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TMI Blog2022 (5) TMI 888X X X X Extracts X X X X X X X X Extracts X X X X ..... ght observed that various submissions, as filed by the assessee, were not considered by the Assessing Officer while making the addition, however, learned CIT(A) failed to make any enquiry nor called for any remand report from the Assessing Officer, even after noting various shortcomings in the assessment order. The learned CIT(A) merely on account of absence of material being brought on record deleted the addition made under section 69 of the Act. We are of the considered opinion that, in the present case, CIT(A) has not discharged its obligation of ensuring effective enquiry and detailed scrutiny of all the aspects while deciding the appeal. Thus, we deem it appropriate to set aside the impugned order and remand the matter to the learne ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the circumstances of the case and in law, the Ld. CIT Appeal is right in allowing the Appeal without considering the principles enumerated by the Hon. Delhi High Court in the case of Jan Sampark Advertising and Marketing (P) Ltd. (375 ITR, 373 Delhi)? 3. Whether on the facts and in the circumstances of the case and in law, the Ld. CIT Appeal is right in allowing the appeal when the Assessee could not establish the nature and source of the investment as per the requirement of the section 69 of the Income Tax Act, 1961?. 4. The brief facts of the case as emanating from the record are: The assessee is an individual and has not filed return of income for the year under consideration. Therefore, summons under section 131 of the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... However, in absence of assessee, the statement of Director was treated as accepted by the assessee. Further, the Assessing Officer noted that the assessee is a knowledgeable person having employment and business as investor worldwide and therefore it cannot be stated that he had no knowledge for the securities transactions and investments. Accordingly, the Assessing Officer made an addition of Rs. 10,88,98,220 as unexplained investments being investment where the assessee has offered no explanation under section 69 of the Act. 5. The learned CIT(A) vide order dated 19/07/2019 allowed the appeal filed by the assessee and deleted the addition made by the Assessing Officer under section 69 of the Act, by observing as under: 12. I find ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Jansampark Advertising Marketing (P) Ltd.: [2015] 56 taxmann.com 286 (Delhi). 7. We have considered the submission and perused the material available on record. In the present case, the learned CIT(A) has taken note of various submissions filed by the authorised representative of the assessee during the course of assessment proceedings. The learned CIT(A), observed that various objections/rebuttal of allegations were made by the assessee, however, same were not considered by the Assessing Officer. The learned CIT(A) also observed that no enquiry was made by the Assessing Officer to establish transfer of funds from bank account of assessee to a bank account of Consortium Capital Private Limited. It is well established that power of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s), having noticed want of proper inquiry, could not have closed the chapter simply by allowing the appeal and deleting the additions made. It was also the obligation of the first appellate authority, as indeed of ITAT, to have ensured that effective inquiry was carried out, particularly in the face of the allegations of the Revenue that the account statements reveal a uniform pattern of cash deposits of equal amounts in the respective accounts preceding the transactions in question. This necessitated a detailed scrutiny of the material submitted by the assessee in response to the notice under Section 148 issued by the AO, as also the material submitted at the stage of appeals, if deemed proper by way of making or causing to be made a furt ..... X X X X Extracts X X X X X X X X Extracts X X X X
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