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IN THE INCOME-TAX APPELLATE TRIBUNAL “D” BENCH, MUMBAI

BEFORE SHRI SANDEEP GOSAIN, JUDICIAL MEMBER &

SHRI PRABHASH SHANKAR, ACCOUNTANT MEMBER

ITANo.4482/MUM/2025 (A.Y. 2016-17)

Dnyaneshwar v/s. Income Tax Officer, Ward –

Ramchandra Thete बनाम

42(1)(2), Kautilya Bhavan, 152/15 Makarand CHSL Bandra Kurla Complex, Bandra Charkop, Kandivali West, (East), Mumbai – 400 051,

Mumbai – 400 067, Maharashtra Maharashtra

स्थायी लेखा सं ./ जीआइआर सं ./ PAN/GIR No: AABPT5832A Appellant/अपीला्वी .. Respondent/्ቚतिवादी

Appellant by : Shri Rajesh Kothari,AR Respondent by : Shri Annavaran Kosuri,(Sr. AR)

Date of Hearing 30.01.2026 Date of Pronouncement 24.03.2026

आदेश / O R D E R PER PRABHASH SHANKAR [A.M.] :-

The present appeal arising from the appellate order dated

21.05.2025 is filed 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 17.05.2023 for the Assessment

Year [A.Y.] 2016-17.

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2. The grounds of appeal are as under:

1. The learned Commissioner of Income-tax (A) (the learned CIT(A)) erred in confirming the reopening of the assessment under section 147 of the Act, issuing notice under section 148 of the Act and, thereafter, passing the assessment order dated 17/05/2023 without appreciating that the

reassessment proceedings were barred by limitation.

2. Without prejudice to above, the learned CIT(A) erred in confirming reopening of the assessment u/s. 147 and issuing notice u/s. 148 of the Income Tax Act, 1961 merely based on the receipt of some information that the scrip of M/s. Naisargik Agritech (India) Ltd. has been used for providing accommodation entries of bogus LTCG against cash without verifying the correctness of the information or without having any

reasonable belief that income has escaped assessment.

3. The learned Income Tax Officer erred in reopening the assessment u/s. 147 after a period of three years from the end of the relevant assessment year and issuing notice u/s. 148 without forming a belief that income escaped is more than Rupees fifty lakhs as required u/s. 149(1)(b) as per the reasons

recorded for reopening the assessment.

4. The notice dated 12/07/2022 issued u/s. 148 by the learned Assistant Commissioner of Income Tax, Circle 21 (1), Mumbai, ought to be treated as invalid and bad in law since prior approval of Principal Chief Commissioner of Income tax as

required under section 151 was not obtained.

5. Without prejudice to above, the learned CIT(A) erred in confirming the reopening of assessment though the learned AO has issued the notice dated 12/07/2022 under section 148 of the Act in clear contravention of

the E-Assessment of Income Escaping Assessment Scheme, 2022 Order passed without giving sufficient opportunity of being heard

6) The learned Commissioner of Income tax (A) has erred in passing an order on 21/05/2025 without giving sufficient opportunity of being heard.

Addition of Rs. 72,580 u/s. 69A

7. Without prejudice to above, the learned the learned CIT(A) erred in confirming the addition of Rs. 72,580 being transaction value of purchase of the shares of Naisargik Agritech (India) Ltd. u/s. 69A of the Act as unexplained money merely based on the receipt of information from the DDIT without having any corroborative evidence though the assessee had

invested out of known source of income.

8. Without prejudice to above, the learned CIT(A) erred in confirming the addition of Rs. 72,580 made by the learned AO on the wrong presumption that the assessee had booked bogus LTCG/STCG on shares of Naisargik

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Agritech (India) Ltd. though in reality the assessee has only purchased the said shares without selling it during the year o