TMI Blog2022 (3) TMI 1182X X X X Extracts X X X X X X X X Extracts X X X X ..... as added by AO, all such facts are not verified by lower authorities. Therefore, keeping in view the principles of natural justice, the issue is restored back to the file of AO. The assessee is directed to explain all the transactions qua the investments through Anand Rathi Commodities Ltd, Globe Commodities, and through Religare Commodities Pvt. Ltd. The assessee is further directed to comply all the notices of AO and to provide all necessary evidence and information without further delay and not to seek the adjournment without any valid reasons. Accordingly, the appeal of the assessee for A.Y. 2010-11is allowed for statistical purposes. - ITA No.168 And 169/SRT/2018 - - - Dated:- 2-3-2022 - Shri Pawan Singh, Judicial Member And Dr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... add any new or additional ground of appeal at the time of hearing. 2. Brief facts of the case are that assessee has not filed return of income for the assessment year under consideration. The case of the assessee was reopened on the basis of data on ITD system in NMS module showing that the assessee is involved in share transaction and has not filed his return of income. The assessee was issued two notices before for reopening on 22.07.2013 and 28.07.2013. The assessing officer (AO) recorded that the assessee avoided the said notices. The Assessing Officer thereafter recorded reasons of reopening and issued notice under section 148 of the Act on 22.09.2014. In response to notice under section 148 of the Act no return of income was file ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he contents of submission for additional evidence are in para 6 of the ld. CIT(A). The assessee in sums and substance contended that peak amount of investment is misconceived, the assessee could not represent his case before the AO, due to the situation beyond his control. In the submission with regard to peak amount of investment in Anand Rathi Commodities Ltd. the assessee submitted that the AO made addition of peak investment of amount. The assessee invested of ₹ 1.30 lacs out of which ₹ 1.25 lacs from his own source and ₹ 5,000/- received from his father the assessee incurred a loss to the tune of ₹ 1,60,795/-and in no point of year there was peak investment of ₹ 56,25,300/-. The assessee furnished the le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the AO passed the assessment order under section 144 r.w.s. 147 of the Act. The AO made addition on account of peak investment for both the assessment years. Before ld. CIT(A), the assessee submitted that material gathered by the AO from stock exchange on the basis of which the quantification of income was made, was not provided to the assessee. The assessee repeatedly requested the AO to supply copy of material gathered at his back. In absence of any material the assessee could not make effective representation before the ld. CIT(A). The ld. AR of the assessee submits that before this Tribunal, the assessee filed an application for production of such documents on the basis of which the additions on account of alleged peak investment was ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h. The ld. Sr. DR submits that the assessee was given sufficient opportunity and he does not deserve any more opportunity. 9. We have considered the rival submissions both the parties and perused the orders of the lower authorities and the material available on record. We find that the AO passed the assessment order U/s 144 of the Act on 29.11.2016. The ld. CIT(A) confirmed the action of AO by taking view that addition calculated by the AO of peak investment is actually based on account of statement and that the assessee has not given any detail the same. We find that the material on the basis of which the peak investment was gathered by the AO during the assessment. Before us, the ld AR for the assessee made prayer for supply of the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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