2012 (7) TMI 774

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ed in these appeals respectively :- 1. Whether the Appellate Tribunal was right in law in upholding the addition of Rs.32,49,000 under Section 69 of the Income Tax Act, 1961 in respect of unexplained investments in shares of NEPC Micon Limited ? 2. Whether the Appellate Tribunal was right in law in upholding the addition of Rs.7,47,000 under Section 69 of the Income Tax Act, 1961 in respect of unexplained investments in shares of NEPC Micon Limited ? 2. The assessee in both the appeals is an individual. In respect of the assessment year 1995-96, the assessing authority added income as unexplained investment under Section 69 of the Act. The assessing authority pointed out that the assessees had not explained the nature and source of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... in respect of two other relatives viz., parents of the assessees herein , the matter stood remanded back to the assessing authority for de novo consideration and the said order was passed after hearing the learned Department Representative who had no grievance for remand of the assessment, the same process should also be followed in the present case too so as to arrive at a right decision. 4. Learned Standing Counsel appearing for the Revneue, however, pointed out that in spite of several opportunities granted to the assessees in the appeals before the Tribunal, no steps were taken to substantiate their case. In the circumstances, at this distance of time the appellants' case do not deserve any consideration. Quite apart, he further poi....