2015 (7) TMI 987

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....search and seizure action under section 132 was conducted on 15.09.2008 in the cases belonging to Goud group. During the course of said action, certain incriminating material pertaining to the assessee was found and seized. Consequently, notices under section 153C were issued by the A.O. on 27.08.2010 in response to which, the returns of income for the years under consideration were filed by the assessee on 04.11.2010 and 08.11.2010 declaring total income of Rs. 1,21,757 and Rs. 1,25,957 for A.Ys. 2007-2008 and 2008-2009 respectively. As found during the course of search as well as in the post search enquiries made by the A.O., the assessee had purchased one plot of land at Annojiguda admeasuring 400 sq. yards for an amount of Rs. 4,80,000.....

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.... assessee however stated the value of this investment as Rs. 5,05,620. The A.O. noted that there was thus a difference in sale consideration to the extent of Rs. 1,58,450 as admitted by the assessee himself. He also noted that there was no regular return of income filed by the assessee for A.Y. 2008-2009 and the return for the said year was filed by the assessee only in response to the notice issued under section 153C. He therefore, treated the entire investment of Rs. 5,05,620 made by the assessee in this property as unexplained and added the said amount to the total income of the assessee. Accordingly, in the assessment completed under section 143(3) read with section 153C vide order dated 29th December, 2010, the total income of the asse....

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....9, the assessee has preferred these appeals before the Tribunal. 4. I have heard the arguments of both the sides and also perused the relevant material on record. The Ld. Counsel for the assessee has taken a new stand at the time of hearing before me by stating that the amounts of investment made by the assessee during the years under consideration and treated as unexplained by the A.O. were actually sourced from the funds available with assessee's HUF. He has submitted that the said HUF is engaged in the business of trading of packaging wooden boxes and sufficient funds were available with the said HUF in the form of withdrawals made from the bank account at the relevant time. He has submitted that the said HUF is regularly assessed to ta....

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....s the funds available with the HUF cannot be entertained at this stage. First of all, this explanation was not offered by the assessee either before the A.O. or before the Ld. CIT(A) and in the absence of any reasons given by Ld. Counsel for the assessee to show what prevented the assessee to offer this explanation before the authorities below, the same cannot be entertained at this stage during the course of proceedings before the Tribunal. Moreover, the documents filed by the Ld. Counsel for the assessee in support of the new stand taken by him constitute additional evidence and there is no application filed by him seeking admission thereof as required by Rule 29 of ITAT Rules, 1963. Furthermore, as rightly contended by the Ld. DR, these ....