2023 (4) TMI 799

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....ts of the case. 2. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts in confirming the action of Ld. Assessing Officer in framing the impugned assessment order u/s 143(3) and without complying with the mandatory conditions u/s 143/153D/153 as envisaged under the Income Tax Act, 1961. 3. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts in confirming the action of Ld. Assessing Officer erred in law in making addition to the extent of Rs. 10,01,500/- on account of jewellery u/s 69B of the Act by treating the same as un-explained investment, without considering the submissions of the assessee and without observing the princ....

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....ue under consideration and the AR has filed an application under Rule 46A along with the documentary evidence which was sent to the AO for comments. In the remand report, it is commented by the AO that for verification of bills, summons were issued u/s 131, however the Inspector of Income Tax deputed for the service of summons has reported that the firm has been closed from last 7 to 8 years and in view of the above authenticity of the bills cannot be ascertained. It is also mentioned that however on comparing contents of bills produced with the jewellery as per the Panchnama, there are slight variations which the assessee has explained due to loss in weight on account of wear & tear. In the rejoinder on the report of the AO, the AR has sub....

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....the source of acquisition of the silver weighing 22Kgs., valuing Rs. 10,01,500/-remains unexplained. Hence, the addition to the extent of Rs. 10,01,500/- on account of silver articles is sustained and the appellant gets relief of the balance amount." 5. The Ld. Counsel submitted that the Ld. CIT(A) has erred in law and on facts in confirming the action of Ld. Assessing Officer in framing the impugned assessment order u/s 143(3) by making addition to the extent of Rs. 10,01,500/- on account of jewellery u/s 69B of the Act by treating the same as unexplained investment, without considering the submissions of the assessee in violation of the principles of natural justice. He filed a brief synopsis which reads as under: "It is submitted tha....

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....ments have been filed in support of such acquisition as evident from the fact that a reference of such document is made in the remand report of the AO. Therefore, the allegation of the Ld. CIT(A) was factually incorrect. 8. It is evident from the Assessment Order of the Wealth Tax Officer (In Short "The WTO") made u/s 18(1)(c) Wealth Tax Act, 1957 in the case of appellant wherein the silver articles of 22 kgs have been assessed for the Assessment Year 2013-14, and continued in the following AY 2014-15 and AY 2015-16. Under the facts and circumstances, no addition would be called for the Assessment Year 2017-18 on account of investment in Silver Articles of 22kgs per se. Copy of relevant part of the order and document is reproduced below: ....