2016 (7) TMI 1431

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....rder u/s 153A that too without assuming jurisdiction as per law and without recording requisite satisfaction as per law and without obtaining requisite approval as per law and without complying with the other mandatory conditions as envisaged under the Act. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in framing the impugned assessment in violation of principles of natural justice in as much as passing the impugned order by recording incorrect facts and findings and without providing opportunity of cross examination and without confronting the entire adverse material used against the assessee and without providing adequate opportunity of hearing. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 5,00,000/- on account of advance given by the assessee to M/s BRA Associates (P) Ltd. 4. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs. 3,31,4501- on acc....

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....faction as per law and without obtaining requisite approval as per law and without complying with the other mandatory conditions as envisaged under the Act. 2. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in framing the impugned assessment in violation of principles of natural justice in as much as passing the impugned order by recording incorrect facts and findings and without providing opportunity of cross examination and without confronting the entire adverse material used against the assessee and without providing adequate opportunity of hearing. 3. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. AO in making addition of Rs.l,00,000/- on account of unexplained expenditure u/s 69C of the Income Tax Act, 1961 and that too on presumptive basis. 4. That having regard to the facts and circumstances of the case, Ld. CIT(A) has erred in law and on facts in not deleting the addition of Rs. 3,31,450/- made by Ld. AO on account of unexplained expenditure. 5. That having regard to the facts and cir....

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....(2) along with questionnaire (Annexure A-2), assessee was called upon to file details as to the income from salary, long term capital gain and other sources to which assessee filed reply. Finding explanation furnished by the assessee not satisfactory, Assessing Officer, proceeded to make an addition of Rs. 98,16,450/- and Rs. 95,27,126/- qua AYs 2003-04 and 2004-05 respectively on the basis of seized document and assessed the total taxable income at Rs. 1,12,03,051/- and Rs. 95,27,120/- qua AYs 2003-04 and 2004- 05 respectively. 3. Assessee carried the matter before the ld. CIT (A) by challenging the assessment orders who has dismissed both the appeals. Feeling aggrieved, the assessee has come up before the Tribunal by way of filing the present appeals. 4. We have heard the ld. Authorized Representatives of the parties to the appeal, gone through the documents relied upon and orders passed by the revenue authorities below in the light of the facts and circumstances of the case. 5. Ld. AR for the assessee challenging the impugned order contended inter alia that none of the loose paper recovered from the residential premises of the Omaxe Limited bears his signatures, handwri....

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....n interest free loan of Rs. 5,00,000/- from the assessee which has been traced to the cheque no.268868 having been paid by M/s. BHA Associates Pvt. Ltd. to M/s. Landmark Estate Pvt. Ltd. being the sale proceeds for purchase of shop in New Friends Colony; ii. that the AO as well as CIT (A) have rejected the contention merely on the ground that the cheque number given by the assessee is 26888 whereas cheque no relied upon by assessee is 268868. To our mind, this is a typographical error in writing the cheque number which should have been verified by the AO from the debit credit entries maintained by the respective banks. So, this addition is not sustainable; iii. that addition of Rs. 40,85,000/- on the basis of loose document, available at page 3 of the paper book pertaining to AY 2003-04, is an estimate of house construction of 4800 sq.ft. @ Rs. 1,100/-. But this paper does not indicate the location of the house under construction nor does this bear the signatures and handwriting of the assessee. More so, no such house has been located by the AO belonging to the assessee having been constructed during the year under assessment nor does it indicate if the amount was paid by way....