2014 (4) TMI 942

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....see has also challenged confirmations of addition of Rs.28,77,283/- by separately invoking section 68 of the Act and in addition, challenge is also against sustaining the levy of interest u/s 234B of the Income Tax Act. 2. The facts indicate that the assessee is engaged in the business of construction of residential and commercial properties. Search and seizure operations u/s 132 were conducted on the assessee on 17.07.1999. Since the assessee neither attended the assessment proceedings nor produced the books of accounts and other documents called by the AO; the original assessment was completed u/s 144 on 16.03.2000 at Rs.60,48,983/- after making an addition of Rs.20,00,000/- and Rs.40,48,983/- on account of income from business u/s 145....

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....ent; that with regard to the addition made u/s 68, confirmation has been filed; and that while the initial onus on the assessee had been discharged; the AO had failed to make any inquiry and completed the assessment on the basis of mere suspicion. 6. Ld. CIT(A) while considering but not accepting the plea has concluded to uphold the order of the AO by dismissing the appeal of the assessee as per para 5.1 to 5.7 of the order at pages 3 & 4. 7. While aggrieved, assessee is in further appeal and while reiterating the submissions as made before the lower authorities, it was pleaded that order of Ld. CIT(A) is not sustainable being not legally valid. It was further submitted that books of accounts were with the authorities who seized them ....