2014 (4) TMI 398

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..... M: This is an appeal filed by the assessee. It is directed against the order passed by Ld. CIT(A)26,Mumbai dated 6/12/2010 for assessment year 2006-07. The grounds of appeal read as under: 1. In law and on facts & circumstances of the case, the learned CIT (A) was not justified in upholding the order of A.O. summarily without appreciating the facts on records, particularly when the order i....

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....ct) due to failure of the assessee to attend the proceedings before the A.O. A sum of Rs.5.00 lcas was added to the returned income of the assessee of Rs.5,91,574/-. The aforesaid amount of Rs.5.00 lacs was added on account of AIR information according to which assessee had purchased mutual fund of Rs.5.00 lacs. It is mentioned by the AO that the said amount is added due to non-availability of boo....

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....f facts filed before Ld. CIT(A) it was submitted by him that notices were not received by the assessee due to change in address. Both the notices were sent on old address despite the fact that in the return filed for A.Y. 2007-08 new address was stated. He has submitted before us that copy of acknowledgement for return filed for A.Y.2007-08 in which the new address is stated. Copy of acknowledgeme....

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....ess by the assessee, the notices issued by the AO could not be served upon the assessee. Thus, assessee was prevented by reasonable cause and did not appear before A.O. Considering these circumstances and the submissions of Ld. AR that assessee has sufficient material to prove that the investment in mutual fund is explainable, we consider it just and proper to restore this issue to the file of AO ....