,KOTHARA, TAL. ABDASA - KUTCH / [email protected] 3 PAN ....
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....ement of income of Rs.6753680/- So, it fulfills the condition as laid down in the provisions of clause (a) of section 149(1) of the Act. (il) Since three years or less than three year have elapsed from the end of the relevant assessment year, the Pr. CIT-1, Rajkot is the specified sanctioning authority as per provisions of 151 of the IT Act. Therefore, based on the above observations, which originate from the material/information available on record with the AO, income to the tune of Rs.6753680/-has escaped assessment for the year under consideration within the meaning of clause (i) of explanation 1 to sec 148 of the Act and a fit case for issue of notice u/s 148 of the IT Act, 1961. Name: BALAJI DEBABRATA GUPTA Designation: JCIT RANGE 2(1), RAJKOT Date: 01/03/2024 20. Recommendations of the CIT/PCIT (where CCIT/PCCIT is the specified authority) Remarks: N/A Name: N/A Designation: N/A Date: 21. Recommendations of the CCIT (where PCCIT is the specified authority) Remarks: N/A Name: N/A Designation: N/A Date: 22 Reasons for according approval/ rejection by the specified authority to order u/s 148A(d) AND/OR issuance of notice under section 148 of the Income Tax Act, 1961? Re....
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....600 Total 6386895 Payments made by any person in respect of one or more credit cards issued to that person, in a financial year SERVICES PRIVATE SBI CARDS AND PAYMENT LIMITED(Filer PAN:AAECS5981K) Assessee did not file his return of income despite above mentioned financial transaction. Therefore, prima facie it appears that assessee had income for making above mentioned Document 5 transactions. Further, on perusal of the data available under the TAS module of the INSIGHT, it is gathered that in addition to the above mentioned transactions assesse has also made the following transaction and the same is also required to be verified :- Information Code Information Description Source Amount Description Amount (Rs.) NAD(R) Sale of securities (settled otherwise than by actual delivery or transfer) NSE Aggregate Sale value 52000 TDS-192 (II) (Annexure- II) TDS Statement - Salary to employees (Section 192) TRANSPORT SHRIRAM FINANCE COM LTD Taxable amount from current employer 314494 ACD(R) Sale or transfer value of securities (depository transactions) CDSL Aggregate Sale value 291 Total 366785 Taxable amount from current employer TRA....