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2014 (5) TMI 850 - HC - Income TaxDismissal of application of revision u/s 264 of the Act - Unexplained investment u/s 69 of the Act – Held that:- The AO vide order dated 5.12.2011 and the CIT while passing order dated 28.3.2013, u/s 264 of the Act had completely ignored the same - the CIT had passed the order which is not a speaking one – Relying upon CIT vs. Smt.P.K.Noorjahan [1997 (1) TMI 6 - SUPREME Court] addition u/s 69 of the Act is within the discretion of the AO as according to the words used in the section, it was incumbent upon the AO to consider the facts and circumstances of the case before making an addition. It is clear from the orders passed by CIT and the AO that inspite of opportunity having been provided to the assessee to appear before them, but did not chose to appear and Shri Amit Kashyap could not be confronted to the assessee who had tried to own the responsibility for maneuvering the entire transaction - on a query being put to the counsel for the assessee as to why did the petitioner enter into transaction on behalf of Tarlochan Singh who was stranger and had no relationship with the assessee, but they were unable to give any reply much less satisfactory reply – thus, no illegality or perversity could be pointed out in the orders passed by the AO and the CIT – Decided against Assessee.
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