2024 (4) TMI 1406

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Ld. Assessing Officer in making an addition of Rs. 31,89,681/- being unsecured loans and treating it as unexplained investments, thereby completely misunderstanding the factual matrix of the case. 2. The Ld. Commissioner of Income Tax (Appeals)- NFAC, erred in confirming the actions of Ld. Assessing Officer in making an addition of Rs. 31,89,681/- under section 69 of the Income Tax Act, 1961, failing to appreciate that section 69 does not apply to the facts of the case. 3. The Ld. Commissioner of Income Tax (Appeals)- NFAC erred in confirming the actions of the Assessing Officer in making an addition of Rs. 31,89,681/- on account of alleged unexplained investment under section 69 of the Income Tax Act, 1961." 2. The ass....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... a profit ratio of 12.5%. 3. Aggrieved the assessee filed further appeal before the CIT(A). Before the CIT(A), besides the grounds on merits the assessee also contended the legal issue that addition could not have been made under section 69 since the impugned transaction has already been recorded in the books of accounts of the assessee. Since the assessee did not appear or make any submissions before the CIT(A), the CIT(A) dismissed the appeal confirming both the additions made by the AO. The CIT(A) also recorded findings on merits based on materials available on record while confirming the additions. The assessee is in appeal before the Tribunal contending the addition made under section 69 towards the loan transactions. 4. The ld A....