2026 (8) TMI 1432

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....o as "the CIT(A)"] under section 250 of the Income Tax Act, 1961 (hereinafter referred to as "the Act") arising out of assessment order dated 19.12.2019 of ld. Assessing Officer/ACIT, Circle 59(1), New Delhi (hereinafter referred to as 'the AO') u/s. 144 r.w.s. 147 of the Act for assessment year 2012-13. 2. Brief facts of the case are that the assessee filed return of income of Rs. 17,14,977/- on 30.03.2013 which was processed u/s. 143(1) of the Act. Subsequently, the case was reopened u/s. 147 of the Act. Notice u/s. 148 of the Act dated 26.03.2019 was issued. The case was transferred u/s. 127 of the Act from Ward 55(1), New Delhi to Circle 59(1), New Delhi on 19.07.2019. Notice u/s. 142(1) of the Act was issued. In response to notice u....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....e Appellant even after multitude of reminders. This is further clearly outlined u/s. 148(2) which states: - "The Assessing Officer shall, before issuing any notice under this section, record his reasons for doing so." It is submitted that even after repeatedly highlighting this fundamental jurisdictional error vide its replies dt 01.07.2019 and 27.11.2019 before the Ld. Assessing Officer and vide its written submissions before the Ld CIT(A) vide replies dt 22.04.2022, 05.07.2022, 15.01.2024 & 24.10.2024. Even subsequent to these reminders both authorities have failed to rectify this jurisdictional defect which renders all subsequent proceedings illegal, bad in law and without jurisdiction. That the assert....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....hat the addition of Rs. 1,24,54,000/- u/s. 69A of the act was unsustainable in written submission which was pleaded as under: "During the assessment proceedings the Appellant-Assessee had duly complied with said notice by proceeding to file a reply to notice u/s. 142(1) of the Act dt. 19.12.2019. It is submitted that even when the Appellant-assessee has ventured forth to explain the nature and source of the transactions entered into by providing: - 1. The agreement to sell for GC Grand Vaibhav Khand, A-034 and A-033, 2. Cash Inflow and outflow statement explaining the cash payments made to facilitate the purchase of property with corroborating bank statements, 3. ITR declaration of all close family member....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... facilitate the purchase of property with corroborating bank statements, (3) ITR declaration of all close family members (4) Bank Loan Confirmation of 30 lakhs each for purchase of said property (5) Sale Deeds of both properties (GC Grand A-034 & A-033) (6) Reference to booking confirmations in 2009 and cheque payments made to the developer in A.Y. 2010-11. 7.1 From above, it is evident that the assessee had explained each and every facet and sources of transaction to prove legitimacy of the transaction. Therefore, the addition of Rs. 1,24,54,000/- u/s. 69A of the Act being illegal is set aside. Accordingly, ground of appeal no. 2 is accepted. Ground of Appeal No. 1, 3 to 8 being academic in nature are left open. 8. The application of....