2022 (9) TMI 1182

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....CIT(A)"] dated 24.05.2022 arising out of the assessment order framed u/s 147/143(3) of the Act dated 18.12.2018. 2. The assessee is in appeal before this Tribunal raising the following grounds: "1. That under the facts and circumstances of the case, the Ld. CIT(A) erred in passing order ex-parte. 2. That under the facts and circumstances of the case, the Ld. CIT(A) erred in confirming addition of a sum of Rs.28,00,900/- made by the AO in terms of section 68 of the Income Tax Act, 1961. The addition is unjustified and needs to be deleted. 3. The assessee craves leave to add, alter, amend or withdraw any ground or grounds of appeal before or at the time hearing." 3. Brief facts of the case are that the assesse....

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....ly started and bank account was not opened. Certain advances were received for the project "Live Garden" from few buyers and for the time being the same were taken in the proprietorship firm run by the assessee but subsequently, the same was returned back to the firm/adjusted in the account of M/s. City Live Construction and, therefore, the addition u/s 68 of the Act is not called for. 6. Per contra, ld. D/R vehemently argued supporting the orders of both the lower authorities. 7. I have heard rival contentions and perused the records placed before me. The assessee is aggrieved with the finding of ld. CIT(A) confirming the addition of Rs. 28,00,900/- made by ld. AO u/s 68 of the Act for unexplained cash credit. I observe that the asse....