2026 (1) TMI 753

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.... which in turn arises out of an assessment order passed by Assessing Officer u/s. 147 of the Act, on 16.03.2025. 2. Grounds of the appeal raised by the assessee are as under: 1. The Ld. CIT(A) erred in not adjudicating the addition of 280,000 made under section 69A, based on a third-party ledger lacking any reference to the assessee, without independent corroboration, ignoring the possibility of fabrication, and contrary to valuation accepted by the Stamp Valuation Authority. 2.The Ld. CIT(A) erred in not adjudicating the addition made without any evidence of additional source of income to justify the alleged unexplained investment. 3. The Ld. CIT(A) erred in confirming the addition based merely on assumptions ....

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....ained money u/s 69A rws 115BBE of the Act. Therefore, assessment is completed u/s 147 r.w.s. 144B of the I.T. Act, 1961 at assessed income of Rs. 3,25,930/- (Rs. 2,45,930/- as per ITR u/s 148 + Rs. 80,000/- u/s 69A). 4. Aggrieved by the order of the Assessing Officer, the assessee carried the matter in appeal before the CIT(A), who has confirmed the action of the Assessing Officer, therefore, assessee is in appeal before this Tribunal. 5. Learned Counsel for the assessee, at the outset submitted that required documents and evidences were submitted by the assessee before the assessing officer to prove his claim. However, only addition made by the A.O. is to the tune of Rs. 80,000/- therefore, considering the smallness of the amount an ....

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....ty for cross examination, despite such a request having been made. This amounts to a serious procedural lapse and violation of the assessee's fundamental right to a fair hearing. 8. Therefore, learned Counsel submitted that assessee`s case has sufficient merit, however, due to smallness of the amount, an estimated addition may be made at the rate of 10% which would be sufficient and would be agreeable to the assessee. 9. I find that statement recorded during search corroborates the evidence found in search, therefore I find that there is only a little merit in the case of the assessee. Therefore, considering the above facts and circumstances of the case and the fact that both parties have agreed for adhoc addition/estimated additi....