ACIT v. Rajesh Jhaveri Stock Brokers Pvt. Ltd.

Shri Suresh Chand Nahata, Jaipur vs. Income Tax Officer, Ward-1-1, Jaipur

In the result, the appeal of the assessee is dismissed

Bench: : Shri Vijay Pal Rao, Jm & Shri Vikram Singh Yadav, Am Vk;Dj Vihy La-@Ita No. 355/Jp/2019 Fu/Kzkj.K O"Kz@Assessment Year : 2010-11 Cuke Shri Suresh Chand Nahata The Ito Vs. 1214, Partaniyon Ka Rasta Ward- 1(1) Johri Bazar, Jaipur Jaipur Lfkk;H Ys[Kk La-@Thvkbzvkj La-@ Pan/Gir No.: Aaypn 3419 L Vihykfkhz@Appellant Izr;Fkhz@Respondent Fu/Kzkfjrh Dh Vksj Ls@ Assessee By : None (Written Submission) Jktlo Dh Vksj Ls@ Revenue By : Ms. Chanchal Meena, Jcit-Dr Lquokbz Dh Rkjh[K@ Date Of Hearing : 03/03/2020 ?Kks"K.Kk Dh Rkjh[K@ Date Of Pronouncement : 04/03/2020 Vkns'K@ Order Per Vijay Pal Rao, Jm This Appeal By The Assessee Is Directed Against The Order Of Ld. Cit(A)-1, Jaipur Dated 13-12-2018 For The Assessment Year 2010-11. 2.1 None Appeared On Behalf Of The Assessee When This Appeal Was Called For Hearing Despite The Notice Was Duly Received By The Assessee As Per Acknowledgment Available On Record. The Ld.Ar Of The Assessee Has Though Filed The Written Submission Vide Letter Dated 12-12-2019. 2 Shri Suresh Chand Nahata Vs Ito , Ward-1(1), Jaipur Accordingly, In The Facts & Circumstances Of The Case, We Propose To Hear & Dispose Off This Appeal Of The Assessee Ex-Parte By Considering

…come Tax (Investigation) that assessee had received bogus loss from, his broker by client code modification, reassessment on basis of said information was justified" (vi) In the case of ACIT Vs Rajesh Jhaveri Stock Brokers (P.) Ltd [2007] 161 Taxman 316 (SC) /291 ITR 500 (SC)/ [2007] 210 CTR 30 (SC),it was held by the Hon'ble Apex Court that: “So long as the conditions of section 147 are fulfilled, the Assessing Officer is free to initiate proceedings under section 147 and failure to take steps under section 143(3) will not render the Assessing Officer powerless to initiate reassessment proceedings, even when int…