Shri Pawan Bansal, Panchkula V. DCIT, CC, Patiala

ITA 1401/CHANDI/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 8264 (ITAT-CHANDIGARH)
• Duration Of Justice: 1 year(s) 2 month(s) 9 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 11-01-2021
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: B
• Next Hearing Date: 11-01-2021
• Assessment Year: 2011-2012
• Appeal Filed On: 01-11-2019
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Department Lawyers: SANDIP DAHIYA CIT
• Keywords: Reason to believe; Capital Gains
• Section: 69; 148

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, CHANDIGARH BE NCH B, CHANDIGARH (VIRTUAL COURT) .., ! '# .. , $ %& BEFORE: SHRI. N.K.SAINI, VP & SHRI , R.L. NEGI, JM ITA NO. 1401/CHD/2019 ASSESSMENT YEAR : 2011-12 SHRI PAWAN BANSAL C/O SH. TEJMOHAN SINGH, ADVOCATE # 527, SECTOR 10-D, CHANDIGARH THE DCIT CC PATIALA-PUNJAB PAN NO: APPELLANT RESPONDENT !' ASSESSEE BY : SHRI TEJMOHAN SINGH, ADVOCATE #!' REVENUE BY : SHRI SANDIP DAHIYA, CIT $ %! & DATE OF HEARING : 11/01/2021 '()*! & DATE OF PRONOUNCEMENT : 11/01/2021 %'/ ORDER PER N.K. SAINI, VICE PRESIDENT THIS IS AN APPEAL BY THE ASSESSEE AGAINST THE ORDER DT. 29/08/2019 OF CIT(A)-5, LUDHIANA. 2. ASSESSEE HAS RAISED THE FOLLOWING GROUNDS: 1. THAT THE LD. COMMISSIONER OF INCOME TAX(APPEALS) HA S ERRED IN LAW IN UPHOLDING THE REOPENING THE ASSESSMENT BY ISSUANCE OF NOTICE U/S 148 IN AS MUCH AS THERE HAS BEEN NO REASON TO BELIEVE LEADING TO A LLEGED ESCAPEMENT OF INCOME AND ORDER PASSED IS ILLEGAL, ARBITRARY AND U NJUSTIFIED. 2. THAT THE LD. COMMISSIONER OF INCOME (APPEALS) HAS E RRED IN LAW AND FACTS IN UPHOLDING THE REOPENING IN AS MUCH THE ASSESSMEN T HAS BEEN RE-OPENED ON THE BASIS OF BORROWED INFORMATION WITHOUT ANY INDEP ENDENT ENQUIRY AND REASON TO BELIEVE BEFORE THE RECORDING OF REASONS AND AS S UCH THE ORDER PASSED IS ARBITRARY AND UNJUSTIFIED. 3. WITHOUT PREJUDICE TO THE ABOVE, THE LD. COMMISSIONE R OF INCOME TAX(APPEALS) HAS ERRED IN LAW AS WELL AS ON FACTS I N UPHOLDING THE ADDITION OF RS. 1,24,87,765/- APPLYING THE PROVISIONS OF SECTION 69 A TREATING LONG TERM CAPITAL GAINS TO BE UNEXPLAINED MONEY WHICH IS ARBITRARY AN D UNJUSTIFIED . 2 4. THAT THE LD. COMMISSIONER OF INCOME TAX (APPEALS) H AS WITHOUT APPRECIATING THE FACTS AS PLACED BEFORE HIM IN THE RIGHT PERSPECTIVE UPHELD THE ADDITION BASED ON STATEMENT OF BROKER WHO HAS NOT B EEN ALLOWED OPPORTUNITY OF CROSS-EXAMINATION BY THE ASSESSEE WHICH IS ARBITRAR Y AND UNJUSTIFIED. 