2025 (2) TMI 1877

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....03.2016 and 30.06.2016, in case Nos. 365 & 469/CIT(A)-1/AGRA/ACIT(Central Circle)/Agra/07-08, in proceedings u/s 153A/143(3) of the Income Tax Act, 1961 (in short "the Act"), respectively. 2. Heard both the parties at length. Case files perused. 3. The former assessee's appeal ITA No. 227/Agr/2016 raises the following substantive grounds: "1. That the ld. CIT(A) has erred in law and on facts in sustaining the assessment passed u/s 153A of the Income Tax Act, 1961 even when no incriminating material was found during the search conducted on the appellant group. 2. That the authorities below have erred in law and on facts in making protective assessment on the appellant on account of investment of Rs. 9,50,000/- as unex....

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....stand assessed on substantive basis qua the same as per the order dated 30.12.2023 passed by the Income Tax Settlement Commission ("ITSC"). The Revenue's comes on the other hand is that the assessee's instant argument more requires an afresh factual verification by the learned Assessing Officer since all these alleged intervening developments have taken place post facto the lower appellate order under challenge. 6. Faced with this situation, we deem it appropriate in the larger interest of justice to restore the assessee's instant second to fourth substantive grounds back to the Assessing Officer to ensure that there is no double addition of both these amounts of unexplained investment and interest income; in assessee's hands once his br....

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....t he is only pressing for the assessee's first and fourth substantive grounds as per his preceding statement. Rejected in very terms. 10. Learned counsel next submits that the unexplained investment in FDRs of Rs. 19,76,153/- forming subjecting matter of adjudication in the assessee's second substantive ground; on "protective" basis stoods assessed in his brother's hands as per the ITSC's order, in very terms. We thus restore the assessee's instant second substantive ground back to the Assessing Officer for his afresh factual verification as in the preceding appeal, in very terms. This second substantive ground is taken as accepted for statistical purposes. 11. Next comes the assessee's third substantive ground seeking to reverse both....