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TMI Blog2020 (5) TMI 384X X X X Extracts X X X X X X X X Extracts X X X X ..... e IT Act,1961 and notice issued u/s 148 of the IT Act, 1961 was void-ab-initio on the following grounds : i. that the reopening was based on mere 'borrowed satisfaction' of the investigating wing without independent application of mind by the AO and there was no intangible material to invoke section 147 of IT Act, 1961 since the recorded reasons were solely based on mere hearsay information related to broker/third party and there was not iota of material in the recorded reasons to draw adverse inference that appellant has any direct nexus or connection of alleged loss of Rs. 8,56,225 taken by misusing the client code modification facilities and the entire material related in the recorded reasons was mere hearsay material. ii. th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ipal Commissioner of Income Tax vs. Meenakashi Overseas Private Limited Reported in [2017] 395 ITR 677 [DEL] 3. That on the facts and circumstances of the case, and the legal position the appellant has responded to all notices sent by Ld. A.O. and no reasonable opportunity was given by the Ld. A.O. to cross examine the broker or the person to whom diversion of income was alleged to be made by appellant when, particularly, no supporting document at all for alleged diversion of income was confronted by Ld. A.O. in the course of reassessment proceedings. 4. That on the facts and circumstances of the case, and the legal position the learned CIT(A) has erred in confirming the addition of Rs. 20,24,792/- and the same is perverse being solely ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d upon the assessee on 30.12.2016. 4. Being aggrieved by the assessment order, the assessee filed appeal before the CIT(A). The CIT(A) dismissed the appeal of the assessee. 5. None appeared on behalf of the assessee and there is no adjournment application on behalf of the assessee. The notice has been duly served to the assessee. Therefore, we are taking up the submissions of the assessee before the CIT(A) as well as before the Assessing Officer as submissions/arguments before us. 6. The Ld. DR relied upon the assessment order and the order of the CIT(A). 7. We have heard the Ld. DR and perused the material available on record. It can be seen that the assessee earned short term capital gain amounting to Rs. 29,50,000/- on sale of plot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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