9911796707
TMI Blog2021 (12) TMI 396X X X X Extracts X X X X X X X X Extracts X X X X ..... ithout proper appreciation of facts, recording of satisfaction and requisite approval in terms of provisions of sec. 151 of the Act. (ii) That there is no case of any income escaping assessment and whole basis of reassessment is i l legal and without jurisdiction. 2(i) That on the facts and circumstances of the case, the CIT(A) was not justified in confirming addition of Rs. 56 lakhs as unexplained investment in terms of provisions of sec. 69 of I.T. Act, 1961. (ii) That there is no case of any unexplained investment and finding and conclusion of the CIT(A) is without proper appreciation of facts, application of mind and opportunity to the appellant. (iii) That addition of Rs. 56 lakhs is highly arbitrary and unjustified. 3(i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lief that income to the tune of Rs. 1,11,03,285/- has escaped assessment within the meaning of sect ion 147 of the Income Tax Act, 1961. Accordingly, necessary permission/approval under sect ion 151(2) of the Income Tax Act, 1961 may kindly be accorded for issuance of not ice u/s. 148 of the Income Tax Act, 1961 for A.Y. 2008-09. Annexure - C {Paper Book Page No. 32} Note: The Assessing Officer is requested to go through the bank statement and other documents forwarded herewith to arrive at the income escaping assessment before issuing notice u/s 148." 4. The first issue pertains to deposit of cash in the bank. The Assessing Off icer reopened the case holding that the assessee had cash deposits to the tune of Rs. 55,03,285/-. On goi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion received from Addl. Director Income Tax(Inv.), Unit-V, New Delhi vide his letter F.No.Addl.DIT(Inv.)/U-V/2011-12/251 and after obtaining necessary approval from Addl. CIT Range-23, New Delhi. Accordingly, notice u/s 148 of I.T was issued on 26.03.2013. Subsequent notice u/s 143(2) of I.T Act was issued on 28.01.2014 fixing the case for hearing on 30.01.2014. Further notice u/s 142(1) of I.T Act along with questionnaire was issued on 19.02.2014 fixing the case for 25.02.2014. In compliance to these notices Shri S.N. Arora/Sapra and Shri Vinod Bansal, CA/A.R's of assessee attended the scrutiny proceeding on 28.01.2014, 10.02.2014 and 24.02.2014 and furnished part details as called for which were examined and placed on record. Shri Avinas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 014 fixing the case for hearing on 25-02-2014 but the same also remained un-complied with. Since the case was getting barred by l imitation, a final show cause notice was issued on 06.03.2014 making it very clear that if no reply is received from his side on or before 11.03.2014 the case will be decided on the basis of information available on records. The assessee, however failed to avail the final opportunity given to him since the new AR appointed by him asked for further time in view of his taking the case recently, as a result of which his income has been computed on the basis of information available on records. On the basis of the copies of the pass books placed on record and information received from investigation wing there is c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Unexplained investment u/s 69 as discussed in Para 4 above Rs. 9400000/- Total taxable income Rs. 37962733 Rounded off u/s 288A Rs. 37962730 7. We have perused the Assessment Order dated 19.03.2014 wherein the property has been taken as unexplained investment u/s 69 to the tune of Rs. 56,00,000/-. Since, the amount stands assessed in the hands of the assessee for the A.Y. 2006-07, the property involved is the same and there was no evidence of payment of Rs. 10,00,000/- by the assessee, we hold that no further addition is required to be made in the instant assessment year. In view of these facts, the order of the ld. CIT(A) cannot be sustained. 8. In the result, the appeal of the assessee is allowed. Order Pron ..... X X X X Extracts X X X X X X X X Extracts X X X X
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