IN THE INCOME-TAX APPELLATE TRIBUNAL“D” BENCH, MUMBAI BEFORE SHRI ANIKESH BANERJEE, JUDICIAL MEMBER &

SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER ITA No.5842/MUM/2025 (A.Y. 2014-15)

Ranjanben Chunilal Gada, v/s. Income Tax Officer, Ward –

Flat No. 401, Chandan बनाम

34(3)(2), Room No. 125, Niwas, Bajaj Road, Ville Kautilya Bhavan, G-Block, Parle(W), Mumbai – Bandra Kurla Complex, 400056, Maharashtra Bandra (East), Mumbai –

400051, Maharashtra स्थायी लेखा सं./जीआइआर सं./PAN/GIR No: AHMPG4046M Appellant/अपीलार्थी .. Respondent/प्रतिवादी

Appellant by : Shri B.V. Jhaveri,AR Respondent by : Shri Umashankar Prasad, (CIT DR)

Date of Hearing 04.12.2025 Date of Pronouncement 27.01.2026 आदेश / O R D E R PER PRABHASH SHANKAR [A.M.] :-

The present appeal arising from the appellate order dated

28.07.2025 is preferred by the assessee against the order passed by the Learned Commissioner of Income-tax (Appeals)/National Faceless Appeal Centre, Delhi [hereinafter referred to as “CIT(A)”] pertaining to assessment order passed u/s. 147 r.w.s 144B of the Income-tax Act, 1961 [hereinafter referred to as “Act”] dated 18.05.2023 for the Assessment Year [A.Y.] 2014-15.

2. The grounds of appeal are as under:

I. Validity of Reassessment Proceedings:

1. On the facts and circumstances of the case and in law, Honourable Commissioner (Appeals) has erred in passing the Order U/S 250 dated 28-07-2025 dismissing the Appeal U/S 246A against the Order U/S 147 r.w.s 1448 dated 18-05-2023 making addition of Rs.69,67,752/- U/S 69A and Rs.1,39,355/-U/S 69C on following grounds-

(i) The order U/S 148A (d) dated 29-07-2022 itself is passed without providing copies of information / documents / material evidences relating to alleged accommodation entry of Rs.70,11,750/-, violating the directions of Honorable Supreme Court in the case of Ashish Agrawal.

(ii) The only information provided is “Case Related Information Detail”

sheet downloaded from INSIGHT Portal. Even that was suffering from various deficiencies.

(iii) The Assessing Officer has not done any Independent verification /investigation and he has simply used “Borrowed Information”

supplied by the Investigation Wing of the Department.

Therefore, the Order U/S 250 dated 28-07-2025 is bad in law and needs to be deleted.

II. Addition of alleged Accommodation Entry of Rs.69,67,752/- U/S

69A and Commission of Rs.1,39,355/-U/S 69C:

On the facts and circumstances of the case and in law, Honourable Commissioner (Appeals) has erred in passing the Order U/S 250 dated 28- 07-2025 dismissing the Appeal U/S 246A against the Order U/S 147 r.w.s 1448 dated 18-05-2023 making addition of Rs.69,67,752/- U/S 69A and Rs.1,39,355/- U/S 69C in spite of the fact that-

(i) The information received by the Assessing Officer from INSIGHT PORTAL is non-specific and general information lacking any specific information about the Assessee.

(ii) The Assessing Officer has not proved any connection or exchange of cash between the Assessee and the so-called Entry Operator, Shri Naresh Jain.

(iii) The Assessing Officer is not having any direct or conclusive evidence stating that the said transaction in question is bogus.

(iv) Assessee has purchased the shares under question from Recognised Stock Exchange in Rolling Market, made payment through regular banking channel, Received the Delivery of the shares with SEBI Authorised Depository Participant, held the shares for more than one year, Sold the Shares on Recognised Stock Exchange and Paid STT on Sale of Shares. All Documentary Evidences in respect of the above are submitted to the Assessing Officer which are neither rebutted nor found to be false.

(v) The transaction in question has been executed on the SEBI monitored Online Order Matching System of Bombay Stock Exchange which is internationally acclaimed.

(vi) The transaction in question has been settled through SEBI and RBI monitored pay-in/pay-out mechanism of Bombay Stock Exchange, through regular Banking Channels as well as Securities Depository System.

3. We take up groun