2024 (11) TMI 166

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.... passed u/s 143(3)/153A dated 28.12.2011 for AY 2007-08 by DCIT, Central Circle-05, New Delhi and passed u/s 143(3) u/s r.w.s. 254 dated 26.12.2019 for AY 2008-09 by ACIT, Central Ciecle-05, New Delhi (hereinafter referred to as 'ld. AO'). 2. Identical issues are involved in both these appeals and hence they are taken up together and disposed of by this common order for the sake of convenience. 3. Though the assessee had raised several grounds of appeal before us, the arguments were advanced only in respect of Ground Nos. 8 & 9 by the ld AR. Accordingly, the other grounds raised by the assessee are hereby treated as not pressed by the ld AR. The issue involved in Ground Nos. 8 & 9 is as to whether the ld CIT(A) was justified in confirming....

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.... ITSC is enclosed in pages 3 to 22 of the Paper Book. The settlement applications were made for Asst Years 2009-10 to 2011-12. No search assessments were framed on Mr Sawarmal Goyal but search assessments for the Asst Years 2007-08 and 2008-09 were framed in the hands of the assessee. 5. After taking note of the search document which was incorporated in para 6 of the assessment order in the first round of proceedings, the ld. AO noted that assessee had made investment of Rs 5,00,000/- for making the payment to committee which was not disclosed in the books of account and due to lack of proper explanation by the assessee in that regard, the same stood added by the ld. AO in the first round. This action of the ld AO was upheld by the ld CIT(....

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....,00,000/- is capable for being subsumed within the additional income adjudicated for AY 2010-11." 6. The Tribunal in the first round vide order dated 8.5.2018 observed as under:- "7. After hearing the rival submissions and on perusal of the relevant material referred to before us at the time of hearing, we find that the main issue pertains to unexplained investment made in various committees which was found recorded in the seized diary. For the impugned years under appeals i.e. Assessment Years 2007-08 & 2008-09, pages 135 and 137 of seized diary records investment of Rs 5 lacs on 01.01.2007 and another Rs 5 lac on 16.12.2007. As noted above, the investment aggregating to Rs 10 lac (Rs 5 lac each) for the Assessment Years 2007-08 and 200....

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....ized material by linking the same with trial balance submitted before Hon'ble ITSC as well as Tribunal. f) Copy of seized material page 137 of the diary. 9. The ld AO in the second round of proceedings completely ignored the aforesaid directions of Tribunal in first round and the documents together with explanation submitted by the assessee and proceeded to tax the undisclosed investment made in various committees by applying section 4 of the Act and by observing in para 7 of his order as under- 7. It would also be pertinent to revisit the charging section of income a provided in the Act. Section 4 of the Act provides that Charge of income-tax. 4 (1). ................... A perusal of the above makes it abundantly clear that charg....