2026 (6) TMI 130

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....) ORDER The captioned appeal at the instance of assessee pertaining to A.Y. 2013-14 is directed against the order dated 16.09.2025 framed by National Faceless Appeal Centre, Delhi (NFAC) arising out of Assessment Order dated 30.03.2022 passed u/s. 147 r.w.s.144B of the Income Tax Act, 1961 (in short 'the Act'). 2. Registry has pointed out that the appeal is barred by limitation as 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

....ievance of the assessee revolves around the addition for unexplained investment u/sec 69 of the Act at Rs. 8,80000/-. 4. The legal issued raised in Ground No. 1 challenging the validity of notice u/sec 148 of the Act is dismissed as 'not pressed'. 5. So far as the merits of the case, I have heard the rival contentions and perused the record placed before me. I note that the assessee is an in....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... Wasankar Wealth Management, Nagpur is only Rs. 5,25,000/- and not Rs. 8,80,000/- as alleged by the Revenue authorities. It is stated that Rs. 1.50 lakh was invested during F.Y. 2011-12 and in the investment made at Rs. 5,25,000/- for the instant year under appeal the same included Accrued interest on Rs. 1.50 lakh at Rs. 30,000/-. It therefore shows that the assessee is required to explain the so....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... 8. Considering the withdrawals made from the bank account, the amount received from LIC maturity, salary income, accumulated savings and loan from father, I hold that firstly the alleged unexplained investment is not Rs. 8,80,000/- but the actual figure of investment for the year is Rs. 5,25,000/- and out of this figure Rs. 30,000/- is accrued interest on the investment made in the preceding yea....