2015 (5) TMI 224

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.... preferred by the assessee and has deleted the addition made by the Assessing Officer under Section 69/69(C) of the Income Tax Act (hereinafter referred to as the 'Act'), the Revenue has preferred the present tax appeal. 3. That the assessee filed return of income for A.Y. 2004-2005 declaring the total income at Rs. 2,49,970/-. That search and seizure operation under Section 132 of the Act was carried out on 14.12.2005 at the residential premises of the assessee and survey under Section 133A of the Act was also conducted at the business premises of the assessee on the same date. It appears that during the post-search inquiries, the assessee accepted the undisclosed income and/or undisclosed investments and/or undisclosed expendit....

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..../- under Section 69/69(C) of the Act. 3.3. Feeling aggrieved and dissatisfied with the order passed by the learned CIT(A), the assessee preferred appeal before the learned Tribunal and by impugned judgment and order, the learned Tribunal has allowed the said appeal by deleting addition made by the Assessing Officer under Section 69/69(C) of the Act as confirmed by the learned CIT(A), by observing that when the assessee did not offer Rs. 43,07,179/- as expenditure and did not claim deduction of Rs. 43,07,179/- as expenditure, the Assessing Officer was not justified in invoking Section 69/69C of the Act and/or in making the addition of Rs. 43,07,179/- as unexplained expenditure under Section 69/69(C) of the Act. 3.4. Feeling aggrieved a....