TaxTMI 
TaxTMI 
2026 (2) TMI 803
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.... assistance of Ld. DR 3. Brief facts of the case are, assessee is an individual and also non-filer of return of income. As per the information available with the department, assessee has received Rs. 59,18,00,000/- from 636 investors of M/s Aurochem Buildprop Private Limited (ABPL) and also taken money from investors and neither gave property in return or nor the money back. 4. The report filed by Resolution Professional (RP) before NCLT in case of ABPL. Since the assessee has not filed his return of income, the Assessing Officer reopened the case by issue of notice u/s 148. In response assessee filed his return of income declaring total income of Rs. 2,70,970/-. Subsequently, notices were issued u/s 143(2) and 142(1) of Income Tax Ac....
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....nding salary dues from EIL and other subsidiary companies in lieu, of offering some posts in other subsidiary companies, in turn got some documents signed from employees labeling that as an internal process, on 17.10.2016, assessee resigned from subsidiary company and informed to the Board of Directors for the reason that he has not received any salary from the subsidiary companies. However, he also resigned from the holding company vide letter dated 09.05.2017 and the same was confirmed by the HRD Team on 10.05.2017. In the year 2019, assessee received summons from the office of Registrar of companies for mismanagement in subsidiary company in his capacity of Manager as per the Companies Act 2013, and it was submitted that he was not holdi....
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....o copy of writ petition filed by the assessee. 12. After considering the above documents, a remand report was called-from Assessing Officer on 21.11.2023 forwarding documents filed by the assessee. The Assessing Officer has not submitted any report till the completion of the appellate proceedings. Ld. CIT(A) has reproduced the letter sent to the Assessing Officer in the impugned order. Since, the Assessing Officer has not brought on record, information collected during the assessment proceedings and enquiries conducted by him, Ld. CIT(A) also issued some letters to the assessee to furnish certain information, even the assessee had not filed the relevant information called for. 13. After considering the information available on record,....
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.... for the year to apply provisions of Section 69A of the Act. In the absence of such evidences brought on record by the Assessing Officer either during the assessment proceedings or during appellate proceedings by way of submission of remand report/clarification report in spite of calling for remand report/clarification report several times, the additions made by Assessing Officer on account of unexplained money u/s 69A of the Act in the hands of the assessee cannot be sustained. Accordingly, he directed the Assessing Officer to delete the addition. 15. Ld. DR brought to our notice the above facts on record and he also brought on record the relevant grounds of appeal raised by the revenue:- 1. On the facts and in the circumstance....
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....of appeal at any time before OR during the hearing of appeal. 16. After considering the above facts on record we observed that the funds received by the EIL or by ABPL or other entities of the group from the 636 investors, which was alleged to have been received by the assessee only on the basis of Resolution Professionals Report submitted before the NCLT where main allegation relied by the Assessing Officer, that the assessee was engaged as Manager at that point of time. 17. We observed that assessee is only an employee of the group entity who was performed the duty of a Manager and he may have facilitated the funds received by the group entities. From the record we observed that assessee has resigned from the position on 10.05.2017 ....