MANOJ JAIN, JAIPUR V. DCIT, CIRCLE-4, JAIPUR, JAIPUR

ITA 286/JPR/2021

AI Insights

The case involves Shri Manoj Jain, the appellant, contesting the order of the CIT(A) which confirmed the AO's decision regarding the recomputation of losses from speculation business and the validity of the reopening of the assessment under section 148 of the Income Tax Act, 1961. The appellant argued that the reasons recorded for reopening the case were not valid and that the reassessment was based on information from third parties without a proper opportunity to be heard, violating principles of natural justice. The Tribunal dismissed the appeal, finding no merit in the appellant's submissions and upholding the CIT(A)'s decision.

• Counselvise Citation: [2023] 140 COUNSELVISE.COM (IT) 132252 (ITAT-JAIPUR)
• Duration Of Justice: 1 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 30-04-2023
• Appeal Filed By: Assessee
• Order Result: Dismissed
• Bench Allotted: SMC
• Next Hearing Date: 14-03-2023
• Assessment Year: 2011-2012
• Appeal Filed On: 30-11-2021
• Laws Referred To: Income Tax Act, 1961
• Result in Favour of: Revenue
• Court: TRIBUNAL
• Assessee Lawyers: RAJVIR SINGH; STAFF MEMBER OF AR
• Keywords: Opportunity of being heard; Additional evidence
• Section: 148; 133(6)

Judgement Text

vk;dj vihyh; vf/kdj.k] t;iqj U;k;ihB] t;iqj IN THE INCOME TAX APPELLATE TRIBUNAL, JAIPUR BENCHES,”SMC’’ JAIPUR Jh laanhi xkslkbZ] U;kf;d lnL; ds le{k BEFORE: Hon’ble SHRI SANDEEP GOSAIN, JUDICIAL MEMBER vk;dj vihy la-@ITA No. 286/JP/2021 fu/kZkj.k o"kZ@Assessment Year : 2011-12 Shri Manoj Jain F-946 (D), Road No. 14, VKI Area Jaipur cuke Vs. The DCIT Circle-4 Jaipur LFkk;h ys[kk la-@thvkbZvkj la-@PAN/GIR No.: ABPPJ 0403 N vihykFkhZ@Appellant izR;FkhZ@Respondent fu/kZkfjrh dh vksj ls@ Assessee by : Shri Rajvir Singh, Staff Member of A/R jktLo dh vksj ls@ Revenue by: Mrs. Monisha Choudhary, Addl. CIT lquokbZ dh rkjh[k@ Date of Hearing : 15/03/2023 mn?kks"k.kk dh rkjh[k@Date of Pronouncement: 01/05/2023 vkns'k@ ORDER PER: SANDEEP GOSAIN, JM This appeal filed by the assessee is directed against order of the ld. CIT(A), National Faceless Appeal, Centre (for short ‘’NFAC’’) Delhi dated 28-09-2021 for the assessment year 2011-12 wherein the following grounds have been raised by the assessee. ‘’1. Under the facts and circumstances of the case, the proceedings initiated u/s 148 of the I.T. Act, 1961 is void ab initio deserves to be quashed because the basis of reasons recorded for reopening of the case is not valid. 2 ITA NO. 286/JP/2021 SHRI MANOJ JAIN VS DCIT, CIRCLE-4, JAIPUR 2. The ld. CIT(A) has grossly erred in confirming the action and finding of AO regarding re-computing the loss from speculation business of Rs.45,49,103.75 instead of Rs.76,35,727/- as declared by the appellant. 3. The ld. CIT(A) has grossly erred in confirming the action of AO on the basis of information submitted by different persons in response to notice u/s 133(6) without giving opportunity of being heard which is against the principles of natural justice.’’ 2.1 At the outset of hearing, the Bench noted that there is delay of 04 days in filing the appeal for which the assessee has filed an application dated 03-10-2022 praying therein that due to COVID-10 Pandemic, this delay took place in late filing the appeal for which the assessee filed an affidavit with the prayer to condone the delay. 2.2 On the other hand, the ld. DR objected to such delay of late filing the appeal but submitted that the Court may decide the issue as deem fit and proper in the case. 2.3 We have heard the both the parties and perused the materials available on record. It is noticed that COVID 19 pandemic has affected the life of human being and in that situation the Court had granted relief to the party who had prevented by this sufficient cause. Hence, the delay so made by the assessee in filing the appeal is condoned. 3 ITA NO. 286/JP/2021 SHRI MANOJ JAIN VS DCIT, CIRCLE-4, JAIPUR 3.1 Further, it is noted that the ld. AR of the assessee vide application dated 12- 05-2022 has filed the additional evidences under Rule 29 in the case of the assessee Shri Manoj Jain praying as under:- ‘’In connection with the subject cited above, it is humbly submitted that during the course of appellate proceedings before Hon’ble CIT(Appeals), the appellant tried to obtain the detailed turnover/levies Report of MCX Futures and NCX Futures from the stock broker – Anand Rathi but as the relevant documents pertain to 9-10 years back i.e. F.Y. 2010-11, hence the appellant tried a lot to get them within time but unable to get the same within time. Therefore, could not submit the relevant evidence before the Hon’ble CIT(Appeals). It is humbly submitted that the appellant tried very hard to get the documents well within the time period but even after repeated efforts he receved the documents after disposal of case by Hon’ble CIT(Appeals). The case of the appellant falls within the circumstances specified under Rule 29 of the Income Tax Act (Appellate Tribunal) Rules 1963. Therefore, your honous is requested to admit the additional evidences annexed herewith and place the same on record for disposal of the relevant appeal.’’ 3.2 The Bench has taken into consideration the application of the assessee relating to admission of additional evidences but does not find any adequate reason to admit the same on the ground that these additional evidences could have been placed either before the AO during assessment proceedings or before the ld. CIT(A) at appellate proceedings. It is worthwhile to mention that the assessment order was passed by the AO on 24-12-2018 whereas the appellate order was passed 4 ITA NO. 286/JP/2021 SHRI MANOJ JAIN VS DCIT, CIRCLE-4, JAIPUR by the ld. CIT(A) 28-09-2021. Thus the Bench conclusively noted that the ld. AR of the assessee failed to substantiate appropriate reason for admission of additional evidences. In this situation, the Bench does not find any merit in the submissions of the assessee and thus the appeal of the assessee is dismissed in view of the findings of the ld. CIT(A). 4.0 In the result, the appeal filed by the assessee is dismissed. Order pronounced in the open court on 01/05/2023. Sd/- ¼lanhi xkslkbZ½ (Sandeep Gosain) U;kf;d lnL;@Judicial Member Tk;iqj@Jaipur fnukad@Dated:- 01 /05/2023 *Mishra vkns'k dh izfrfyfi vxzsf’kr@Copy of the order forwarded to: 1. The Appellant- Shri Manoj Jain, Jaipur 2. izR;FkhZ@ The Respondent- The DCIT, Circle-4, Jaipur 3. vk;dj vk;qDr@ The ld CIT 4. vk;dj vk;qDr¼vihy½@The ld CIT(A) 5. foHkkxh; izfrfuf/k] vk;dj vihyh; vf/kdj.k] t;iqj@DR, ITAT, Jaipur 6. xkMZ QkbZy@ Guard File (ITA No. 286/JP/2021) vkns'kkuqlkj@ By order, Asstt. Registrar