आदेश Order /

PER VIKRAM SINGH YADAV, A.M. :

This is an appeal filed by the Assessee against the order of the Ld. CIT(A)-3, Ludhiana dt. 14/06/2019 wherein the assessee has challenged the sustenance of addition of Rs. 10,07,130/- made by the AO.

2. Briefly, the facts of the case are that basis information that the assessee has made financial transactions in purchase of shares amounting to Rs. 10,07,130/-, notice under section 148 was issued to the assessee on 28/03/2017. There was however no compliance on the part of the assessee. Subsequently, notice under section 142(1) was issued and in response, the Counsel for the Assessee attended the assessment proceedings and the matter was discussed.

The AO has however recorded the finding that no explanation was offered on part of the assessee with regard to the source of investments made in purchase of shares. Therefore, in absence of the explanation furnished by the assessee explaining the source of financial transactions made in purchase of shares of Rs. 10,07,130/-, the same was brought to tax in the hands of the assessee.

3. Being aggrieved, the assessee carried the matter in appeal before the Ld. CIT(A) who has since sustained the finding