2026 (4) TMI 241

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....icer [for short, AO] u/s 147 r.w.s. 144B of the Act vide order dated 25.03.2022. 2. The assessee has raised grounds of appeal which are as under: "1. Whether on the facts and circumstances of the case and in law, the Ld.CIT(A) has erred in deleting the whole addition of Rs. 537.22 crores made by the AO on account of unexplained investments made by the assessee during the F.Y. 2016-17, as it is the unexplained investment/credits of the assessee and the same was not offered for taxation during the F.Y. 2016-17. 2. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has deleted the total addition of Rs. 537.22 crores by not appreciating the facts which are reflecting in form 26AS and as per tax pa....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ctivities was declaring at Rs. 2,77,730/-. However, Ld. AO noted that the total amount reflecting in Form 26AS. As per the summary available against SFT-003 reflecting against M/s Quicksun Technologies Pvt. Ltd. was Rs. 5,37,22,28,700/- which needs to be explained by the assessee. After rejecting assessee's contention, the Ld. AO proceeded to add the above amount of Rs. 5,37,22,28,700/- u/s 69 of the Act no special rates of taxation applicable u/s 115BBE of the Act. Aggrieved with the assessment order, the assessee preferred an appeal before Ld. CIT(A). After considering the submissions of the assessee, Ld. CIT(A) has allowed relief to the assessee with the following observations: "6(b). I have gone through the facts and circumstan....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....onciliation statements and confirmations from the money transfer portal of M/s. Quicksun Technologies P Ltd which clearly explains that transactions were not carried by the assessee but they were done by the money transfer portals. Despite this, the AO simply made addition of Rs. 537.22 Crores as unexplained investments which is highly uncalled for and without any proper basis. Thus, the AO started to examine the issue of unexplained cash deposits in the current account of the assessee and finally landed up in concluding that these are not cash deposits but unexplained investments. the details of investments which are not recorded in the books of accounts were not deliberated or unearthed by the AO in the assessment order. Thus, the AO did ....