2025 (6) TMI 1453

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....the Act"] in the case of the assessee for the reasons recorded. As per the information received during the financial year 2011-2012, the assessee had purchased immoveable property bearing Doc.No.136/2012 dated 18.01.2012, for a recorded consideration of Rs. 42 lakhs. The Assessing Officer further stated that as assessee has not filed return of income for the assessment year 2012- 2013 regarding purchase of transaction of Rs. 42 lakhs, the source for the purchase of property under consideration remains unexplained. Further, in order to regularise the assessment for the assessment year 2012-2013, notice u/sec.148 of the Act was issued and duly served on the assessee. The Assessing Officer further stated that there is no compliance to the noti....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....bunal. 5. CA Sridhar Jhawar, Learned Counsel for the Assessee submitted that, the learned CIT(A) has erred in sustaining the addition made by the Assessing Officer towards unexplained investment in purchase of property even though the assessee has filed relevant evidences in response to notice issued u/sec.142(1) of the Act by filing reply on or before 18.11.2019 along with relevant bank statements and proved the source for purchase of property has been explained. Learned Counsel for the Assessee further submitted that the assessee has filed relevant bank statement and as per the bank statement filed by the assessee, the assessee has received loan from Malani Trading Company and Ganesh Chemicals and the same has been paid to Shri B. Vishwa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....filed return of income in response to notice u/sec.148 of the Act and further not filed any details in response to notice issued u/sec.142(1) of the Act. But, the fact remains that, the assessee has filed regular return of income u/sec.139 of the Act and also filed return of income in response to notice issued u/sec.148 of the Act. Further, the assessee had also filed replies and various evidences in response to notice u/sec.142(1) of the Act issued by the Assessing Officer dated 10.11.2019 by filing reply on 18.11.2019. Therefore, the addition made by the Assessing Officer on the ground that assessee has not filed any evidence is totally contrary to facts available on record and cannot be accepted. 8. Having said so, let us come back, whe....