2025 (3) TMI 2239

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....ROY, JM: The instant appeal, filed by the assessee, is directed against the order dated 10.04.2023 passed by the learned Commissioner of Income-tax (Appeals)/ National Face Less Appeal Centre (NFAC), Delhi, arising out of the order dated 25.03.2022 passed by the National Faceless Assessment Centre, Delhi under Section 147 read with section 144B of the Income Tax Act, 1961 (hereinafter referred ....

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....proval notice under Section 148 dated 28.2.2021 was issued and served upon the assessee, in compliance whereof the assessee filed his return on 01.4.2021 showing total income at Rs. 8,19,360/-. 3. The assessee is engaged in the business of sale of cycles as proprietorship concern and claimed to have sold 1056 units of electric fans by raising bills to the firm M/s S.N. Brothers. In support of t....

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....,000/- is hypothetical figure to the returned income of the assessee and inspite of asking for the computation or calculation or the basis of which addition was determined to the tune of Rs. 11,60,000/- nothing was provided by the Learned AO to the assessee. Further, that the assessment made under Section 69 is only sustainable in the eyes of law when specific and identified credit entry is found ....

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.... before us. It further appears from the reasons recorded by the AO that provision of sub-clause (1) of Explanation 2 to Section 147 of the Act has been invoked. It is trite law that such clause is applicable only in the case where the assessee has not filed the return of income whereas the assessee has duly filed the return of income for the year under consideration which is reflecting from the or....