CIT v. Atlas Cycle Industries

180 ITR 319High Court1989#426 most cited

What is CIT v. Atlas Cycle Industries authority for?

The Assessing Officer lacks jurisdiction to make a reassessment if the very grounds on which the notice under Section 148 was issued are subsequently found not to exist. In such a scenario, the reassessment proceedings must be cancelled.

212

judgments rely on this decision, according to BharatTax’s citation analysis of 366,470 Indian tax judgments — from 2009 to 2025.

Also referred to as

CIT v. Atlas Cycle Industries · Atlas Cycle Industries · Section 147 · Section 148 · reassessment jurisdiction · grounds for reassessment · validity of reassessment notice · cancellation of reassessment · Assessing Officer jurisdiction

Also reported as

46 Taxmann 315

Sections most often in play

Section 147Section 148Section 143(3)Section 142(1)Section 143(2)Section 151Section 139(1)Section 69A

Issues it is cited on

section 140a(1)section 215section 207section 2(43)section 13(1)(c)(ii)section 262section 147(1)section 209section 2(1)section 148(2)section 208section 210

Judgments citing CIT v. Atlas Cycle Industries

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

ITA 791/BANG/2024[2018-19]Status: DisposedITAT Bangalore23 Jul 2024AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

In the result, all the COs by assessee in CO

ITA 790/BANG/2024[2017-18]Status: DisposedITAT Bangalore23 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that "a plain reading of Explanation 3 to S.147 clearly depicts that the Assessing Officer has power to make additions even on the ground that reassessment notice might not have been issued in the case du…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

ITA 789/BANG/2024[2016-17]Status: DisposedITAT Bangalore23 Jul 2024AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

ITA 787/BANG/2024[2012-13]Status: DisposedITAT Bangalore23 Jul 2024AY 2012-13

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Global Limited, Bengaluru

ITA 786/BANG/2024[2011-12]Status: DisposedITAT Bangalore23 Jul 2024AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Enterprises Limited, Bangalore

In the result, all the COs by assessee in CO

ITA 785/BANG/2024[2020-21]Status: DisposedITAT Bangalore23 Jul 2024AY 2020-21

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that "a plain reading of Explanation 3 to S.147 clearly depicts that the Assessing Officer has power to make additions even on the ground that reassessment notice might not have been issued in the case du…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Enterprises Limited, Bengaluru

ITA 784/BANG/2024[2018-19]Status: DisposedITAT Bangalore23 Jul 2024AY 2018-19

Bench: Shri Chandra Poojari & Smt. Beena Pillai

Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

Deputy Commissioner of Income-Tax, Bengaluru vs. Coffee Day Enterprises Limited, Bengaluru

In the result, all the COs by assessee in CO

ITA 783/BANG/2024[2017-18]Status: DisposedITAT Bangalore23 Jul 2024AY 2017-18

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that "a plain reading of Explanation 3 to S.147 clearly depicts that the Assessing Officer has power to make additions even on the ground that reassessment notice might not have been issued in the case du…

DCIT, Central Circle-1(3), Bengaluru, Bangalore vs. Coffee Day Enterprises, Bengaluru

In the result, all the COs by assessee in CO

ITA 782/BANG/2024[2016-17]Status: DisposedITAT Bangalore23 Jul 2024AY 2016-17

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Appellant: Sri C. Ramesh, A.RFor Respondent: Smt. S, Praveena, D.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that "a plain reading of Explanation 3 to S.147 clearly depicts that the Assessing Officer has power to make additions even on the ground that reassessment notice might not have been issued in the case du…

Deputy Commissioner of Income Tax, Central Circle-1(3), Bengaluru vs. Coffee Day Enterprises Limited, Bengaluru

ITA 781/BANG/2024[2015-16]Status: DisposedITAT Bangalore23 Jul 2024AY 2015-16

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

DCIT, Central Circle-1(3), Bengaluru vs. Coffee Day Enterprises Limited, Bengaluru

ITA 780/BANG/2024[2011-12]Status: DisposedITAT Bangalore23 Jul 2024AY 2011-12

Bench: Shri Chandra Poojari & Smt. Beena Pillai

For Respondent: Sri C. Ramesh, A.R
Section 1Section 132Section 143(3)Section 148Section 14ASection 153ASection 154Section 234B(3)Section 234D

