9911796707
TMI Blog2016 (9) TMI 1143X X X X Extracts X X X X X X X X Extracts X X X X ..... case, the learned CIT(A) has erred in adjudicating that the impugned assessment order passed u/s.143(3) r.w.s.147 by the ITO, Ward 13(2)(1), Mumbai without legal initiation of proceedings u/s.147 and without issue / service of notice u/s.148 is valid and legal. 2. On the facts and in the law as well as in the circumstances of the Appellant's case, the learned CIT(A) has erred in adjudicating that the impugned assessment order passed u/s.143(3) r.w.s. 147 by the ITO, Ward 13(2)(1), Mumbai without issue / service of notice u/s.143(2) is valid and legal. 3. On the facts and in law as well as in the circumstances of the Appellant's case, the learned CIT(A) has erred in adjudicating that initiation of proceedings u/s.147 by issue of notic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2) [c] has not issued / served legal and valid notice u/s.148--- Before issue of notice u/s.142(1) / 143(2) dated 29.11.2011 and 30.11.2011 respectively. 8. The jurisdictional ITO, Ward 13(2)(1), Mumbai has erred in passing impugned assessment order without providing copies of - [a] reasons recorded by him that---- [i] income chargeable to tax for assessment year : 2004-05 has escaped assessment in terms of section 147 or [ii] the appellant failed to file his return of income u/s.139 / 142(1) / 148 or [iii] the appellant failed to disclose fully and truly all material facts necessary for his assessment. [b] report filed with jurisdictional Jt.CIT / Addl. CIT and sanctioned by the said jurisdictional Jt.CIT/Addl.CIT f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /s.147 of the Income Tax Act, 1961 ( in short "the Act") and obtaining the sanction of Addl. CIT 17(1), Mumbai, has issued notice u/s.148 of the Act and served upon the assessee. The assessee vide letter dated 05.04.2011 has stated that his original return filed u/s.139(1) of the Act be treated as reply to the notice as return filed against the notice issued u/s.148 of the Act in Ward 13(2)(1) on 25.10.2004 vide inward no.1321001457 and also requested to issue the reasons. Thereafter, on request of the assessee by virtue of letter dated 22.11.2011, the ITO 17(1)(3) has transferred the case record to this charge. Thereafter, notice u/s.143(2) of the Act and notice u/s.142(1) of the Act were issued and calling for details. The assessee filed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DDIT(Inv.) - Unit 1(4), Mumbai, that the assessee has taken bogus Long Term Capital Gain entries from M/s.Gold Star Finvest Pvt. Ltd. Shri Mukesh Choksi in his statement dated 11.12.2009 has stated that he is engaged in the business of giving (i) Speculation Profit adjustment entries, ii) Short Term Profit adjustment entries, iii) Long Term Capital Gains adjustment entries and (iv) Share application adjustment entries through various companied floated by him including M/s.Goldstram Finvest Pvt. Ltd. It was found that the assessee was beneficiary of the Mr. Mukesh Choksi therefore, the receipt of the sale of share of Buniyad Chemicals of Rs. 1,81,184/- was treated from undisclosed funds and added to the income of the assessee. Feeling aggrie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion for dematerialization request form with extract of said Demat Account confirming dematerialization of shares are attached herewith and collectively marked as Exhibit "O". Said 1900 shares were sold though above names share broker in Off Market to Infra Lease Financial Services Ltd. in following three lots - Date of Sale Number of shares sold Sold to Sales consideration 25.11.2003 600 Infra Leas Financial Services Ltd. 58,032 27.11.2003 700 Infra Leas Financial Services Ltd. 67,704 28.11.2003 600 Infra Leas Financial Services Ltd. 58,832 Total 1,83,768 These sales were effected from Demat Account No.10111342 with Dena Bank. Sales consideration of Rs. 1,83,768/- are deposited in appellant's sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
