9911796707
TMI Blog2025 (2) TMI 84X X X X Extracts X X X X X X X X Extracts X X X X ..... '] u/s. 250 of the Income Tax Act, 1961 (hereinafter referred to as the "Act") for Assessment Year (AY) 2018-19. 2. The revenue in this appeal has taken following grounds of appeal: "I. For that Ld. CIT(A) has erred in not considering the fact that the AO was justified in making addition of the unaccounted cash loan received by appellant [Rs.11,05,00,000/-] as no satisfactory explanation for the same was provided during assessment. 2. That the Ld. CIT(A) has erred in not considering the fact that the broker who facilitated "Rukka" transaction had himself confessed under oath the genuineness of transaction. 3. That the Ld. CIT(A) has erred in not considering the fact that the "Rukka" being unaccounted cash transaction document cannot ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ings u/s 153C can be taken up and not u/s 147 and in view of the facts and in the circumstances it may be held accordingly. 3. Without prejudice to Grounds No.1 & 2 above, order u/s 148 was issued by ACIT, Circle -32, Kolkata (J.A.O.) whereas in terms of sec. 151A of Income-tax Act, 1961 such notice u/s 148 could have been issued by AO, NFAC only and who failed to issue the impugned notice u/s 148 and in terms of judgment of Hon'ble Bombay High Court in Hexaware Technologies Limited [W.P. No 1778 of 2023 dt. 3.5.2024] the impugned notice u/s 148 and consequential proceedings is bad in law and it may be held accordingly. 4. Without prejudice to Grounds No.1 to 3 above, order u/s 148A(d) and approval by the prescribed authority for is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... time of hearing." 3. Since the cross objections taken by the assessee hit at the very validity of the reopening of the assessment made by the Assessing Officer u/s. 147 of the Act, therefore, the same are taken first for adjudication. 4. At the outset, the Ld. Counsel for the assessee has invited our attention to the relevant para 3.1 of the assessment order, wherein, the Assessing Officer has given the brief description of the facts and issue involved, contents of which, for the sake of ready reference, are reproduced as under: "3.1. Complete description of the issue: In this instant case, the DDIT (Inv.), Unit-2(4), Kolkata vide letter dated 21.02.2022 has provided an information to the concerned Jurisdictional Assessing Officer th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rding the escapement of the income of the assessee for the year under consideration. The Ld. Counsel for the assessee, therefore has contended that the reopening of the assessment in this case was bad in law. The Ld. Counsel for the assessee has further invited our attention to pages 149 and 150 of the paper book, which is a copy of the notice issued under clause (b) of sec. 148A of the Act along with annexure, wherein, the reasons recorded for reopening of the assessment have been given, the contents of which, for the sake of ready reference, are reproduced as under: "ANNEXURE Credible information has been received from the statement of Sri Jai Bhagwan Agarwal before the Investigation Wing that the assessee is engaged in a cash transac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he undisclosed income of the assessee. 7. The assessee in this case has categorically stated that he neither knows any person named Shri Jai Bhagwan Agrawal and nor he has received any alleged cash loan of Rs.11.05 crore. The assessee having denied of receipt of any cash loan as alleged by the Assessing Officer, the burden shifted on the Assessing Officer to confront the assessee with any such evidence showing that the assessee had entered into any such transaction. Admittedly, in this case, no such cash was found from the possession of the assessee. There is no name mentioned by the Assessing Officer of any lender, who allegedly gave loan to the assessee, only the name of the broker has been mentioned, that in itself is totally a vague al ..... X X X X Extracts X X X X X X X X Extracts X X X X
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