2023 (9) TMI 327

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....AM: Captioned appeal filed by assessee, pertaining to Assessment Year (AY) 2008-09, is directed against the order passed by the Learned Commissioner of Income Tax (Appeals), [in short "the ld. CIT(A)"], National Faceless Appeal Centre (in short 'the NFAC'), Delhi, dated 29.03.2023, which in turn arises out of an assessment order passed by Assessing Officer u/s 144 r.w.s. 147 of the Income Tax A....

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....ct and that it needs to be deleted. 4. The assessee craves leave to add, alter, amend, delete and /or modify any or all grounds of this appeal." 3. Succinct facts qua the issue are that during the assessment proceedings, the assessing officer observed that assessee has made following investment during FY 2007-08, relevant to assessment year (AY) 2008-09: Sr. No. Details of Invest....

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....s asked to explained the source of above investments therefore, assessing officer issued a show cause notice to the assessee stating that as to why the above investments of Rs. 23,98,603/- should not be treated as unexplained investment u/s 69 of the Income Tax Act. The assessee did not reply. The assessing officer issued further notices to the assessee, however, the assessee did not reply, theref....

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....rnished and the case laws relied upon, and perused the facts of the case including the findings of the ld. CIT(A) and other material brought on record. Learned Counsel for the assessee argued that assessee is a senior citizen of 82 years old, and who got retired from ONGC Ltd., Ankleshwar in Month of November 2001. The assessee has invested his retired benefit amount in mutual funds. The balance a....