9911796707
TMI Blog2015 (5) TMI 224X X X X Extracts X X X X X X X X Extracts X X X X ..... he addition made by the Assessing Officer under Section 69/69(C) of the Income Tax Act (hereinafter referred to as the 'Act'), the Revenue has preferred the present tax appeal. 3. That the assessee filed return of income for A.Y. 2004-2005 declaring the total income at Rs. 2,49,970/-. That search and seizure operation under Section 132 of the Act was carried out on 14.12.2005 at the residential premises of the assessee and survey under Section 133A of the Act was also conducted at the business premises of the assessee on the same date. It appears that during the post-search inquiries, the assessee accepted the undisclosed income and/or undisclosed investments and/or undisclosed expenditure and admitted unaccounted income at Rs. 2.7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g aggrieved and dissatisfied with the order passed by the learned CIT(A), the assessee preferred appeal before the learned Tribunal and by impugned judgment and order, the learned Tribunal has allowed the said appeal by deleting addition made by the Assessing Officer under Section 69/69(C) of the Act as confirmed by the learned CIT(A), by observing that when the assessee did not offer Rs. 43,07,179/- as expenditure and did not claim deduction of Rs. 43,07,179/- as expenditure, the Assessing Officer was not justified in invoking Section 69/69C of the Act and/or in making the addition of Rs. 43,07,179/- as unexplained expenditure under Section 69/69(C) of the Act. 3.4. Feeling aggrieved and dissatisfied with the impugned judgment and order p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or part thereof, as the case may be, may be deemed to be the income of the assessee for such financial year. 5. Under the circumstances, the learned Tribunal has rightly held that the Assessing Officer has committed error in making addition of Rs. 43,07,179/- under Section 69/69C of the Act. We are in complete agreement with the view taken by the learned Tribunal in deleting addition of Rs. 43,07,179/- made under Section 69/69C of the Act. 6. Under the circumstances, no substantial question of law arises in the present appeal and the pres ..... X X X X Extracts X X X X X X X X Extracts X X X X
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