MR. SAGIR ALAM KHAN,KEONJHAR vs. INCOME TAX OFFICER, KEONJHAR WARD, , KEONJHAR

आदेश / O R D E R Per Bench : This is an appeal filed by the assessee against the order dated 25.10.2024 passed by ld. CIT(A), National Faceless Appeal Centre (NFAC), Delhi, for the assessment year 2017-2018. 2. The appeal of the assessee is barred by 161 days. In this regard, the assessee has filed an application for condonation of delay supported with an affidavit stating therein sufficient reasons for delay, which are plausible and not found to be false. Accordingly, delay of 161 days in filing the present appeal by the assessee is condoned and the appeal is admitted for hearing. 3. It was submitted by the ld. AR that the assessee is engaged in the business of footwear. The assessee had purchased a property for Rs.14 lakhs whereas the actual value has been shown at Rs.22 lakhs. The AO had treated the differential amount as Rs.8 lakhs as income of the assessee by applying the provisions of Section 56(2)(vii)(b) of the Act. It was further submitted that the AO had treated the amount of Rs.6 lakhs received by the assessee from his relatives and family members for the purpose of the said property as unexplained investment u/s.69 of the Act. It was the submission that in the course of assessment the assessee had submitted that the property could be valued which has not been done by the AO. It was the further submission that in respect of gift of Rs.6 lakhs assessee has provided affidavit before the ld. CIT(A). It was the prayer that the addition made by the AO and confirmed by the ld. CIT(A) may be deleted.