TaxTMI 
TaxTMI 
2022 (11) TMI 63
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.... learned assessing officer as unexplained investment in property was deleted. 02. The solitary ground of appeal raised by the learned assessing officer is that the first appellate authority has erred in deleting the addition made by the AO u/s 69 of the act of Rs.251 lakhs without considering the facts of the case. 03. Despite notice, none appeared on behalf of the assessee on the date of hearing on 8 September 2022. Earlier on 2 August 2022, 8 August 2022, 7 June 2022 and several further earlier occasions shows that nobody from the side of the assessee appeared. In view of this, this appeal is decided on the merits of the case as per information available on record. 04. Facts of the case shows that assessee filed return of income ....
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....ngly assessment order u/s 144 read with section 143 (3) of the act was passed on 27/12/2016 at the total income of the assessee at Rs.26,350,630/- and learned AO invoked provisions of Section 115BBE of the act. 06. Assessee aggrieved with the order of the learned AO preferred an appeal before the learned CIT - A, there assessee submitted a loan agreement from an NBFC namely Darwin platform capital limited which disbursed a loan of 2,51,00,000/- to one Mr. Ajay Singh and Mrs. Smriti Singh [Assessee] and other members of her family for purchase of flat 201 and 202 at Sai Sapphire, Chandivali, Powai, Mumbai. Confirmation letter of the nonbanking financial company was also submitted and the builder confirmed that sum has been received from N....
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....s Under:- "4.1.6 In view of the above observations, the facts of the matter clearly indicate that the impugned property was purchased with funds obtained illegally from borrowed funds and that the same does not fall in the category of Benami property whose source of fund is doubtful and illegal. The funds have been released by the NBFC after fulfilling their legal requirements for the purchase of the property for which the appellant cannot be faulted. The disallowance correctly made by the AO u/s 144 to lack of information not supplied by the appellant has been set straight in the appellate proceedings wherein the source of funds, the basis for grant of the loan etc. has been confirmed and ascertained by the NBFC. I am convinced th....
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.... the benami property, the learned CIT - A without any basis and any logic applied that law and deleted the addition. vii. The learned CIT - A did not consider it prudent to enquire that why an NBFC would give a loan to the relative of the assessee and the assessee, when they do not have any source of income. Even otherwise, the property was also not generating income but a residential property. viii. The learned CIT - A did not examine the assessee at all when AO issued summons u/s 131 of the act, which remained not complied with. Without examining the assessee the learned CIT - A deleted the addition. ix. The order of the learned CIT - A paragraph number 4.1.6 clearly shows that the addition has been deleted for ....
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.... We have carefully considered the contention raised by the learned departmental representative as well as the orders of the lower authorities. In the present case, the return of assessee was picked up for scrutiny under the limited scrutiny criteria for verification of source of purchase of assets, which were disproportionate to her income. Assessee has declared income of Rs.1,250,000/-, the property purchased in her name were of Rs.251 lakhs. During the course of assessment proceedings, several notices were issued which were not complied with. Summons was issued which were not honoured. Therefore, as a last resort, the learned AO obtained information from office of sub registrar. The information disclosed that there are other joint owners ....