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TMI Blog2011 (3) TMI 1015X X X X Extracts X X X X X X X X Extracts X X X X ..... percussions flowing from such admission. In the absence of any satisfactory and plausible explanation from the ass - Decided against the assessee. - 870 of 2008 - - - Dated:- 29-3-2011 - MR. JUSTICE ADARSH KUMAR GOEL, MR. JUSTICE AJAY KUMAR MITTAL, JJ. Mr. Yogesh Putney, Senior Standing Counsel for the appellant-Revenue. AJAY KUMAR MITTAL, J. This appeal under Section 260A of the Income-Tax Act, 1961 (for short the Act ) has been filed by the Revenue against the order dated 15.4.2008, passed by the Income Tax Appellate Tribunal Chandigarh Bench A , Chandigarh (in short the Tribunal ) in ITA No. 173/CHANDI/2006, relating to the assessment year 1999-2000. 2. The following substantial questions of law have been clai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee was asked to show cause why the aforesaid amount of Rs. 33,00,000/- be not added to his income under Section 69 of the Act. Further enquiry into the matter leading to the same conclusion i.e. the assessee had failed to explain the source of payment of the amount of Rs.33,00,000/-, the assessing officer made addition of the said amount to the income of the assessee, vide order dated 30.3.2005. 4. The Commissioner of Income-tax (Appeals) {in short the CIT (A) } allowed the appeal by order dated 27.12.2005. The CIT(A) deleted the addition made by the assessing officer by observing that the very basis for addition was derived from the allegations made in the FIR that was got registered by the assessee, and once on investigation ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g the addition, which is as under: We have given our careful consideration to rival contentions. The addition of Rs. 33,00,000/- was made by the Assessing Officer by invoking his powers u/s 69 of the Act. Section 69 is attracted where the assessee is found to have made investment which is not recorded in the books of account and the assessee offers no explanation or the explanation is not satisfactory. Therefore, the section gets attracted only when the assessee is established to have made undisclosed investment. In this case the assessee had filed an FIR claiming that a sum of Rs. 33 lacs had been paid to one Shri Parmod Khosla. However, this FIR could not be supported by any evidence. Therefore, no action could be taken by the police ..... X X X X Extracts X X X X X X X X Extracts X X X X
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