9911796707
TMI Blog2012 (9) TMI 290X X X X Extracts X X X X X X X X Extracts X X X X ..... ving similar issue were heard together and are being disposed off by this consolidated order for the sake of convenience. 3. The Revenue in ITA No.139/Chd/2012 has raised the following grounds of appeal: 1. Whether on the facts and circumstances, the CIT(A) has violate the provisions of Rule 46 A while admitting the additional evidences without allowing an opportunity to the A.O. to examine the same, which was never furnished by the assessee during the course of assessment proceedings. 2. Whether on the facts and circumstances, the CIT(A), is right in deleting the addition of Rs.54,54,294/- made by the AO u/s 69 on account of unexplained investment on the basis of additional evidences by violating the Rule 46A ,which was never produced b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... penalty proceeding U/S 271(l)(c) of the Income Tax Act. 5. The brief facts of the case are that the Assessing Officer had received information through AIR in respect of the investment in mutual funds made by the assessee during the financial year 2007-08. The assessee was asked to explain the source of investment in the aforesaid mutual funds, during the course of assessment proceedings. The assessee in his Balance Sheet had shown investment in mutual funds at Rs.4,50,000/- only and when confronted with the information received from AIR of investment in mutual funds to the tune of Rs.54,54,294/-, the assessee filed revised Balance Sheet before the Assessing Officer reflecting the above said investment. The assessee claims to have filed th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... conceded that the matter may be sent back to the Assessing Officer for proper adjudication of the issues raised in the present appeal as the explanation filed by the assessee has not been considered in proper perspective by the authorities below. 9. From the perusal of the record and the orders of the authorities below we find that though the assessee had furnished various explanations before the Assessing Officer and the CIT (Appeals), the same have not been considered in the proper perspective. The grievance of the Revenue is that even the CIT (Appeals) has accepted the contention of the assessee in violation of the provisions of Rule 46A of the Income Tax Rules. The plea of the assessee in this regard is that the appellate proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
