TMI Blog2017 (10) TMI 316X X X X Extracts X X X X X X X X Extracts X X X X ..... Ld. AR has given an assurance that the assessee shall fully co-operate with the AO if it is given another opportunity to furnish the required details/evidences/ documents. Therefore, looking into the overall facts and circumstances of the case and keeping in mind that a high pitched assessment at ₹ 1,62,44,980/- has been made as against the returned income of ₹ 4,984/-, we deem it fit to restore the issue to the file of the AO for fresh adjudication after giving the assessee a proper opportunity. We also direct the assessee to fully co-operate with the AO in the assessment proceedings - ITA No. 2252/Del/2010 And ITA NO 1826/DEL/2014 - - - Dated:- 4-10-2017 - SHRI G.D.AGRAWAL, HON BLE PRESIDENT AND SHRI SUDHANSHU SRIVASATAVA, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e brief facts of the case are that the assessment in this case was completed u/s 144 of the Income Tax Act, 1961 vide assessment order dated 15.12.2008. The Assessing Officer disallowed an amount of Rs.l,62,40,000/- as loss claimed by the assessee on sale of shares. The Assessing Officer had issued various notices for compliance but nobody appeared. Therefore, on 24.10.2008 a final questionnaire was issued and the assessee filed reply on dated 7.11.2008 and the hearing was then adjourned for 27.11.2008 on which date no compliance was made. Therefore, the Assessing Officer issued a final show cause notice dated 4th December, 2008 wherein various observations made by the Assessing Officer were noted and it was specifically mentioned that if o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... The transaction made through the bank has no evidence of genuineness. The assessee could not give any supporting documentary evidence in respect of these transactions in spite of more than sufficient opportunity allowed to him. Accordingly, an amount of ₹ 1,62,40,000/- is added to the income declared by the assessee as proposed in the show cause notice dated 4.12.2008 and penalty proceedings u/s 271(1)( c) are being initiated separately for furnishing inaccurate particulars of its income. 4. Before the Ld CIT (A), the assessee objected to the assessment order made u/s 144 and also argued on merits. The Ld CIT (A), after obtaining remand report from Assessing Officer and after going through various documents filed by the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ellant company Mr. Prakash Chand Goyal is promoter of this tainted entity/bank. Thus the appellant was in a position to obtain whatever confirmation they wanted from the above tainted entity, but they could not produce any corroborative evidence that any real transaction was carried out in the shares of Tech DNA Solutions. Similar is the case in respect of claim of loss of ₹ 32,40,000/- on sale of shares of other companies. The appellant could not submit any evidence like bills and contract notes from a recognized broker for the transactions carried out on a recognized stock exchange. No share certificate number and distinctive no of shares were submitted in respect of the so called shares of the other companies. Even basic informatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect our attention was invited to the relevant portion of assessment order and further submitted that Ld CIT (A) after considering the contentions of assessee and after obtaining remand report from Assessing Officer had decided the matter on merits. Therefore, no objective will be achieved by sending the case back to the office of Assessing Officer as the Ld CIT (A) has considered all the relevant material. Therefore, it was pleaded that prayer of the Ld AR to send back the case to the Assessing Officer was only to buy time and should not be accepted. 8. We have heard the rival submissions and have perused the relevant material on record. The fact that the assessment was completed u/s 144 of the Act is undisputed. The only plea of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X
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