SUBHAM DEVELOPERS,SALEM vs. ITO, WARD - 1(1), SALEM

PER ABY T. VARKEY, JM: This is an appeal preferred by the assessee Firm against the order of the Learned Commissioner of Income Tax (Appeals)/NFAC, (hereinafter in short "the Ld.CIT(A)"), Delhi, dated 29.12.2023 for the Assessment Year (hereinafter in short "AY") 2016-17. 2. At the outset, the Ld.AR of the assessee submitted that in this case, the AO has made addition of Rs.2,12,60,000/- u/s.69 of the Income Tax Act, 1961 (hereinafter in short "the Act"), since he found that the assessee Firm didn't file any return of income (ROI) for AY 2016-17; and that he got information that assessee had purchased immovable property of value of Rs.2,12,60,000/- which was registered at the Sub-