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2022 (4) TMI 1226 - AT - Income TaxTransfer of the case u/s 127 from Jalgaon to Nashik - HELD THAT:- It is trite law that an assessee is barred from raising contention that no opportunity was given to the assessee while transferring the jurisdiction of the case u/s 127 from Jalgaon to Nashik as the order of the transfer of case u/s 127 was within the knowledge of the assessee during the course of assessment proceedings and still the assessee had chosen not to participate in the matter of jurisdiction of the AO to whom the case has been transferred. The assessee cannot be allowed latter to challenge the jurisdiction of the AO as held in the case of Pannalal Binjraj vs. Union of India [1956 (12) TMI 1 - SUPREME COURT] AND SHIVABHAI KHODABHAI PATEL [1999 (12) TMI 31 - GUJARAT HIGH COURT] Thus objection raised by the assessee challenging the transfer of jurisdiction of the case does not stand the test of the law. Thus, this contention is devoid of any merit and, accordingly, we dismiss the same. Unexplained investments out of undisclosed sources - HELD THAT:- We have carefully gone through the said loose documents which is also extracted by the AO wherein, the documents indicates total payment - Obviously contents of the notings clearly indicate the payment of interest which means the appellant either repaid the loan with interest or made advance of loan for interest. Notings found therein represents the unexplained income out of which the loan or advance was made warranting addition under the provisions of section 69 of the Act. When this information/material was confronted to the appellant, the appellant had failed to explain the contents of the documents. Therefore, the Assessing Officer was justified in making the addition. Thus, we confirm the addition - Thus, the ground of appeal no.2 raised by the appellant stands dismissed. Unexplained expenditure - Receipts and payments made in connection with the purchase and sale of share of M/s S.V. Electricals and it reflects the name of Shri Deelip V. Kotecha, the appellant before us, had paid cash to the agent involving in booking of accommodations entries. CIT(A) had clearly narrated the transaction that would have taken place the findings recorded by CIT(A) remains uncontroverted by the appellant. When this matter was confronted to the appellant, he gave vague answers and, therefore, presumption created u/s 132(4A) remains un-rebutted. In the circumstances, the lower authorities were justified in making the addition as undisclosed investments u/s 69 of the Act. Thus, the ground of appeal no.3 raised by the appellant stand dismissed.
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