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TMI Blog2021 (6) TMI 390X X X X Extracts X X X X X X X X Extracts X X X X ..... at the Ld. Commissioner of Income Tax (Appeals) has erred in law as well as on facts in sustaining the action of AO for reassessment u/s 147 by issuance of notice u/s 148 of the It Act, without appreciating that neither the mandatory requirements of section 148 of the Income Tax Act nor the pre-conditions for invoking the provisions u/s 147 of the Income Tax Act, stood satisfied. 3. That the Ld. Commissioner of Income Tax (Appeals) is not justified in sustaining the addition U/s 68 of the Income Tax Act for an amount of Rs. 16,00,000/- received back from Sh. Mandeep Kishore Goel through banking channel for which confirmation along with assessment particulars were placed on records. The Ld. CIT(A) has upholded the addition without appreci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h deposits in different banks namely DCB Bank and Kotak Mahindra Bank and then transferred the amounts to commodity broker namely M/s Jurassic Finance and Consultant Pvt. Ltd. The case was reopened after recording the reasons as per the provisions of Section 147 (b) read with Section 151 of the Income Tax Act, 1961. The assessee claimed that various persons had given him cash to trade on their behalf on MCX. The assessee also claimed that he has earnbed commission income by trading on MCX on behalf of others and has received around Rs. 4,25,000/- to Rs. 4,75,000/- for the same in Financial Year 2009-10 i.e. Assessment Year 2010-11. The Assessing Officer held that the claim of the assessee is false and the genuineness of cash transactions is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eep Kishore Goel from whom payment had been received back in respect of an earlier advance. In this way, the Assessing Officer after rejecting all evidences including the testimonies and the written explanation vide letter dated 28.12.2017, added a total sum of Rs. 90,55,000/- to the income of the assessee. The Ld. AR further submitted that the findings of the Assessing Officer in the reassessment was confirmed by the CIT(A) thereby dismissing the appeal of the assessee. The Ld. AR submits that the reassessment order of the Assessing Officer and its confirmation in appeal by the CIT(A) are both erroneous and misconceived both of which merit to be quashed, the Ld. AR further pointed out that the current reassessment proceeding for the year o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of customers which fact the Assessing Officer has himself acknowledgement in the reassessment order, it is thus evident that the Assessing Officer adopted a self-contradictory approach. The Assessing Officer plainly accepts that the individual customers have stated to have given the particular amount to the assessee. For the fact that the amounts advanced were much in excess of the annual income of the individuals, it could not be correctly concluded by the Assessing Officer that the individuals lacked credit worthiness. No individual had ever deposed that the; advances were paid by him out of current years' income. There was overwhelming end irrefutable material on the record of reassessment to establish the fact of the absolute end unblem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same is not pressed by the assessee, hence, the same is dismissed. As relates to Ground No. 1 & 3 to 6, the current reassessment proceedings for the year of its origin and source to the regular assessment order for Assessment Year 2011-12 on which basis the present reassessment proceedings were initiated, the Tribunal in ITA No. 3191/Del/2016 dated 12/11/2020 for Assessment Year 2011-12 observed in Para 5.1 that the findings of the Assessing Officer relating to additions received by the assessee for next transactions from his individual customers is being in the nature of cash credits u/s 68 of the Act are not correct. In the present assessment order, the Assessing Officer has examined customers of the assessee u/s 131 and statements we ..... X X X X Extracts X X X X X X X X Extracts X X X X
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