…onjunctive. The Punjab & Haryana High Court- in the case of Majinder Singh Kang Vs CIT (2012) CIT 244 ITR 358 has, after noticing that the earlier judgments of the Punjab & Haryana and Rajasthan High Courts in the cases of CIT Vs Atlas Cycle Industries (1989) 180 ITR 319 and CIT vs Shri Ram Singh(2008) 306 ITR 343 respectively] were rendered prior to the insertion of Explanation 3 to Section 147 of the Act, held that…

Gunjan Arora, Yamuna Nagar vs. Income Tax Officer, Ward-5, Yamuna Nagar

In the result, the appeal of the Assessee is allowed

ITA 450/CHANDI/2023[2011-12]Status: DisposedITAT Chandigarh15 May 2024AY 2011-12

Bench: Shri A.D. Jain & Dr Krinwant Sahayआयकर अपील सं./ Ita No. 450/Chd/2023 "नधा"रण वष" / Assessment Year : 2011-12 Shri Gunjan Arora, Vs. The Ito, बनाम House No. 633, Ward-5, Mata Mohalla, Vpo Radaur, Yamunanagar Tehsil Jagadhri, Yamunanagar "थायी लेखा सं./Pan No: Ahlpa1555A अपीलाथ" ./ Appellant ""यथ" / Respondent

For Appellant: Sh. Dhruv Goel, C.AFor Respondent: Smt. Amanpreet Kaur, Sr.DR
Section 133(6)Section 148Section 250Section 69

…“Kind attention is invited to following decisions where it has been held that reopening on incorrect facts renders the reassessment notice bad in law and without jurisdiction: • Hon'ble Jurisdictional High Court in case of CIT vs Atlas Cycle Industries [1989] 180 ITR 319 held that where the grounds on which reassessment notice was not found to exist, the AO did not get jurisdiction to make reassessment. • Hon'ble Chandigarh ITAT Bench in case of JMD Astrological Consultancy Services Pvt Ltd, ITA 849/CHD/2011, Baba Kartar Singh Dukki Educational Trust, ITA 444/CHD/2014, Monika Rani, ITA 582/CHD/2019, quashed the r…

DCIT, Chennai vs. Empee Distilleries Ltd., Chennai

In the result, appeal filed by the Revenue is dismissed

ITA 1380/CHNY/2017[2007-08]Status: DisposedITAT Chennai10 May 2024AY 2007-08

Bench: Shri Aby T. Varkey & Shri Jagadishआयकर अपीलसं./I.T.A.No.1380/Chny/2017 (िनधा"रण वष" / Assessment Year: 2007-08) Vs M/S. Empee Distilleries Ltd. The Deputy Commissioner Of Income Tax, ‘Empee Tower, Corporate Circle-2(1) 59, Harris Road, Pudupet, Chennai-600 034 Chennai-600 002. Pan : Aaace-1687-N (अपीलाथ"/Appellant) (""यथ"/Respondent) अपीलाथ"क"ओरसे/ Appellant By : Mr. Suresh Guduri, Jcit ""यथ"क"ओरसे/Respondent By : Mr. A.R.Karthick Lakshmanan, Advocate सुनवाईक"तारीख/Date Of Hearing : 25.04.2024 घोषणाक"तारीख /Date Of Pronouncement : 10.05.2024 आदेश आदेश / O R D E R आदेश आदेश

For Appellant: Mr. Suresh Guduri, JCITFor Respondent: Mr. A.R.Karthick
Section 147

…pra), Explanation 3 as inserted by Parliament would not take away the basis of that decision. The view which was taken by the Rajasthan High Court was also taken in another judgment of the Punjab & Haryana High Court in CIT v. 5 Atlas Cycle Industries [1989] 180 ITR 319. The decision in Atlas Cycle Industries' case (supra) held that the Assessing Officer did not have jurisdiction to proceed with the reassessment, once he found that the two grounds mentioned in the notice under section 148 were incorrect or non-existent. The decisions of the Punjab & Haryana High Court in Atlas Cycle Industries' case (supra) and…

Seema Singh, New Delhi vs. Income Tax Officer Ward 32(3), New Delhi

In the result, the appeal of the assessee is allowed for statistical purposes

ITA 2777/DEL/2023[2011-12]Status: DisposedITAT Delhi30 Apr 2024AY 2011-12

Bench: Shri Kul Bharat & Dr.B.R.R.Kumar[Assessment Year : 2011-12] Seema Singh, Vs Ito, E-65, Chatterpur Extension, Near Ward-32(3), Suman Chowk, New Delhi-110074. New Delhi. Pan-Cazps4606K Appellant Respondent Appellant By Shri Pulkit Verma, Adv. Respondent By Shri Om Parkash, Sr.Dr Date Of Hearing 23.04.2024 Date Of Pronouncement 30.04.2024 Order Per Kul Bharat, Jm : The Present Appeal Filed By The Assessee Is Directed Against The Order Passed By Ld.Cit(A), National Faceless Appeal Centre (“Nfac”), Delhi Dated 29.03.2023 For The Assessment Year 2011-12. 2. The Assessee Has Raised Following Grounds Of Appeal:-

