TaxTMI 
TaxTMI 
2020 (12) TMI 182
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....Delhi is contrary to facts and bad in law. 2. That on the facts and circumstances of the case and in law, the CIT (A) was not justified in not admitting the additional evidence 22.1 That having forwarded the additional evidence to assessing officer for comments/ remand report, the action of CIT(A) in refusing to admit additional evidence is not as per settled law. 3. That on the facts and circumstances of the case and in law, the CIT (A) was not justified in upholding the action of AO in sustaining addition of Rs. 1,49,95,369/- on account of un explained credit entries in the bank account as the bank statements were not available with the assessee during assessment proceedings and further refusing to admit the additional e....
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.... Act' for short] vide order dated 29.03.2014 by making the following additions: (1) undisclosed/unexplained credits in the bank account - Rs. 1,49,95,369/- (2) income from undisclosed sources used for incurring expenses - Rs. 23,93,637/- (3) unexplained investment in immovable property - Rs. 97,00,000/- (4) undisclosed interest under the head income from other sources - Rs. 22,828/- 5. During the course of scrutiny assessment proceedings, the Assessing Officer examined the bank account with HDFC bank. On examining the bank statements, the Assessing Officer found that the same has been credited by an amount of Rs. 3.05 crores. The Assessing Officer, on the basis of TDS certificates, came to the conc....
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....e Assessing Officer noticed that the assessee has purchased property from one Shri Ram Babu for an amount of Rs. 1.05 crores. However, during the assessment proceedings of Shri Ram Babu the counsel of Shri Ram Babu stated that the cash amounting to 97 lakhs, which was found to be deposited in the bank account of Shri Ram Babu, was given by the assessee as 'On Money' for purchase of property. 10. Believing on the statement of the counsel of Shri Ram Babu, Assessing Officer made addition of Rs. 97 lakhs as investment from undisclosed sources. 11. The Assessing Officer further noticed that the assessee has earned interest of Rs. 55,360/- in the SBI account with HDFC bank whereas the assessee has shown interest of Rs. 32,532/- only and ac....
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....evidences without recording any specific findings. 15. However, in the interest of justice and fair play, we remit both these issues to the file of the Assessing Officer. The assessee is directed to furnish all necessary evidences which were furnished before the CIT(A) and the Assessing Officer is directed to examine each and every evidence/explanation and decide these two issues afresh after affording reasonable opportunity of being heard to the assessee. 16. Ground Nos.1 to 4 are treated as allowed for statistical purposes. 17. Facts relating to addition of Rs. 97 lakhs have been explained hereinabove. The entire addition has been made only on the admission of the ld. counsel of Shri Ram Babu that the assessee has paid Rs. 97 lak....