TaxTMI 
TaxTMI 
2023 (9) TMI 327
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....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 Act, 1961 (hereinafter referred to as "the A....
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.... 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 Investment Amount of Investment Date of Investment 1. Birla Sum Life Mutual F....
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....ove 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, therefore assessing officer framed the assessment order u/s 144 read with section 147 of the Act, by making addition of Rs. 23,98,603/-. 4. Aggrieved by the or....
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....d 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 addition of Rs. 2,48,603/- (Rs. 23,98,603 - Rs. 21,50,000) sustained by ld CIT(A) is the exempted interest received by assessee, which has been disclosed by as....