TaxTMI 
TaxTMI 
2019 (11) TMI 32
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.... filed a petition requesting for condonation of the said delay, wherein it was stated that the AO completed the assessment u/s 144 of the Act vide order dated 30/03/2013. Subsequently, Pr. CIT (Central), Hyderabad invoked the provisions of section 263 and passed an order on 10/03/2015 setting aside the assessment made u/s 144 of the Act and directed the AO to re-do the assessment. The order u/s 263 was served on the assessee on 29/06/2015. The AO completed the reassessment u/s 143(3) rws 263 of the Act vide order dated 31/12/2015. The assessee stated that he was under bonafide impression that appeal, if any, would lie when the AO passed an order in consequence to the direction of Ld. Pr. CIT. He, therefore approached the advocate on 27/01/....
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....planation offered by the assessee for the delay in filing the appeal is not bonafide and therefore, it is not a fit case to condone the delay as the assessee has failed to establish that the assessee is prevented by sufficient cause for not filing the appeal within the stipulated time. Accordingly, the appeal is dismissed as not admitted. ITA No. 513/H/2017 5. This appeal is directed against the order of CIT(A) - 12, Hyderabad dated 24/10/2016. 6. Briefly, the facts of the case are that the assessee, an individual, deriving share income and capital gains, filed his return of income for the AY 2011-12 on 01/03/2013 admitting income of Rs. 67,86,340/-. There was a search and seizure operations in the case of the assessee on 16/09/2010 and ....
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....detailed findings discussed at para No. 3.1 above and also on the reason that the assessee failed to furnish proper proof such as original bills/invoices, sources of purchase, customs clearance certificates etc. to suggest that the gold purchased in USA was brought to India. Despite sufficient time and opportunity given, the assessee failed to furnish proper explanation for investment in gold jewellery and silver articles and it is presumed that the assessee has no explanation to offer in respect of unaccounted gold and silver articles. 3.5. Considering the social status-and life style of assessee and number of family members (4 lady members, 2, unmarried grand daughters and 2 gent members) and submission of Sri T.Jagan Mohan Rao during t....
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.... daughter-in-law both are working in USA. Some of the gold seized by the department during the course of search brought by his son and his daughter-in-law and some of the gold was given to his daughter-in-law by her parents as gift. Further, he submitted that the addition made to the extent of Rs. 1,04,66,134/- is not correct and excessive. 12. The ld. DR, on the other hand, supported the orders of revenue authorities. 13. We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities. There was a search operation carried out in the case of the assessee, in which, gold and silver articles valued at Rs. 1,19,50,059/- and Rs. 11,56,543/- respectively were found and out o....