2022 (7) TMI 1526

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.... for the AY 2018-19. 2. Brief facts of the case are that the assessee is an individual derives income from business and remuneration from a partnership firm M/s. Lifestyle Housing. A Search and Seizure operation U/s. 132 of the Act was conducted in the group cases of M/s. Yugandhar Housing Private Limited and others on 25/10/2017 including the residence of Sri M. Maheswara Reddy, Managing Director of M/s. Yugandhar Housing Pvt Ltd. The assessee (Smt. Muppavarapu Kavitha) is the wife of Sri M. Maheswara Reddy. A notice U/s. 142(1) was served on the assessee on 03/01/2019. In response, the assessee filed return of income on 26/08/2019 declaring total income of Rs. 7,80,460/-. The assessee accepted the same income filed by her in response t....

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....ssessing Officer is not justified in making the addition without considering the Assessee's explanation submitted during the course of assessment proceedings. 5. On the facts and circumstances of the case the Ld. CIT(A) ought to have noticed that the assessing officer is not justified in making the addition towards unexplained investment in gold as the gold jewellery seized is ancestral gold of old persons which cannot be proved with evidence. But the Department has not disproved that the appellant's mother-in-law, mother and father are not residing with the appellant. In the absence of such the addition is not justified. 6. Any other ground or grounds that may be urged at the time of hearing of the appeal." 5. The Ld. ....