2026 (3) TMI 1232

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....arising out of the assessment order dated 28.09.2021 passed by the Income Tax Officer, Ward 43(6), Delhi (hereinafter referred to as 'the ld. AO') under Section 254 r.w.s. 144 r.w.s. 147 of the Act for Assessment Year 2007-08. 2. On the basis of an information received from the Investigation Wing that the assessee along with Mrs. Brij Bala and M/s Yogum Developers Ltd. purchased a property lying and situated at V3S-Omaxe for a consideration of Rs. 1,05,55,375/- by paying cash, notice under Section 148 of the Act was issued on 26.03.2014 and the assessment was finalized under Section 147 r.w.s. 143(3) of the Act dated 05.03.2015 upon making addition of Rs. 1,07,46,560/- in the hands of the assessee which was restricted to Rs. 35,18,458/- ....

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....ent proceedings and for making the addition. It is also the submission of the ld. counsel that if the so-called documents/statements, which are the basis of initiation of reassessment proceedings and the addition, are provided to the assessee, the assessee is in a position to rebut the same. Considering the totality of the facts of the case and in the interest of justice, we deem it proper to restore the issue to the file of the Assessing Officer with a direction to provide the copy of the statement so recorded and the documents so obtained from the Investigation Wing which are the basis for initiation of reassessment proceedings and making the addition. The Assessing Officer shall decide the issue as per fact and law, after giving due oppo....

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....the Ld.CIT(A) restricted the addition to the tune of Rs. 35,18,458/- and directed the Ld. AO to furnish the details upon the assessee and to proceed with the issue afresh in the appeal preferred by the assessee when the Revenue's appeal stood dismissed due to low tax effect, meaning thereby, the Ld. AO was directed to adjudicate the issue of addition restricted by the Ld.CIT(A) to the tune of Rs. 35,18,458/- and not the entire addition made to the tune of Rs. 1,05,55,375/-. Secondly, it was the case all along by the assessee that the assessee was not in possession of any of the documents relied upon by the Revenue which is why the Hon'ble Tribunal has been pleased to remit the issue to the file of the Ld.AO for adjudication of the same with....