2025 (11) TMI 647

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....ng grounds:- 1. The order of AO has erred in law and on facts both while making the addition of Rs. 27,54,640/- to total income of the assessee. 2. The AO has erred in law and highly unjustified in rejecting the for the source of payments made by the Assessee for purchasing the new residential house property at the cost of Rs. 35,00,000/- since the same were evidenced by the relevant supporting documents and bank statements. 3. The AO has erred in law and highly unjustified in rejecting the loans taken by the assessee from his mother and sister to make the payment for the new residential house property despite producing the bank statements of the lenders and the assessee to substantiate the loan. 4. The A....

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.... 144 of the Act and the income of the assessee was determined at Rs. 31,02,520/-, as against returned income at Rs. 3,47,870/-. 4. Against the order of the AO the assessee preferred an appeal before the Ld. NFAC who vide its order dated 31.10.2023 dismissed the appeal. Being aggrieved the order of the Ld. NFAC the assessee is in appeal before the Tribunal. 5. We have heard the Ld. DR and perused the records. We note that the AO has observed that during the assessment proceedings the assessee disclosed profit by opting the provisions of section 44AD of the Act. The balance sheet, P & L A/c and Trading A/c obtained from State Bank Patiala, the AO found that the sales of the assessee for the year under consideration was Rs. 63,35,586/- a....

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....ailed to submit the source of sum before the AO and the source of sum invested in new residential house is was also not appeared in the balance sheet, therefore, the AO added the difference of Rs. 25,35,000/- as unexplained investment to the total income of the assessee. However, during the appellate proceedings, the Ld. CIT(A) accepted the additional evidences u/R 46A and sent the same to the AO for his comments. Remand Report was received through ITBA on 26.04.2023 and the copy of the remand report was also forwarded to the assessee on the same date and thereafter also sent to the assessee on 23.10.2023 to submit his comments on or before 30.10.2023, but the assessee did not submit any comment with regard to the remand report nor requeste....