TaxTMI 
TaxTMI 
2026 (3) TMI 1226
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....e assessment order passed under section 147 read with section 144B of the Income Tax Act, 1961 [hereinafter referred to as "the Act"]dated 11.02.2025. 2. The brief facts of the case are such that the assessee is an individual and resident. Information was received by the Assessing Officer through the Insight portal under the Risk Management Strategy of CBDT indicating that during the financial year 2016-17 relevant to A.Y. 2017-18 the assessee had entered into transactions relating to purchase of immovable properties. Based on the said information, proceedings under the reassessment provisions were initiated. An order under section 148A(d) was passed and notice under section 148 dated 15.03.2024 was issued. In response, the assessee file....
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....nt and did not furnish complete supporting evidence such as loan sanction details and financial particulars of her husband. Consequently, the Assessing Officer treated the assessee's share of investment amounting to Rs. 83,77,500/- as unexplained investment under section 69 of the Act and completed the reassessment determining total income at Rs. 83,77,861/- vide order passed under section 147 read with section 144B dated 11.02.2025. 5. Aggrieved by the said assessment order, the assessee preferred an appeal before the CIT(A) During the appellate proceedings, the assessee submitted that the investment in the properties was sourced from housing loan obtained from State Bank of India amounting to Rs. 75,00,000/- and sale proceeds of proper....
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....ces furnished by the assessee during the appellate proceedings. It was contended that such evidences were produced for the first time before the CIT(A) and constituted additional evidence within the meaning of Rule 46A of the Income-tax Rules, 1962.The learned DR further submitted that the CIT(A) admitted and relied upon these additional evidences without calling for a remand report from the Assessing Officer and without providing an opportunity to the Assessing Officer to examine or verify the same. 8. Per contra, the assessee appeared in person and submitted that all the relevant documents explaining the source of investment were furnished during the appellate proceedings before the CIT(A). The assessee further explained that she could....
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....ct. 11. However, during the course of appellate proceedings before the CIT(A), the assessee furnished documentary evidences explaining the source of the investment. These included the housing loan sanction letter issued by State Bank of India, copy of agreement relating to sale of property by the assessee's husband for Rs. 95,00,000/-, purchase agreements of the properties and bank statements reflecting the relevant transactions. After examining these documents, the CIT(A) came to the conclusion that the source of investment stood duly explained and accordingly deleted the addition made by the Assessing Officer. 12. The learned DR before us has contended that the CIT(A) granted relief on the basis of evidences produced during the appe....
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....ly respond to the notices issued during the course of reassessment proceedings. The explanation furnished by the assessee appears to be plausible and reasonable considering the overall facts of the case. It is also evident that the addition made by the Assessing Officer was primarily on account of absence of evidences rather than on account of any adverse material establishing that the investment represented undisclosed income. 16. In our considered opinion, once the assessee had produced primary documentary evidences before the CIT(A) explaining the source of investment and the CIT(A), after examining the same, recorded a clear finding that the source stood explained, there was no legal impediment in granting relief. The evidences relie....