आदशे / O R D E R PER MANU KUMAR GIRI, JM:

This Appeal filed by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi, [CIT(A)] dated 03.07.2025 for Assessment Year 2014-15.

2. The Assessee has raised the following grounds of appeal as mentioned below: -

1. On the facts & circumstances of the case, the order passed by Id CIT (A)

is bad both in law and facts.

2. On the facts and circumstances of the case, the Id CIT (A) has erred both in law and facts, confirming the action of ld AO despite the fact that reopening by the Id AO and consequent reassessment was without complying with the statutory conditions prescribed u/s 147 rws 148 is bad in law.

3. On the facts and circumstances of the case, the Id CIT (A) has erred in confirming the action of Id AO ignoring the facts that the Id AO has erred both in law and on facts in making reassessment u/s 147 of the Act as the reasons recorded for reopening of the assessment does not meet the requirement of section 147 of the Income Tax Act.

4. The Id CIT (A) ought to have appreciated the fact that mere information received from investigation wing cannot constitute valid reasons for initiating reassessment proceedings in the absence of anything to show that the AO had independently applied his mind to arrive at a belief that income had escaped assessment.

5. The Id AO erred in invoking the provisions u/s 69A, which only applies when the transaction is not recorded in the books of accounts as held by the apex court whereas CIT (A) ignored the fact that the appellant had properly recorded each and every transaction in the books of accounts.

6. In the facts and circumstances of the case and in law, the Id CIT (A)

dismissed the grounds of appeal, which is non speaking, non reasoned and cryptic order, without rebutting the case law relied by the appellant and is not sustainable in law. Additions based on conjectures and surmises not valid in law

7. . Hence the addition made by the Id AO and sustained by the ld CIT (A)

are being totally contrary to the provisions of law and facts on record and the same may kindly be deleted to meet justice.

8. The appellant craves leave to amend, alter, add or delete any of the above grounds of appeal.

3. Brief Facts of the case: The assessee company has filed its return of income for the AY 2014-15 on 30/9/2014 admitting a total income of Rs. 10,81,390/-.The case was reopened u/s 147 based on the information received from the Investigation Wing, Mumbai, that the appellant has incurred fictitious loss in Equity/Derivative trading in the shares of M/s Looks Health Services Ltd and the assessment was completed u/s 147 r.w.s 144B of the Income Tax Act, 1961 (‘Act’ in short) on 24/3/2022, wherein the loss incurred to the extent of Rs.40,48,000/- in the shares of M/s.Looks Health Services Ltd. was treated as unexplained deposit u/s 69A of the Act and added to the total income.

4. Aggrieved Assessee filed an appeal before the Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi, [CIT(A)]. The Ld. Commissioner of Income Tax (Appeals), NFAC, Delhi, [CIT(A)] vide its order dated 03.07.2025 dismissed the appeal of the Assessee.

5. Now, the aggrieved Assessee is in appeal before this Tribunal.

6. The Learned Counsel for the Assessee has filed a paper book containing 01 to 96 pages with particulars as mentioned below: -

7. The Learned Authorised Representative (AR) has prayed for quashing the consequent order passed u/s 147 r.w.s 144B on the following grounds as mentioned below: -

(a) Reason to believe absence: From a mere perusal of the reasons recorded for reopening (Page 42 of Paper Book Index), it is clear that the Assessing Officer has simply stated that the assessee company has incurred fictitious losses in equity/derivatives to the tune of Rs.40,48,000/-. He has not stated what is the reason to believe that the said Rs.40,48,000/- is fictitious losses.

(b) No tangible material: Ld.AR submitted that assessment cannot be reopened in the