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2024 (2) TMI 269 - ITAT DELHIUnexplained investment, unexplained purchases, unexplained investment in excess stock and undisclosed income - additions made by the AOat the hands of the assessee have actually been owned up by one of the directors of the company - assessee made application before the Settlement Commission for settling the dispute regarding those additions FAA did not accept the aforesaid contention of the assessee since the proceedings before the Settlement Commission were not finalized- HELD THAT:- As assessee has furnished a copy of the order passed by Interim Board for Settlement, wherein the application filed one of the directors of the assessee company, has been accepted. It is further observed, in the said order the Settlement Commission has observed that since Shri Rajiv Garg is the key person of the group and manages all financial affairs and further that he is responsible for earning undisclosed income emerging from the seized materials, all the transactions, which do not belong to any particular group, should be considered in his hands. Therefore, in view of the aforesaid observations of the Settlement Commission, all the issues relating to the additions made at the hands of the assessee and disputed before us need a fresh look at the end of the AO. Accordingly, we set aside the impugned order of Commissioner (Appeals) and restore the issues back to the AO for fresh adjudication after providing due and reasonable opportunity of being heard to the assessee. Appeal of assessee allowed for statistical purposes.
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