9911796707
TMI Blog2024 (6) TMI 792X X X X Extracts X X X X X X X X Extracts X X X X ..... reinafter 'the Act'), vide order dated 28.03.2013. 2. At the outset, it is noticed that the assessee has raised seventeen grounds but on query from the Bench, ld. Counsel for the assessee stated that he is withdrawing all the grounds except ground no.2, which reads as under:- "2. The CIT(Appeals) -16, Chennai erred in assuming jurisdiction under Section 251(2) of the Act to enhance the taxable total income and consequently erred in adding back a sum of Rs.6,54,60,000/- being the sum received from M/s Darlington Investments Pvt. Ltd, Singapore as income of the appellant without assigning proper reasons and justification"'. Ld. Counsel for the assessee has not pressed grounds 1 to 17 except ground No.2 as reproduced above, hence ground N ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h an investment agreement was entered into besides obtaining forward inward remittance certificate and filing the necessary forms with the Reserve Bank of India". 4. The ld. CIT(A) during the course of assessment proceedings noticed that no addition was made on this account and ld. CIT(A) required the assessee to explain the source of the same. The assessee filed various details but CIT(A) issued enhancement proposal u/s.251 (2) of the Act for making addition on account of unexplained investment made in M/s. Darlington Investments P Ltd. The ld. CIT(A) enhanced the addition of Rs.6,54,50,000/- and the decision of ld. CIT(A) in para 6.7 which reads as under:- '6.7 Thus in view of the above detailed findings, unexplained income of the app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and circumstances of the case. Assessee has received investments in foreign remittance from Singapore and all the clearance from RBI were obtained. The only issue needed examination is the source for this money in terms of Section 68 of the Act as proposed by the ld. CIT(A) and the same need to be examined and hence, I set aside the order of the ld. CIT(A) and that of the ld. Assessing Officer and remit the issue back to the file of the Assessing Officer who will examine the entire investments of foreign remittance received from M/s. Darlington Investments P Ltd, Singapore under section 68 of the Act denovo. In terms of the above discussions, I remit the issue back to the file of the ld. Assessing Officer for fresh consideration. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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