2019 (5) TMI 26

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....under section 154 of the Income Tax Act. 3. Brief facts of the case are that in the Asstt.Year 2005-06 an assessment order was passed under section 143(3) r.w.s. 147 on 19.3.2013 whereby an addition of Rs. 35,82,131/- were made to the total income of the assessee. This addition was made on account of unexplained loans and advanced received from Shantisuri Securities P.Ltd. When this dispute travelled to the CIT(A), then vide order dated 16.1.2015, the ld.CIT(A) has observed that out of the above addition, Rs. 26.44 lakhs was received in the F.Y.2003-04 and cannot be added during the Asstt.Year 2005-06. The following finding of the ld.CIT(A) in this regard is worth to note. It reads as under: page no.13 "...... However, ....

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.... subject. 2. In this connection, 1 would like to inform you that the Hon'ble CIT(A) - 2, Ahmedabad has directed to its order No.CIT(A)-2/ITO, SK Ward-3/91/13-14 dated 16/01/2015 vide para No. 4.3, the amount of closing balance of Rs. 26,44,000/- received by assessee for F.Y. 2003-04 is to be added in A. Y. 2004-05 and this office was given appeal effect order of retrospective effect to the order of Hon'ble CIT(A)'s order for A. Y. 2005-06. 3. In this regard, your rectification application u/s. 154 of the 1. T. Act is hereby rejected and you are dissatisfied to this appeal effect order for A. Y. 2004-05 dated 09/03/2015, you may be preferred an appeal before Hon'ble CIT(A)-2. Ahmedabad. 4. Further, you ....