Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2022 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2022 (3) TMI 1182 - AT - Income TaxReopening of assessment u/s 147 - Addition on account of peak amount of investment - HELD THAT:- No doubt that the assessee remained absent during the assessment proceedings and not fully cooperated and made compliance to various notices. Keeping in view the complexity of various entries of commodities transaction, which has material bearing on the addition made by the AO and the facts that before ld CIT(A) the assessee specifically claimed that in all transaction transacted through Anand Rath Commodities Ltd, Globe Commodities Ltd and Religare Commodities ltd, the assessee made a meagre investment and that there was no such investment as added by AO, all such facts are not verified by lower authorities. Therefore, keeping in view the principles of natural justice, the issue is restored back to the file of AO. The assessee is directed to explain all the transactions qua the investments through Anand Rathi Commodities Ltd, Globe Commodities, and through Religare Commodities Pvt. Ltd. The assessee is further directed to comply all the notices of AO and to provide all necessary evidence and information without further delay and not to seek the adjournment without any valid reasons. Accordingly, the appeal of the assessee for A.Y. 2010-11is allowed for statistical purposes.
|