DCIT Vs Anand Kumar Agarwal (ITAT Raipur)
The appeal filed by the Revenue and the Cross Objection filed by the assessee concerned Assessment Year 2019-20. The assessee had filed his return on 21.10.2019 declaring total income of Rs.28,85,660/-. Following a search and seizure operation conducted under section 132 in the Swastik Group and associated entities/persons on 06.01.2023, incriminating documents identified as LPS-6 were seized from the office premises of Shri Narendra Agrawal at Raipur. The seized material allegedly recorded cash payment of Rs.1,56,00,000/- by Shri Anand Kumar Agrawal (Goyal) towards purchase of 1200 sq.ft. land at Naharpara, Raipur.
The Assessing Officer recorded satisfaction under Explanation (2)(iv) of section 148 and issued notice under section 148 dated 27.03.2024 after obtaining approval of the prescribed authority. The assessee filed a return in response on 06.05.2024. The reassessment was completed under section 143(3) read with section 147 determining total income at Rs.1,84,85,660/-, including an addition of Rs.1,56,00,000/- as unexplained investment under section 69 read with section 115BBE.
Before the CIT(A)/NFAC, the assessee challenged the addition as well as the validity of the reassessment proceedings. The CIT(A)/NFAC deleted the addition of Rs.1,56,00,000/- but dismissed the legal objections concerning, inter alia, issuance of notice by the Jurisdictional Assessing Officer instead of NFAC, non-supply of material relied upon for issuing notice under section 148 and denial of cross-examination.
