2024 (12) TMI 1108

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.... For the Revenue : Smt. Mamta Singh, Sr. DR ORDER PER SUCHITRA KAMBLE, JUDICIAL MEMBER: This appeal is filed by the Assessee against order dated 29.02.2024 passed by the CIT(A), National Faceless Appeal Centre (NFAC), Delhi for the Assessment Year 2012-13. 2. The assessee has raised the following grounds of appeal :- "1. The CIT Appeal has erred both in facts and law confirmi....

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....d as return filed in response to notice under section 148 of the Act. Notices under Section 142(1) of the Act was issued and the assessee's AR submitted the submissions as well as the details. The Assessing Officer observed that the assessee has shown income from Long Term Capital Gain on sale of immovable properties at Rs. 13,82,796/- and income from interest at Rs. 2,85,567/- and claimed deducti....

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.... the Assessing Officer made addition of Rs. 1,88,429/- as suppressed gain/under-valuation of Short Term Capital Gain. The Assessing Officer also observed that the assessee has claimed unsecured loan from four parties amounting to Rs. 59,28,094/- and after perusal of assessee's reply, held that the assessee failed to explain satisfactorily his claim of unsecured loan and made addition of Rs. 59,28,....

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....el and Son-in-law of the assessee i.e. Amit Indubhai Patel. The assessee has submitted the confirmations and details of the statement of accounts including the maturity of Term Deposit and transfer from USA by Ketul Yashwantbhai Patel, transfer from Canada Kninari Amit Patel. Thus, the details were given by the assessee to both the Authorities which was totally overlooked by the Assessing Officer ....