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Sonal Arpit Doshi, Versus. The Income Tax Officer,

2015 (10) TMI 2481 - ITAT AHMEDABAD

Reopening of assessment - Held that:- Assessing Officer has simply reopened the assessment for the purpose of verification of the certain transactions. In our opinion, when the Revenue wanted to verify the correctness of certain transactions, the proper course is to issue the notice u/s 143(2) within time. If the Revenue failed to issue notice u/s 143(2), it cannot resort to section 148 for the purpose of verification of certain transactions. Notice u/s 148 can be issued only when the Assessing .....

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Sharma, AR Respondent by : Shri S.L. Chandel, Sr. DR. ORDER PER G.D. AGRAWAL, VICE PRESIDENT: This appeal by the assessee is directed against the order of the Learned Commissioner of Income-Tax (Appeals), Ahmedabad-5 dated 12.01.2015 for Assessment Year 2006-07. 2. The first ground of the assessee s appeal reads as under: The Ld. CIT(A) erred on facts and in law in confirming action of Assessing Officer in issuing notice u/s 148 and in making assessment u/s 147 of the Act. 3. We have heard both .....

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e that before re-opening of the assessment proceedings for the A.Y. 2006-07 in your case the reasons were recorded by the Assessing Officer in writing and the case was re-opened after taking prior approval of the competent authority. However, considering your request, the gist of; the reasons as recorded by the Assessing Officer regarding reopening the case u/s. 148 of the IT. Act is mentioned here under:- "The Search & Seizure action, carried out by the Department on 25.11.2009 in the .....

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e-tax (I & C.I.), New Delhi, vide letter dated 07.03.2013 alongwith copy of statement of Shri Mukesh M. Chokshi recorded by the Department on oath u/s. 131 of the I.T. Act. Accordingly, all the Purchase and Sale transactions regarding shares and securities made by you through group companies belonging to Shri Mukesh M. Chokshi which was known as Mahasagar Securities Ltd. which is totally unverifiable transaction as the controlling person namely Shri Mukesh M. Chokshi himself admitted in his .....

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