Section 143(2)Section 144Section 147Section 148

…n 206 Taxman 432 (Del.) ii. CIT V. Narain Das Taneja order dated 18.12.2014 in ITA No. 769/2014. iii. Baba Kartar Singh Dukki Educational Trust V. ITO [2015] 63 Taxmann.com 112. iv. Mitul Gems V. ACIT [2015] 62 Taxmann.com 66. v. CIT V. Atlas Cycle Industries 180 ITR 319. (P&H). Further, the coordinate bench of this Hon'ble Tribunal in the case of Shark Packaging (P.) Ltd. V. ITO in ITA No. 8309/Del/2019 categorically held that reassessment initiated on the basis of incorrect facts depicts non- application of mind on the part of AO and liable to be quashed. The relevant portion is reproduced below:- "That where t…

Shah Construction Company Ltd, Mumbai vs. Dy Commissioner of Income Tax, Central Circle-1(3), Mumbai

Appeal is allowed

ITA 859/MUM/2023[2008-09]Status: DisposedITAT Mumbai22 Apr 2024AY 2008-09

Bench: SHRI B.R. BASKARAN, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri M. SubramanianFor Respondent: Dr. Kishor Dhule
Section 143(1)Section 143(3)Section 147Section 148Section 234BSection 36(1)(iii)

…(supra), Explanation 3 as inserted by Parliament would not take away the basis of that decision. The view which was taken by the Rajasthan High Court was also taken in another judgment of the Punjab & Haryana High Court in CIT v. Atlas Cycle Industries [1989] 180 ITR 3191. The decision in Atlas Cycle Industries' case (supra) held that the Assessing Officer did not have jurisdiction to proceed with the reassessment, once he found that the two grounds mentioned in the notice under section 148 were incorrect or non-existent. The decisions of the Punjab & Haryana High Court in Atlas Cycle Industries' case (supra) and…

Shankar Nagappa Jadagouda, Kolhapur vs. NFAC, Delhi

Appeal is allowed in above terms

ITA 381/PUN/2024[2010-11]Status: DisposedITAT Pune17 Apr 2024AY 2010-11

Bench: Shri Satbeer Singh Godara

For Appellant: Shri Nikhil PathakFor Respondent: Shri Manish Mehta
Section 147Section 148

…IN THE INCOME TAX APPELLATE TRIBUNAL PUNE “SMC” BENCH : PUNE [THROUGH VIRTUAL HEARING] BEFORE SHRI SATBEER SINGH GODARA, JUDICIAL MEMBER I.T.A.No.381/PUN./2024 [E-APPEAL] Assessment Year 2010-2011 Mr. Shankar Nagappa Jadagouda, Door No.127, The National Faceless Appeal Kalamba Road, HUDCO Centre [“NFAC”]. Colony, Kolhapur-416 012. vs. Delhi Maharashtra. PAN AELPJ7163G (Appellant) (Respondent) For Assessee : Shri Nikhil Pathak For Revenue : Shri Manish Mehta Date of Hearing : 22.03.2024 Date of Pronouncement : 17.04.2024 ORDER This assessee’s appeal for assessment year 2010-11, arises against the National Faceles…

Nandkumar Namdeorao Diwate, Kolhapur vs. The Income Tax Officer, Ward-1(1), Kolhapur

In the result, the appeal of the assessee is allowed

ITA 1161/PUN/2023[2011-12]Status: DisposedITAT Pune21 Feb 2024AY 2011-12

Bench: Shri Inturi Rama Rao & Shri S. S. Viswanethra Raviआयकर अपील सं. / Ita No.1161/Pun/2023 Assessment Year : 2011-12 Nandkumar Namdeorao Diwate, Vs. Ito, Ward-1(1), 492, C-Ward, Kolhapur Opp. Main Rajaram Highschool, Juna Rajwada, Karveer, Kolhapur, Maharashtra-416001 Pan : Aeqpd 1603L Appellant Respondent

For Appellant: Shri Kishor B. PhadkeFor Respondent: Shri Ramnath P. Murkunde
Section 143(1)Section 143(3)Section 147Section 148Section 250Section 69

