2025 (10) TMI 40

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.... 2. In this appeal, the Assessee has raised the following grounds: - "1. The Ld. CIT(A) erred in law and in fact in passing the appellate order u/s. 250 of the Act in violation of principles of natural justice by not giving opportunity to be heard before dismissing the appeal. 2. The Ld. CIT(A) erred in law and in fact in confirming addition of INR 9,70,000/- u/s. 69 of the Act on account of unexplained investment." 3. The solitary issue that arises for our consideration is against the addition of Rs. 9,70,000/- made under section 69 of the Act. 4. The brief facts of the case pertaining to this issue are that the assessee is an individual and pursuant to the information flagged as per Risk Management Strategy, notic....

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.... 50000 2 07.05.2014 Clg 948832 Mumbai 100000 3 07.05.2014 BRN By cash Tushar Suresh 25000 4 10.05.2014 Clg 00276 Mumbai 25000 5 22.05.2014 RTGS/IBKLH14142021447/IDBI 455000 6 26.05.2014 NEFT/SBIN3141416828204/PATIL RAMAKANT GANPAT 390000     Total 10,45,000/- 5. The learned CIT(A) vide impugned order, granted partial relief to the assessee and deleted the addition to an extent of Rs. 75,000/- after considering the submissions of the assessee. As regards the balance addition, the learned CIT(A) held that the assessee failed to prove the nature and source of the balance credit entries in his bank account. Being aggrieved, the assessee is in appeal before u....

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....is regard, the challan dated 27.05.2014 of payment of stamp duty also forms part of the paper book on page 3. Therefore, having perused the aforesaid documents, we find merit in the submission of the assessee that the credit of Rs. 4,55,000/- on 22.05.2014 was nothing but the reversal of stamp duty paid on 21.05.2014. As regards the objection of the learned CIT(A) that the assessee could not prove the source of the aforesaid payment, from the perusal of the bank statement, we find that on 19.05.2014, the assessee had a credit entry in his bank account of Rs. 9 lakh, which has not been doubted by the lower authorities. Therefore, we are of the considered view that the assessee had sufficient balance in his bank account to make the payment of....