2017 (7) TMI 1091

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....e. For the Respondent : Mr. Salil Aggarwal with Mr. Madhur Aggarwal, Advocate. O R D E R 1. This is an appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act') against the order dated 30th June, 2016 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 902/Del/2015 for the Assessment Year ('AY') 2006-07. 2. While admitting the appeal on 7th February....

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....he Revenue, the Assessee had invested a sum of Rs. 20 crores. Therefore, on 10th February, 2012, a search operation was undertaken under Section 132 of the Act in the case of the Assessee. There is no dispute that this search did not result in the discovery of any incriminating material qua the Assessee. 4. The case of the Revenue is that on 21st February, 2012 a letter was written to the AO by....

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....nclusion that the Assessee had failed to explain the nature and the source of the investment made in cash and, consequently, added the sum of Rs. 3.21 Crores to the Return Income. 6. The Assessee went in appeal before the Commissioner of Income Tax (Appeals) who dismissed it by an order dated 27th November, 2014. A further appeal was filed by the Assessee before the ITAT. The ITAT, inter alia, ....