2025 (11) TMI 630

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....vey u/s 133A was carried out at the business premises of the assessee on 23.01.2019. During the course of survey certain loos papers were found and impounded having entries of cash withdrawals and the undisclosed expenditure on constructions of house, besides other documents were also found and impounded. Based on these entries assessee had offered additional income in the statements recorded during the course of survey of Rs. 1,28,34,958/-. Thereafter, vide letter dated 20.01.2020, the assessee retracted partly from the additional income so offered during the survey. The case of the assessee was taken up for scrutiny and assessment was completed wherein the AO observed that income offered by the assessee towards unexplained investment in t....

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.... u/s 234B and 234C. 4. That the appellant craves the leave to add, modify, amend or delete any of the grounds of appeal at the time of hearing and all the above grounds are without prejudice to each other. 4. Both the effective grounds of appeal of the assessee are in relation to the action of the AO in holding additional income offered by the assessee of Rs.17,66,380/- towards investment in construction of house property as unexplained investment u/s 69 of the Act and invocation of provisions of section 115BBE of the Act. Thus, both the grounds are taken together for consideration. 5. Heard both the parties at length and perused the material available on record. It is seen that Assessing Officer has accepted the total income....

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....planation offered by him is not, in the opinion of the Assessing Officer satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year. 5.1 From the perusal of 69, it is clear that there has to be some investment which is not recorded in the books maintained by an assessee; and the assessee offer no explanation about the nature and source of such investment; or the explanation offered by the assessee in the opinion of the Assessing Officer is not satisfactory, it is only then the investment may be charged to income-tax as the income of the assessee of that previous year. The expression "the assessee offer no explanation" means where the assessee offer no proper, reasonable and acceptable....