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TMI Blog2025 (5) TMI 331X X X X Extracts X X X X X X X X Extracts X X X X ..... re heard together and are being disposed of by this common order. 2. The assessee has challenged the said orders on following grounds in all the four years:- "1. On the facts and under the circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) has erred in reopening confirming the reopening the assessment under old provisions of section 148 of the Income Tax Act which are no more in existence after 01.04.2021 and there are no old provisions in existence after 01.04.2021 to complete the assessment & pass the assessment order. Therefore impugned re-assessment order is bad in law and void ab-initio. 2. On the facts and under the circumstances of the case and in law the Ld. Commissioner of Income Tax (Appeals) ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... warrants were allotted to appellant company. 3. The assessee has raised following additional ground on 26.11.2024 in all the years : "On the facts and in the circumstances of the case, the assessment unit has erred in making addition w/s. 69A of the Act in absence of any addition made in respect of the reasons recorded for reassessment. The appellant respectfully submits that since no addition has been made in respect of the alleged circular movement of funds, which was the reason recorded for reassessment, it is not permissible for the assessment unit to make addition in respect of any other issue. Accordingly the addition made by the assessment unit deserves to be deleted." 4. At the time of hearing, the assessee did not press grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... re as under : Sr. No. Information Source Name of party Amount (Rs.) 1 DDIT (Inv.) Unit-3(1), Mumbai M/s Impressive Trading Pvt. Ltd. 66,83,00,000 TOTAL 66,83,00,000 3. As per the above information, it is apparent that the assessee has earned an income to the tune of Rs. 66,83,00,000/- during the relevant previous year. Since the assessee has not included this amount in the income while filing return of income for AY 2013-14, this income has escaped assessment. 4. In this case return of income was filed by the assessee for the year under consideration. However, in this case no assessment was made and the only requirement to initiate proceedings u/s. 147 is to record reason to believe that income chargeable ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee raised various contentions, both on legal issues and on merits. The learned CIT(A) dismissed all the appeals of the assessee with the following observations :- "CONCLUSION : From the above discussion it is very much clear that, the appellant assessee company is deliberately not providing the relevant information and documents with reference to its dealings or transactions with M/s Sharon Bio Medicine Ltd. and or other companies and firms in having nexus with it. The Appellant Assessee company is also included in the list of companies in nexus with M/s Sharon Bio Medicine Limited. The Forensic report as mentioned in the FIR filed by the Union Bank before the CBI also mentions about the Appellant assessee company along with other compani ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee for not providing the information and documents related to the transactions with Sharon Bio Medicine Limited and its group entities, this Appellate Authority has little choice than to decide the matter against the Appellant Assessee and hence in favor of Revenue. Consequently, the appeal of the Assessee is dismissed and the addition of Rs 66,83,00,000/- made by the Assessing Officer as unexplained money u/s 69A of the Income Tax Act, 1961 and to be taxed u/s 115BBE of the Income Tax Act, is UPHELD." Aggrieved, assessee has filed these four appeals before us. We have heard the parties and perused record. 8. We heard the parties and perused the record. We noticed that the assessee did not appear before the Assessing Officer and henc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat all the issues contested before us require fresh examination at the end of the Assessing Officer. Accordingly, we set aside the order passed by the learned CIT(A) in all the four years under consideration and restore all the issues to the file of the Assessing Officer for examining them afresh. The Assessing Officer is also directed to furnish the material which formed the basis for making the addition to the assessee. We also direct the assessee to fully co-operate with the Assessing Officer for the expeditious completion of the assessment. After affording adequate opportunity of being heard to the assessee, the AO may take appropriate decision in accordance with law. 11. In the result, all the four appeals filed by the assessee are p ..... X X X X Extracts X X X X X X X X Extracts X X X X
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