TaxTMI 
TaxTMI 
2025 (5) TMI 195
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....mstances of the case and in law, the learned Commissioner of Income Tax (Appeals) [CIT (A)] erred in upholding the assessment for the Assessment year 2006-07 framed by the learned Assessing Officer without complying with the relevant provisions of the law. b) It is respectfully submitted that no notice under Section 143(2) of the Act was served on the Appellant within the time limits prescribed under Section 143(2) of the Act. Accordingly, the learned Assessing Officer had no jurisdiction to proceed with scrutiny assessment under Section 143(3) of the Act. Thus, the assessment is bad in law and deserves to be quashed and struck down as null and void. In view of the above, the Appellant prays that the assessment be set asid....
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....n careful perusal of grounds of appeal, I find that assessee has raised multiple grounds of appeal however, the substantial relief claimed in the appeal relates to addition on account of unexplained investment of Rs. 32,80,000/-. 3. Rival submissions of both the parties have been heard and record perused. The ld. AR of the assessee submits that assessing officer passed assessment order under section 144 on 30.12.2008. While passing the assessment order, the assessing officer made addition of undisclosed capital gain of Rs. 32,80,000/-. The assessing officer while making addition solely relied upon AIR information. No verification of fact was carried by assessing officer. Aggrieved by the addition in the assessment order, the assessee fil....
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....ed application Rule 46A of Income Tax Rules for admission of additional evidence to substantiate the source of investment. On the submission and evidence furnished by assessee, the ld. CIT(A) called remand report from assessing officer. The assessing officer furnished his remand report, such fact is duly recorded in the order of ld. CIT(A) in para 4 of his order. The ld. CIT(A) without issuing any specific show cause notice or allowing an opportunity to the assessee change the nature of addition from long term capital gain to unexplained investment. The ld. CIT(A) asked a cryptic order holding that addition of Rs. 32,80,000/- is correct and justified as unexplained. Though, the assessing officer made addition of long term capital gain. The ....
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....ny exemption under section 54 or 54F while filing return of income. Therefore, matter may be restored back for considering the issue of investment and / or sale of property during the year as afresh and matter may be restored back to the file of ld. CIT(A) with the direction to seek remand report of assessing officer on such issue. 5. I have considered the rival submissions of both the parties and have gone through the orders of lower authorities carefully. I find that assessing officer made addition of long term capital gain of Rs. 32,80,000/- on the basis of AIR information. The assessing officer made addition without verification of information whether such consideration was received or paid by assessee. I find that before ld. CIT(A),....