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| The Tax Publishers2020 TaxPub(DT) 3332 (Ahd-Trib) INCOME TAX ACT, 1961
Section 69A
Where assessee failed to explain the assessment before AO as well CIT(A) and no new facts or circumstances have been placed on record by assessee and orders passed by the revenue authorities have also gone unrebutted, therefore, there was no reason to interfere into or to deviate from findings of the authorities and addition was sustained.
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Income from undisclosed sources - Addition under section 69A - Unexplained investments -
Assessee had indulged in a trading activity of stock exchange and as per AIR details with AO, assessee made transaction in stock exchanges with the same time the assessee had made payment to credit card companies as per the AIR details. During the course of assessment proceedings, assessee was asked to explain investments but even inspite of availing numerous opportunities, the assessee could not explain the investments. Thus, additions were made by AO. Held: Assessee miserably failed to explain the assessment before AO as well CIT(A). Therefore, AO as well as CIT(A) decided the orders against the assessee while making additions. No new facts or circumstances have been placed on record and the orders passed by the revenue authorities have also gone unrebutted, therefore, there was no reason to interfere into or to deviate from such findings of the authorities and thus, addition was rightly made by AO.
Followed:Rakesh C. Rastogi & Anr. v. Appropriate Authorities & Anr. -(2002) 253 ITR 94 (SC) : 2002 TaxPub(DT) 0786 (SC)
REFERRED :
FAVOUR : Against the assessee
A.Y. :
IN THE ITAT, AHMEDABAD BENCH
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