DY. C.I.T. Vs. KISHORE KUMAR KAYA

JUDGEMENT

(1.) THE appeal is filed by the Revenue and the Cross Objection is filed by the assessee, which are directed against the order of CIT(A) -II, Kanpur dated 30/01/2012 for assessment year 2002 -03.

(2.) FIRST we take up the appeal of the Revenue i.e. I.T.A. No. 177/Lkw/2012. In this appeal, the Revenue has raised the following grounds:

(3.) THAT Ld. CIT(A) has erred in law and on facts in holding the assessment to be invalid and thus deleting the addition of Rs. 41,76,419/ - made on account of unexplained investment u/s. 69 of the IT Act 1961, without appreciating the fact that the A.O. was constrained to pass assessment order u/s. 144 of the I.T. Act 1961, in absence of compliance by the assessee. The proofs and on the basis of information gathered from Investigation Wing as a result of enquiries made with respect to transactions of M/s. CMS Securities Ltd. account, was informed to the assessee but he failed to discharge his onus as required as per provisions of section 69 of the IT Act 1961.