2025 (6) TMI 787

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....ssessment passed u/s 153A/ 144 of the Income-tax Act, 1961 (hereinafter referred to as "the Act") dated 30.11.2016 by the Assessing Officer, DCIT, Central Circle, Noida (hereinafter referred to as "ld. AO"). As these are quantum and penalty appeals, they are taken up together and disposed of by this common order for the sake of convenience. 2. Let us take the quantum appeal first. 3. The only effective issue to be decided in the quantum appeal of the revenue is as to whether the learned CIT(A) was justified in deleting the addition made in the sum of Rs 7,29,05,000/- on account of unexplained investment in property, in the facts and circumstances of the instant case. 4. We have heard the rival submissions and perused the materials ....

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....of the assessee as unexplained investment in the property, being 50% share. Before the Learned CITA, the assessee reiterated the entire contentions made before the Learned AO. Further, the assessee also placed on record the assessment order framed in the hands of her husband Shri Piyush Tiwari for the assessment year 2014-15 under section 153A read with section 144 of the Act dated 30-11-2016, wherein the Assessing Officer had made an addition on account of unexplained investment of very same property in the total sum of Rs. 14,58,10,000/- in the hands of her husband. The Learned CITA sought for a remand report from the Learned AO. The Learned AO did not give any adverse comments in the said remand report. The Learned CITA duly appreciated ....

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....Tiwari which was given by her on oath and in reply to question no. 16, she clarifies that property situated at Plot no. 80, Sector 15A, Noida was entirely purchased by her husband. The same statement has also been produced in page no. 6 of assessment order of the appellant. From this statement it is very clear that the appellant has not made any investment in the property under consideration. This fact is also supported from the details mentioned in the transfer deed cum sale deed. The appeal filed against addition of Rs. 14,58,10,000/- made in the hands of Sh. Piyush Tiwari in AY 2014-15 has been dismissed for want of prosecution by CIT(A)-IV, Kanpur in Appeal no. CIT(A)- IV/KNP/10058/DCIT-CC-II/Noida/2018-19/546 dt. 12.12.2019. Therefore ....