The assessee has been assessed on the basis that there is an un-disposed investment of Rs.15,14,200/-. We find from objection filed by the assessee before the Assessing Officer, he has stated thus:
“As regards the investment in property, it is submitted that we are not in position to understand how you have arrived at a total investment amount of Rs.1514200. There is no investment in my individual capacity to the tune of Rs.1514200. However the investment made during the year under consideration is detailed in annexure I enclosed. I do not understand what are the document comprised off get the total investment of RS.1514200 as alleged. The details may be made available to me so as to explain the same. The details of investments made by my family members are detailed in annexure I and copy of document refered are enclosed.”
Not only that the details which were allegedly in the possession of the Assessing Officer and which is mentioned in the assessment order were not disclosed to the assessee, but also the Assessing Officer also has not disclosed any such details in the assessment order. This contention has also not been considered by the first appellate authority and the Tribunal. In such circumstances, we are unable to sustain the inclusion of Rs.15,14,200/- in the income of the assessee for the assessment year 2006-2007, allegedly towards investment made by him in the property. Therefore, we set aside the finding of the Assessing Officer that the assessee has made investment in the property at Rs.15,14,200/- in the assessment year in question and direct the Assessing Officer to re-consider the matter with notice to the assessee. Documents that are relied on by the Assessing Officer on this issue shall be disclosed to the assessee and he shall be given an opportunity to explain the matter as well.