5. THAT THE LD. COMMISSIONER OF INCOME TAX (APPEALS) H AS ERRED IN LAW AS WELL AS ON FACTS IN TREATING M/S MULTIPLUS RESOURCE S LIMITED TO BE A PAPER COMPANY IN UTTER DISREGARD OF THE DOCUMENTS AND EXP LANATIONS RENDERED WITH PRECONCEIVED NOTIONS WHICH IS ARBITRARY AND UNJUSTI FIED. 6. THAT THE ADDITION UPHELD IS ONLY BASED ON SUSPICION , CONJECTURES AND SURMISES IN UTTER DISREGARD TO THE EXPLANATIONS REN DERED WHICH RENDERS THE ORDER ILLEGAL, ARBITRARY AND UNJUSTIFIED. 7. THAT THE LD. COMMISSIONER OF INCOME TAX (APPEALS ) HAS ERRED IN HOLDING THAT THE PURCHASE IS BOGUS BASED ONLY ON SUSPICION, CONJECTURES AND SURMISES IN UTTER DISREGARD TO THE EXPLANATIONS RENDERED WHICH RENDERS THE ORDER ILLEGAL, ARBITRARY AND UNJUSTIFIED. 8. THAT THE ORDER OF THE LD. COMMISSIONER OF INCOME TAX (APPEALS) IS ERRONEOUS, ARBITRARY, OPPOSED TO LAW AND FACTS OF T HE CASE AND IS, THUS, UNTENABLE. 3. LD. COUNSEL FOR THE ASSESSEE FURNISHED AN APPLIC ATION STATING THEREIN AS UNDER: IN THE MATTER OF ITA NO.L401/CHANDI/2019 RELATING T O THE ASSESSMENT YEAR 2011-12 FIXED FOR HEARING TOMORROW THE 11 TH OF JANUARV,2021. APPLICATION FOR WITHDRAWAL OF APPEAL. RESPECTFULLY SHOWETH AS UNDER: THE ABOVEMENTIONED APPEAL STANDS FIXED FOR HEARING TOMORROW THE 11 OF JANUARY,2021. THE ASSESSEE HAS MOVED AN APPLICATION UNDER 'THE DIRECT TAX VIVAD SE VISHWAS' SCHEME WHICH HAS BEEN ANNOUNCED BY THE GOVERNMENT AND SETTLE THE TAX DISPUTE. THE INCOME TAX DEPARTMENT H AS SINCE ISSUED FORM - 3 AND AS SUCH, THE ASSESSEE MAY BE GIVEN PERMISSION TO WI THDRAW THE APPEAL SUBJECT TO PAYMENT OF TAXES BY 31.03.2021 AS COMPUTED BY THE D EPARTMENT. COPY OF FORM - 3 IS ENCLOSED HEREWITH. SD/- (TEJMOHAN SINGH) ADOVCATE FOR. SH. PAWAN BANSAL, PANCHKULA 3 4. DURING THE COURSE OF HEARING THE LD. COUNSEL FOR THE ASSESSEE REITERATED THE CONTENTS OF THE AFORESAID APPLICATIO N AND SUBMITTED THAT IN CASE THE DEPARTMENT DOES NOT ACCEPT THE SAID APPLIC ATION, THE ASSESSEE MAY BE GIVEN LIBERTY TO APPROACH THE ITAT FOR RESTO RING THIS APPEAL. 5. LD. CIT DR DID NOT OBJECT TO THE AFORESAID CONTE NTION OF THE LD. COUNSEL FOR THE ASSESSEE. 6. IN VIEW OF THE ABOVE THE APPEAL OF THE ASSESSEE IS DISMISSED AS WITHDRAWN WITH A RIDER THAT IN CASE THE DEPARTMENT DOES NOT ACCEPT THE APPLICATION OF THE ASSESSEE UNDER VIVAD SE VISHWAS SCHEME, ACT 2020. THE ASSESSEE IS AT LIBERTY TO MOVE AN APPLICATION B EFORE THE ITAT, CHANDIGARH BENCH FOR RESTORING THIS APPEAL. 7. IN THE RESULT, APPEAL OF THE ASSESSEE IS DISMISS ED. ( ORDER PRONOUNCED IN THE OPEN COURT ON 11/01/2021) SD/- SD/- .. .., (R.L. NEGI ) ( N.K. SAIN I) $ %&/ JUDICIAL MEMBER ! / VICE PRESIDENT AG DATE: 11/01/2021 (+! ,-.- COPY OF THE ORDER FORWARDED TO : 1. THE APPELLANT 2. THE RESPONDENT 3. $ / CIT 4. $ / 01 THE CIT(A) 5. -2 45&456789 DR, ITAT, CHANDIGARH 6. 8:% GUARD FILE