TaxTMI 
TaxTMI 
2022 (4) TMI 26
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....ected against separate, but identical orders of the learned Commissioner of Income Tax (Appeals)-19, Chennai, dated 29.08.2019 & 29.11.2019 and pertain to assessment years 2009-10 to 2015-16 and 2011-12 to 2013-14 respectively. Since, facts are identical and issues are common, for the sake of convenience, these appeals were heard together and are being disposed off, by this consolidated order. 2. The assessee in ITA Nos. 113 to 119/Chny/2020 has more or less raised common grounds of appeal for all these assessment years, therefore, for the sake of brevity, grounds of appeal filed for the assessment year 2009-10 are reproduced as under:- "1. For that the order of the Commissioner of Income Tax (Appeals) is contrary to law, facts ....
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....8 cannot be considered for the purpose of reckoning undisclosed income. 9. For that without prejudice to the above, the Commissioner of Income Tax (Appeals) ought to have considered an increase in the capital balance commensurate to the value of fixed assets introduced in the Balance Sheet considering the double entry accounting system followed by the appellant. 10. For that the Commissioner of Income Tax (Appeals) erred in not considering the differences in asset values arising out of the Balance Sheet prepared by the appellant as against the Balance Sheet prepared by the Assessing Officer. 11. For that the Commissioner of Income Tax (Appeals) failed to adjudicate on the fact the Assessing Officer erred in not co....
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...., was conducted on 28.01.2015 at the residential and business premises of the assessee. During the course of search, certain incriminating materials were found and seized and based on incriminating materials, a sworn statement u/s.132(4) of the Act dated 24.03.2015 was recorded from the assessee. In the sworn statement, the assessee has offered undisclosed income of Rs. 28,92,75,497/- for the assessment years 2009-10 to 2015- 16. The surrender was reiterated by the appellant before the DDIT vide letter dated 15.09.2015. Consequent to search, notice u/s.153A of the Income Tax Act, 1961, was issued for six assessment years immediately preceding assessment years in which search took place. The assessee did not respond to notice issued u/s.153A....
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....cluding books of account prepared for the relevant assessment years explaining source for various investments and expenses. The learned AR further submitted that the assessee has prepared books of account and explained source for investments. Further, the Assessing Officer has considered certain assets which were acquired prior to assessment year 2009-10 and made additions on the basis of net worth method by allowing deductions towards income declared by the assessee in the return of income filed for the relevant assessment years. Since, the Assessing Officer as well as learned CIT(A) have failed to consider reconciliation filed by the assessee explaining undisclosed income computed by the Assessing Officer, appeals may be set aside to the ....
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....ssee has filed reconciliation explaining each and every item of assets considered by the Assessing Officer in light of evidences and argued that certain assets are outside impugned assessment year. 7. We have considered arguments of both the sides and find that during the course of search various incriminating materials were found and seized which needs to be thoroughly examined by the Assessing Officer in light of explanation furnished by the assessee. However, the Assessing Officer has determined undisclosed income on the basis of net worth method without considering explanation furnished by the assessee on certain incriminating materials found during the course of search. Admittedly, the assessee has made disclosure of undisclosed inc....
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.... vehemently argued and requested to set aside appeals to the learned CIT(A) to re-examine claim of the assessee. Therefore, considering complexity involved in the case, we deem it appropriate to set aside appeals of the assessee to the file of the learned CIT(A) and direct the CIT(A) to reconsider the issues afresh in light of various additional evidences filed by the assessee, including reconciliation filed for explaining undisclosed income computed by the Assessing Officer. Further, the learned CIT(A) may call for remand report from the Assessing Officer, if necessary. Therefore, considering complexity involved in these appeals and also to give one more opportunity to the assessee, we are of the considered view that the appeals need to go....