…(supra), Explanation 3 as inserted by Parliament would not take away the basis of that decision. The view which was taken by the Rajasthan High Court was also taken in another judgment of the Punjab & Haryana High Court in CIT v. Atlas Cycle Industries [1989] 180 ITR 3191. The decision in Atlas Cycle Industries' case (supra) held that the Assessing Officer did not have jurisdiction to proceed with the reassessment, once he found that the two grounds mentioned in the notice under section 148 were incorrect or non-existent. The decisions of the Punjab & Haryana High Court in Atlas Cycle Industries' case (supra) and…

Mangal Keshav Securities Limited, Andheri (West) vs. The DCIT - 2(2)(1), Aaykar Bhavan, M.K. Road

Appeal is allowed

ITA 2692/MUM/2023[2010-11]Status: DisposedITAT Mumbai30 Jan 2024AY 2010-11

Bench: SHRI PRASHANT MAHARISHI, ACCOUNTANT MEMBER SHRI RAHUL CHAUDHARY (Judicial Member)

For Appellant: Shri Jigar MehtaFor Respondent: Smt. Mahita Nair
Section 143(3)Section 147Section 148

…(supra), Explanation 3 as inserted by Parliament would not take away the basis of that decision. The view which was taken by the Rajasthan High Court was also taken in another judgment of the Punjab & Haryana High Court in CIT v. Atlas Cycle Industries [1989] 180 ITR 3191. The decision in Atlas Cycle Industries' case (supra) held that the Assessing Officer did not have jurisdiction to proceed with the reassessment, once he found that the two grounds mentioned in the notice under section 148 were incorrect or non-existent. The decisions of the Punjab & Haryana High Court in Atlas Cycle Industries' case (supra) and…

Jay Kishore Choubey, Rairangpur vs. ACIT, Circle-1, Asansol

In the result, appeal of the assessee stands allowed

ITA 2/CTK/2023[2010-11]Status: DisposedITAT Cuttack29 Nov 2023AY 2010-11

Bench: Before S/Shri George Mathan, Judicial & Girish Agrawalassessment Year : 2010-2011 2011 Jay Jay Kishore Kishore Choubey, Choubey, Vs. Acit, Circle Acit, Circle-1, Asansol. Rairangpur Bazar, Rairangpur, Rairangpur Bazar, Rairangpur, Mayurbhanj. Pan/Gir No. Pan/Gir No.Acmpc 1759 N (Appellant) .. ( Respondent Respondent) Assessee By : Shri P.R.Mohanty P.R.Mohanty, Adv Revenue By : Shri Charan Das, Sr. Das, Sr. Dr Date Of Hearing : 29/11 11/2023 Date Of Pronouncement : 29/11 /11/2023 O R D E R Per Bench

For Appellant: Shri P.R.MohantyFor Respondent: Shri Charan Das, Sr
Section 147Section 148

…ITR 170 (Ker) where it was held that the AO could not assess income in respect of issues unconnected with the issue for which the notice was issued. However, Explanation 3 does not affect the judgements in Ram Singh 306 ITR 343 (Raj) & Atlas Cycle Industries 180 ITR 319 (P&H) where it was held that if the AO accepted that the reasons for which the notice was issued were not correct, he would cease to have jurisdiction to proceed with the reassessment Explanation 3 lifts the embargo inserted by judicial interpretation on the making of a s. 147 assessment in respect of items not referred to in the recorded reasons…

Raju Devi Saini, Jaipur vs. ITO Ward 4(2), Jaipur

In the result, the appeal of the appellant is dismissed ‘’

ITA 411/JPR/2022[2012-13]Status: DisposedITAT Jaipur30 May 2023AY 2012-13

Bench: Hon’ble SHRI SANDEEP GOSAIN (Judicial Member)

For Appellant: Shri C.L. Yadav, CAFor Respondent: Mrs. Monisha Choudhary, Addl. CIT
Section 148Section 69C

…ssment, once it was found that the ground mentioned in the notice u/s 148 were incorrect and non- existent as held by Rajasthan High Court in CIT vs Shri Ram Singh (2008) 306 ITR 343 (Raj) and Punjab & Haryana High Court in CIT vs Atlas Cycle Indutries (1989) 180 ITR 319. 6. That the authorities below failed to appreciate that the assessee had filed the reply and submitted the IKRARNAMA to prove his point which was brushed aside based upon imagination and suspicion, without proving the same to be bogus, ingenuine or fabricated. Simultaneously, vide letter dated 20-02-2023, the advocate of the assessee Shri Vikas…