TMI Blog2017 (7) TMI 1041X X X X Extracts X X X X X X X X Extracts X X X X ..... n appeal by the assessee against the order dated 07.06.2016 of ld. CIT(A)-XIX, New Delhi. 2. Following grounds have been raised in this appeal: 1. On the facts and circumstances of the case, the order passed by the learned GIT(A) is bad, both in the eye of law and on the facts. 2. On the facts and circumstances of the case, CIT(A) has erred both on facts and in law in rejecting the contention of the assessee that the initiation of the reassessment proceedings and the reassessment order are bad both on facts and In law and liable to be quashed as the statutory conditions and procedure prescribed under the statute have not been complied with. 3. (i)On the facts and circumstances of the case, CIT(A) has erred both on facts ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d circumstances of the case, the learned CIT(A) has erred both on facts in law in rejecting that the inference drawn by the AO merely on the basis of a statement that these firms are not in actual business is baseless and contrary to the facts on record. 6. On the facts and 'circumstances of the case, the learned CIT(A) has erred both on facts in law in confirming the addition despite the fact that purchases were made in regular course of the business and material so purchased was sold in the regular course of business. 7. On the facts and circumstances of the case, the learned CIT(A) has erred both on facts in law In rejecting the contention of the assessee that the addition so made on the basis of material collected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... from M/s Bankey Bihari Trading Co., 3838, Gali Barna, Sadar Bazar, Delhi. The AO also observed that the letter sent to M/a Bankey Bihari Trading Co., to confirm the transactions with the assessee, retuned unserved. He, therefore, on the basis of the aforesaid information received from Central Circle-10 made the addition of ₹ 14,48,298/-. The AO also added ₹ 1,59,929/- which was appearing in the balance sheet of the assessee as unsecured loan by observing that the assessee could not produce any document to prove the genuineness of transaction and creditworthiness of the parties. 5. Being aggrieved the assessee carried the matter to the ld. CIT(A) who passed the ex-parte order and deleted the addition of ₹ 1,59,929/-. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovided to various concerns by entities/concerns controlled by Sh. Vaibhav Jain, Sh. Navneet Jain, Rakesh Gupta and Sh. Vishesh Gupta. Assessee is the beneficiary of the accommodation entries to the tune of ₹ 14,48,298/- from M/s Bankey Bihari Trading Co., 3838, Gali Barna, Sadar Bazar, Delhi-110006. 9. From the above notings of the AO, it is crystal clear that the reopening u/s 147 r.w.s 148 of the Act was done only on the basis of the information received from the Investigation Wing and the AO did not apply his independent mind to come to the conclusion that the income of the assessee escaped assessment. 10. On a similar issue the Hon ble Jurisdictional High Court in the case of Principal Commissioner of Income Tax Vs G G ..... X X X X Extracts X X X X X X X X Extracts X X X X
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