- (1.) Delay in refiling the appeal is condoned.
(2.) This appeal has been preferred by the appellant-assessee under Section 260A of the Income Tax Act, 1961 (in short, "the Act") against the order dated 10.2.2015, Annexure A.3 passed by the Income Tax Appellate Tribunal, 'B' Bench, Chandigarh (in short, "the Tribunal") in ITA No.743/CHD/2014, for the assessment year 2005-06, claiming following substantial questions of law:- "a) Whether in the present facts and circumstances of the case, the learned ITAT was justified in upholding the addition of Rs. 5,80,100/- b) Whether in the present facts and circumstances of the case, the order of the learned ITAT is perverse
(3.) A few facts relevant for the decision of the controversy involved as available on the record may be noticed. The assessee is a property dealer. He is engaged in the business of booking plots and constructing them in collaboration with Motia group. Search and seizure operation under section 132 of the Act was conducted on 25.2.2009. Notice under section 153A of the Act was issued on 9.7.2009 to the assessee to file the return of income. Accordingly, return declaring income of Rs. 1,35,570/- was filed on 2.9.2009 by the assessee. The case was taken up for scrutiny. Notice under section 143(2) of the Act was issued to the assessee. Representative of the assessee appeared and furnished the requisite information. The assessee had shown business income from property dealing. The assessee had also shown sundry creditors of Rs. 7,97,600/-. The assessee was required to file certified copy alongwith narration in the books of all the creditors with regard to the amount of Rs. 7,97,600/-. He was also required to furnish the status of the credit balance in his books of account for the financial year 2005-06, i.e. the next year. The Assessing Officer made an addition of Rs. 5,80,100/- towards unexplained credits under Section 68 of the Act vide order dated 22.12.2010, Annexure A.1. The details of unexplained credits are as under:- JUDGEMENT_548_LAWS(P&H)5_2016_1.html;