2023 (4) TMI 43

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..... 726 (ASR)/1998 dated 27.06.2005 (Annexure A-1). Before the Tribunal, the assessee had not appeared through counsel but had given his written submissions and after giving opportunity to the parties, the Tribunal proceeded to hear the arguments addressed by the D.R. and took into account the written submissions and proceeded to dispose of the appeal. The assessee, in the present case, derived income from real estate business (property dealer). Search and seizure operation was carried out on the business as well as the residential premises of the assessee on 10.02.1995. During the search, number of assets and incriminating documents were found from the residential and business premises and cash jewellery were seized during the search. The ....

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....Accordingly, an amount of Rs.42,000/- (10,500X4) was added to the income of the assessee as per panchnama (Annexure A-1). As per panchnama (Annexure B-1), he was asked to show amount of commission as Rs.60,000/- which was recorded in his regular books of account. However, it was inferred that amount of Rs.60,000/- earned by him by way of commission was not recorded in the books of a/c. Hence, Rs.60,000/- was also added to the declared income of the assessee. Further, the amount of Rs.2,75,000/- was considered as investment made by the assessee for brick kiln out of the undisclosed sources. The said amount was also added to the income of the assess. An amount of Rs.3,01,000/- was considered as income of the assessee earned from a property f....

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....6,15,291/-. The relevant para is reproduced as under:- 14.1 The A.O. had worked out total addition of Rs.8,46,200/- in para 6.1 to 6.6 and further addition of Rs.7,69,091/- in para 4, 4.1, 7,8 and 9 of the asst. order. Thus the total addition discussed came to Rs.16,15,291/- (8,46,200+7,69,091). The assessee had surrendered Rs.10 lacs. After giving credit for the same, the A.O. made net addition of Rs.6,15,291/- to the returned income. As discussed above, the addition of more than Rs.6,15,291/- have been deleted (45,091+1,43000+2,75,000+4,25,000+56,000) and therefore net addition of Rs.6,15,291/- made by the A.O. is deleted. The CIT (Appeals) partly allowed the appeal of the assessee with the above observations vide order dated 24.09.19....