2024 (9) TMI 584

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....alty of Rs. 57,69,152/- levied by the Assessing Officer u/s 271(1)(c) of the Income Tax Act, 1961 (hereinafter referred to as 'the Act'). 3. Facts of the case, in brief, are that the assessee is a partnership firm engaged in the business of builders and developers. It filed its return of income on 26.11.2014 declaring total income of Rs. 22,54,389/-. The case was selected for scrutiny under CASS and statutory notices u/s 143(2) and 142(1) of the Act were issued and served on the assessee. However, there was non-compliance from the side of the assessee, for which the Assessing Officer completed the assessment u/s 144 r.w.s. 143(3) of the Act on 20.12.2016 determining the total income of the assessee at Rs. 1,90,22,532/-, where he made the....

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....f the Act. Sr. No. Particulars Addition made by AO (Rs) Reference Addition deleted by CIT(A) (Rs) Reference Addition confirmed by CIT(A) (Rs) Reference 1 Addition on account of 20% of total expenses 2549468 Para 4 on page no.2 of Assessment Order 2299468 Para 6.3.2 on page no.8 and 9 of CIT(A) Order 250000 Para 6.3.2 on page no.8 and 9 of CIT(A) Order 2 Addition on account of 20% of Unsecured loan 5898675 Para 5 on page no.3 of Assessment Order 5898675 Para 7.3.2 on page no.11 of CIT(A) Order -   3 Addition on account of sale of immovable property not declared in ROI 8320000 Para 6 on page no.3 of Assessment Order 8320000 Para 8.3.4 on page no.15 ....