2021 (10) TMI 947

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....an individual stated to be having income from salary, Capital Gain, Income from House Property and income from other sources. Assessee had filed return of income for A.Y. 2012-13 u/s 139(1) of the Act on 19.02.2013 declaring income of Rs. 8,91,278/- which was processed u/s 143(1) of the Act on 15.01.2014. Thereafter, consequent to the search and seizure operation u/s 132 of the Act which was carried out on 15.10.2013 in SRM group of cases including the assessee notice u/s 153A of the Act was issued on 17.06.2014. In response to the notice u/s 153A, assessee electronically filed the return of income on 27.12.2014 declaring total income at Rs. 8,91,278/-. Thereafter, the case was taken up for scrutiny and consequently the assessment was frame....

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....Y. 2012-13 reads as under: 1. "That on the facts and circumstances of the case, the Ld. CIT(A) had erred in law as well as facts in deleting the addition of Rs. 1,63,982/- made by assessing officer on account of commission income. 2. That on the facts and the circumstances of the case, the Ld. CIT (A) has erred in law as well as facts in deleting the addition of Rs. 13,33,880/- made by the assessing officer on account of rental income. 3. That on the facts and circumstances of the case, Ld. CIT(A) has erred in law as well as facts in deleting the addition of Rs. 1,50,00,000/- made by the assessing officer on account of Short Term Capital Gain. 4. On the facts and in the circumstances of the case, the Ld. ....

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....cation for admission of additional evidence under Rule 29 of Appellate Tribunal Rules, 1963. He submitted that the addition of Rs. 55,67,131/- was made by AO by treating the increase in value of immovable property on account of renovation as unexplained investment. The addition was made, as AO was of the view that assessee has not filed statement of affairs, narration of bank account and other relevant documents. The aforesaid addition made by the AO was upheld by CIT(A). Before us, Learned AR submitted that no opportunity was given to the assessee for explaining the source of investment at the assessment stage and no show-cause notice was issued on this particular addition. He submitted that at the appellate stage since assessee was confid....