2025 (4) TMI 2128

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.... as "the Act"). 2. Grounds raised by the assessee are as under : "1. Because the Ld. CIT(A) has wrongly and arbitrarily confirmed all the additions made by the Assessing Officer without considering the Audited Balance Sheet, purchase deed of properties, proof of life insurance premium and tution fees paid. 2. Because the total addition in the fixed assets is of Rs. 15,45,867/- duly appearing in the audited balance sheet. The Assessing Officer made two separate additions, one of Rs. 3,02,166/- and another of Rs. 12,43.701/-(totaling to Rs. 15,45,867/-). The Ld. CIT (A) NFAC has legally and factually erred in confirming both these additions ignoring the fact that the source of investment is itself proved as the property i....

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....ng the reassessment proceedings, the assessee furnished necessary details including copy of audit report, profit & loss account and balance sheet. From the balance sheet, the Assessing Officer noted the assessee to have made investment of Rs. 15,45,867/- in fixed assets. In the absence of any explanation of the sources of investment made in immovable property of Rs. 3,02,166, the Assessing Officer added the same to the income of the assessee. Further, after reducing this addition made to the income of the assessee from the total amount invested in the fixed assets during the year of Rs. 15,45,867/-, the Assessing Officer added balance amount of investment in fixed assets of Rs. 12,43,701/- to the income of the assessee in the absence of any....