2025 (8) TMI 759

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....the following grounds in this appeal. "1) The Learned NFAC has erred in law & on facts in upholding the Learned AO's action of addition of Rs 14,92,643/- on account of NP on undisclosed turnover of Rs. 45,41,050/- 2) The Learned NFAC has erred in law & on facts in upholding the Learned AC's action of addition of Rs. 31,03,000/- under the head income from other sources. 3) The Learned NFAC has erred in law & on facts in upholding the Learned AO's action of addition of Rs. 6,94,853/-under the head Long term capital gain. 4) The Learned NFAC has erred in law & on facts in upholding the Learned AO's action of addition of Rs. 52,361/- under the head income from other sources, Nest premed ....

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....d sales turnover, (ii) Further, after examining the credit entries in these bank accounts amounting to Rs. 2,23,77,728/-, the AO came to the conclusion that out of these, four entries totalling Rs. 31,03,000/- remained unexplained and the same were treated as assessee's income from other sources. (iii) In respect of the credit entry of Rs. 40 lacs in his ICICI bank account, the assessee had submitted that the same was on account of cancellation of the flat booked with M/s. Golden Beach Hotels and Resorts Private Limited. Ld. AO observed that the assessee had booked the flat in June 2010 and paid Rs. 21,73,876/- to the builder. Since the project could not be completed, he cancelled the booking in FY 2015-16 and got total co....

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....e other hand, has pointed out that based on submissions made before Ld. CIT(A), a remand report was sought from the Ld. AO. However, the assessee did not respond to the notices issued by the AO during the remand proceedings and hence Ld. CIT(A) observed that the new explanation given by the assessee is not supported by any evidence and accordingly, the contention of the assessee was rightly rejected by the Ld. CIT(A). 4.2. We have heard the rival submissions and perused the material placed before us. Since the assessee has furnished a new working of the amount to be treated as undisclosed profit, in the interest of justice, we deem it appropriate to restore this issue to Ld. AO for fresh consideration after giving the assessee due opport....