2025 (2) TMI 1755

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....2024 for the A.Y. 2018-19. 2. The assessee has raised the following grounds : "1. The order of learned Commissioner of Income-tax Appeals (appeals) is contrary to law and facts and circumstances to the case. 2. The learned Commissioner of Income-tax erred in not appreciating the fact that the learned assessing officer erred in adding a sum of Rs. 59,79,270 towards disallowance under section 11(2) of the Income-tax Act on the facts and circumstance of the case. 3. The learned Commissioner of Income-tax erred in not appreciating the fact that the entire sum of Rs. 99,79,270 stood invested in securities listed under section 11(5) of the Income-tax Act on the facts and circumstance of the case. 4. The lea....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....aring total income at Rs. Nil after claiming exemption u/s.11 of the Income Tax Act, 1961 ('the Act') for Rs. 1,39,27,871/-. The case of the assessee was selected for complete scrutiny under CASS and accordingly, notice u/s.143(2) of the Act was issued to the assessee on 23.09.2019. During the assessment proceedings, the Learned Assessing Officer ("Ld. AO") found that the assessee has accumulated Rs. 99,79,270/- u/s.11(2) of the Act and therefore, the assessee was required to invest the amount of Rs. 99,79,270/- in the mode specified u/s.11(5) of the Act. Before the Ld. AO, the assessee could not produce evidence in support of investment of Rs. 59,79,270/- towards the investment made under the more specified u/s.11(5) of the Act. Ac....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....an the amount required to be deposited under the mode specified u/s.11(5) of the Act. Finally, the Ld. AR prayed before the bench to allow their appeal. 6. The Learned Department Representative ("Ld. DR") made objection for allowability of the appeal of the assessee and submitted that, the assessee has been given sufficient opportunity by the Revenue Authority to file the evidence. However, the assessee could not file the evidence before the revenue authority. Hence, the appeal of the assessee is liable to be dismissed. 7. We have heard the rival contentions and also gone through the record in the light of the submissions made by either side. There is no dispute about the fact that the assessee was required to deposit Rs. 99,79,270/- ....