A.M. ABOOBACKER Vs. THE INCOME TAX OFFICER

JUDGEMENT

(1.) HEARD Senior Counsel for the appellant and the Standing Counsel appearing for the respondent.

(2.) THIS appeal arises from the order of the Income Tax Appellate Tribunal, Cochin Bench in ITA No. 282/2014. By this order, the Tribunal has confirmed addition of unexplained investment of Rs. 69,00,000/ - under Section 69 of the Income Tax Act. Briefly stated, the facts of the case are that the appellant had purchased 35.137 cents of land in the Thrikkakkara North Village for a consideration of Rs. 60 lakhs. The property was purchased jointly with his brother. The appellant was called upon to explain and furnish the source of the said investment since the cash flow statement did not show this investment. During the assessment proceeding, the appellant filed a revised cash flow statement explaining the investment of Rs. 69 lakhs towards cost of acquisition, registration charges, stamp duty paid, etc. The assessing officer was not satisfied with the explanation given by the appellant and treated the sum of Rs. 69 lakhs as unexplained investment under Section 69 of the Income Tax Act. This order was confirmed by the Appellate Authority and the Tribunal. It is aggrieved by this proceedings, this appeal is filed under Section 260A of the Income Tax Act with the following questions of law for the consideration of this Court:

(3.) IS not the decision of the Appellate Tribunal erroneous insofar as the impugned assessment order was passed without following the principles of natural justice and without fairness inaction insofar as even personal hearing was not afforded to the appellant before finalising the assessment -