2025 (8) TMI 1515

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....wal, AR ORDER PER RAJESH KUMAR, ACCOUNTANT MEMBER: The present appeal is filed by the revenue for the assessment year 2014-15 against the order dated 21.05.2024 of the National Faceless Appeal Centre [hereinafter referred to as 'CIT(A)'] u/s 250 of the Income Tax Act (hereinafter referred to as the 'Act'). 2. The only issue raised by the revenue in this appeal is against the order of t....

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....exempt. The Assessing Officer thereafter issued statutory notice u/s 143(2) and u/s 142(1) along with questionnaire calling thereby the various details and information from the assessee qua the said consideration received by the assessee from sale of shares of M/s Surabhi Chemical & Investment Ltd. The assessee provided all the relevant documents before the Assessing Officer submitting therein tha....

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....ally, he added the entire sale consideration of Rs. 1,75,94,950/- to the income of the assessee u/s 68 of the Act. The Assessing Officer also added notional commission @5% on such bogus sales thereby making an addition of Rs. 8,79,748/- u/s 69C of the Act. 4. In the appellate proceedings, the ld. CIT(A) allowed the appeal of the assessee by directing the Assessing Officer to delete the addition....

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....ment through banking channel. We also note that the Assessing Officer only formed his opinion on the basis of investigation wing's report rather than carrying out any further enquiry during the assessment proceedings. We further note that in the appellate proceedings, the ld. CIT(A) after taking into consideration of all the facts and submissions of the assessee, deleted the addition so made by th....