TaxTMI 
TaxTMI 
2026 (6) TMI 1262
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.... grounds of appeal: "1. On the facts and circumstances of the case as well as law on the subject, the Ld. CIT (DRP-2) has erred in upholding the initiation of re-assessment proceedings u/s 148 of the Act without considering that the notice u/s 148 was issued by the jurisdictional Assessing Officer and not by National Faceless Assessment Center. 2. On the facts and circumstances of the case as well as law on the subject, the Ld. CIT (DRP-2) has erred upholding in the reassessment u/s 147 without considering that notice issued u/s 148A(b) by ITO Ward 3(3) (1), Ahmedabad was without jurisdiction, thereby rendering the entire reassessment proceedings invalid. 3. On the facts and circumstances of the case as well as la....
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....of the case, the Ld. CIT (DRP-2) has erred in confirming the addition of Rs. 3,81,66,027.08/- u/s 69A r.w.s. 115BBE of the Act without considering that the said amount is received from LTA LLC without considering that assessee has submitted copy of LTA LLC business license, share register and extract of bank statement. 8. Appellant craves leave to add, alter or delete any ground(s) either before or in the course of hearing of the appeal." 3. The brief facts of the case are that the assessee is a non-resident individual who had originally not filed his return of income for A.Y. 2019- 20 under section 139(1)/139(4) of the Act. Subsequently, information was received by the Department through the Insight Portal showing that the asse....
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....ed by the draft assessment order, the assessee filed objections before the Hon'ble Dispute Resolution Panel. Before the DRP, the assessee contended that he was a non-resident Indian residing outside India and the amounts credited in the NRE bank accounts were from foreign inward remittances and overseas funds not chargeable to tax in India. The assessee further submitted that part of the receipts were from remittances from LTA LLC, a UAE based entity engaged in trading activities in which the assessee held substantial ownership interest. The assessee also submitted that an amount of Rs. 93,47,649/- was the loan received from the assessee's brother Shri Rajesh Chawla residing abroad. The assessee also contended that one of the entries amount....
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.... same. However, with respect to addition of Rs. 50,129/- relating to ICICI Bank account, the DRP accepted the explanation of the assessee that the amount was from inter-bank transfer between the assessee's own NRE accounts and interest income exempt under section 10(4) of the Act. Accordingly, the DRP directed deletion of the said addition. Pursuant to the directions of the DRP, the Assessing Officer passed final assessment order under section 143(3) assessing the total income at Rs. 5,43,91,130/-. 7. Aggrieved by the final assessment order, the assessee preferred appeal before the Tribunal challenging the additions sustained by the DRP. In the grounds of appeal, the assessee has primarily contended that the authorities below erred in su....
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....are crucial for proper adjudication of the issues involved and go to the root of the matter. 9. We have considered the rival submissions and perused the material available on record. We find that the additions sustained by the DRP primarily rest upon insufficiency of documentary evidences regarding the nature and source of foreign remittances and the overseas status and financial capacity of the remitters. We further find that the assessee now seeks to place on record additional evidences which are directly relevant and material for adjudication of the controversy involved in the present appeal. The additional evidences sought to be produced include foreign residence documents, company incorporation records, shareholding details and rela....