TaxTMI 
TaxTMI 
2012 (2) TMI 67
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....rder of CIT (A), Ajmer dated 23.03.2011 relating to assessment year 2006-07. 2. The assessee is objecting in confirming the order of the CIT (A) passed under section 144 and confirming the addition of Rs.16.00 lakhs made by the AO u/s 69 of the Act. 3. On receipt of information, the AO noticed that the assessee has deposited a sum of Rs.16.00 lakhs on 05.10.2005 in his bank account. There....
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..... A further addition of Rs.50,000/- was made on account of explained income out of other sources. The assessee preferred an appeal before the ld. CIT (A). Before the Ld. CIT (A), it was stated that the assessee has not received any notice under section 142(1). Therefore, assessment completed u/s 144 is not justified. However, the ld. CIT (A) found that the assessee himself as appeared on 12.12.200....
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....d there was no signature of other party. Therefore, he held that the assessee could not explain the source of deposit in his bank account. Accordingly, he confirmed the addition of Rs.16.00 lakhs. However, the amount of Rs.50,000/- was deleted, as the AO made the addition without bringing any material on record. 4. The Ld. Counsel for the assessee, who appeared before the Tribunal, reiterated the....
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....ct of the amount deposited in his bank account. 6. After considering the submissions and perusing the materials on record, we find that the matter needs re-verification. The Ld. Counsel for the assessee has taken a plea that the agreement entered with the colonizer was cancelled and the amount of Rs.16.00 lakhs has been refunded back and, therefore, no income has accrued to the assessee. It was f....