2026 (5) TMI 448

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....venue has raised the following grounds of appeal: "1 On the facts and in the circumstances of the case and in law the Ld CIT(A) has erred in deleting the addition of Rs 10,39,500/ made by the AO u/s 69A of the IT Act in contravention to the provision of section 292C of the IT Act 1961 and without appreciating the facts that the addition had been made on the basis of incriminating details/documents recovered during the survey proceedings" 2 On the facts and in the circumstances of the case and in law the Ld CIT(A) has erred in deleting the addition of Rs. 1,68,09,490/- made by the AO u/s 69A of the IT Act in contravention to the provision of section 292C of the IT Act 1961 and without appreciating the facts that the additio....

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....ing the course of the survey proceedings, certain documents were found and impounded which were alleged to contain details relating to the assessee. Based on these documents and after obtaining necessary approval from the competent authority, the Assessing Officer issued a notice under section 148 dated 26.03.2021. In response to the said notice, the assessee filed the return of income on 24.04.2021, declaring the same income as originally returned. Thereafter, the assessment was completed under section 143(3) read with section 147 of the Act on 19.03.2022, determining the total income at Rs. 2,42,96,330/-. While completing the assessment, the Assessing Officer made additions of Rs. 10,39,500/- under section 69A on account of alleged on-mon....

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....ct facts and assumptions, and consequently the reassessment proceedings initiated on such grounds are liable to be quashed. 6. The Ld. Departmental Representative (DR) submitted that the Ld. CIT(A) erred in deleting the additions made by the Assessing Officer. It was contended that the Ld. CIT(A) wrongly deleted the addition of Rs. 10,39,500/- made by the Assessing Officer under section 69A of the Income Tax Act, 1961, in contravention of the provisions of section 292C of the Act, without appreciating the fact that the addition was based on incriminating details/documents recovered during the course of survey proceedings. The Ld. DR further submitted that the Ld. CIT(A) also erred in deleting the addition of Rs. 1,68,09,490/- made under ....