IN THE INCOME TAX APPELLATE TRIBUNAL “C’’BENCH: BANGALORE BEFORE SHRI PRASHANT MAHARISHI,VICE PRESIDENT AND SHRI KESHAV DUBEY, JUDICIAL MEMBER IT (IT) A No.235/Bang/2025 Assessment Year : 2016-17 Navjyoti Sharma No.37, Castle Street Ashok Nagar DCIT (IT)

Vs.

Bangalore 560 025 Circle 2(1)

Bangalore PAN NO : AKQPS9750D APPELLANT RESPONDENT Appellant by : Sri Varadarajan D.P., A.R.

Respondent by : Dr. Divya K.J., D.R.

Date of Hearing : 07.08.2025 Date of Pronouncement : 04.11.2025

O R D E R

PER KESHAV DUBEY, JUDICIAL MEMBER:

This appeal at the instance of the assessee is directed against the order of the ld. DCIT ASMNT, Circle-2(1), Bengaluru dated 12.12.2024 vide DIN & Order No. ITBA/AST/S/147/2024- 25/1071150775(1) passed u/s 147 r.w.s. 144C(13) of the Income Tax Act, 1961 (in short “The Act”) for the assessment year 2016-17.

2. The assessee has raised the following grounds of appeal:

3. The brief facts of the case are that as per the specific information flagged as per risk management strategy (RMS) formulated by the CBDT in insight portal under the head “NMS Cases”, the assessee had carried out the following financial transactions during the FY 2015-16 relevant for AY 2017-18 –

a) Received