2013 (1) TMI 430

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....he deletion of the addition of Rs.70,18,518/- by the Commissioner of Income Tax (Appeals) as also by the said Tribunal. The said addition had been made by the assessing officer on account of purported unexplained investments by invoking Section 69 of the Income Tax Act, 1961. 3. The assessing officer had made the said addition on the ground that there was no evidence/explanation offered by the assessee in respect of he said investments totaling Rs.70,18,518/-. We may state at the outset that this finding of the assessing officer was ex-facie wrong as has been expressed by the Commissioner of Income Tax (Appeals) and also by the Income Tax Appellate Tribunal. This is so because the assessee had offered material by virtue of its letter dat....

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....he Assessing Officer vide submission dated 3.12.2010. The copy of the same has been provided before us vide paper book page no.101 & 102. From the above, it is evident that the assessee has duly submitted before the Assessing Officer the detail of source of investment. Considering these submissions of the assessee, Ld. Commissioner of Income Tax (Appeals) held that the Assessing Officer has made the addition by completely ignoring the evidences filed during the course of assessment proceedings. In view of the aforesaid detail filed by the assessee before the Assessing Officer, in our considered opinion, the order of the Ld. Commissioner of Income Tax (Appeals) does not need any interference on our part. Accordingly, we uphold the same." ....

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....pellate Tribunal ought to have returned a specific finding that the explanation offered by the assessee was satisfactory or not in the wake of the provisions of Section 69 of the Income Tax Act, 1961?" 8. With the consent of the counsel for the parties the appeal has been taken up for hearing and disposal straightaway. 9. The point in issue can be decided by looking at Section 69 of the Income Tax Act, 1961. The said provision reads as under :- "Section 69- Unexplained Investments Where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any, maintained by him for any source of income, and the assessee offers no explanation about the....