2012 (2) TMI 67

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....This is an appeal by assessee against the order 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....

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....Therefore, he made the addition of Rs. 16 lakhs. 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 tha....

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....nt was mentioned, as the same was signed blank and 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 assesse....

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....was filed. However, no explanation was given in respect 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, the....