ORDER

PER MANISH AGARWAL, AM :

The present appeal is filed by the assessee against the order dated 23.02.2024 by Ld. Commissioner of Income Tax (A), National Faceless Appeal Centre (“NFAC”), Delhi [“ld. CIT(A)”] in Appeal No. CIT (A), Gurgaon- 1/11612/2019-20 passed u/s 250 of the Income Tax Act, 1961 [“the Act”] arising from the assessment order dated 23.12.2019 passed u/s 143(3) of the Act pertaining to Assessment Year 2017-18.

2. Brief facts of the case are that the assessee is an individual and filed his return of income on 05.11.2017 declaring total income at INR 39,58,400/-. The case was selected for scrutiny under CASS and the notice was issued by ITO, Ward-1(3), Gurgaon. Thereafter, various notices were issued and replies were filed by the assessee. After considering the submissions, total income was assessed at INR 3,40,09,154/- by making addition of INR 1,40,51,028 u/s 68 r.w.s.115BBE of the Act and further disallowance of INR 1,59,99,726/- was made being 5% of the expenses claimed.

3. Against the said order, the assessee preferred an appeal before ld. CIT(A) who vide impugned order dated 23.02.2024, dismissed the appeal of the assessee and confirmed the additions / disallowa