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2023 (6) TMI 522 - ITAT CHENNAIAssessment u/s 153A - AO treated the cash found and seized from the assessee as undisclosed income of the assessee u/s 69A - Hurried assessment on the very next day of issuing notice as getting barred by limitation - HELD THAT:- Assessee filed returns of income for the above assessment year declaring NIL income on the assumption that the income were below tax limit inadvertently, but the assessee rectified the mistake by making revised returns showing factual income of every year and furnished well before the proceedings initiated u/s 143(2) - AO has not considered the revised returns filed by the assessee. Assessee was asked to produce details of PAN, ID and other particulars of his brother which was complied with and accepted by the AO. AO has not recorded any statement from the person(s) whose details were furnished before the AO. AO has stated that the assessee has not furnished the details such as break up details of brokerage commission, name and address of persons from whom received brokerage commission and proof for money received from his mother as called for vide this office notice u/s 142(1) on 27.03.2015. The notice issued under section 142(1) of the Act on 27.03.2015 being Friday and the Assessing Officer hurriedly concluded the assessment on the very next working day on 30.03.2015 for the reason that the assessment was getting barred by limitation, which appears to be legally not correct. Having co-terminus power, atleast the ld. CIT(A) should have called for the details from the assessee before concluding the appellate order, which was not done. We set aside the orders of authorities below and delete the addition made u/s 69A of the Act. Decided in favour of assessee.
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