Tribunal partially allows appeal, removes Rs.43,00,000 addition, directs deletion of Rs.15,00,000.

The Tribunal partly allowed the appeal, setting aside the addition of Rs.43,00,000 in relation to the amounts received from two individuals and directing the deletion of the addition of Rs.15,00,000 in respect of another transaction. All grounds of appeal were disposed of accordingly.

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Issues involved:
The appeal challenges the addition of Rs.43,00,000 as unexplained cash credits under section 68 of the Income Tax Act for Assessment Year 2012-13.

Issue (A):
The appeal challenges the addition of Rs.43,00,000 as unexplained cash credits under section 68 of the Act. The appellant contends that the burden of proof regarding identity, creditworthiness, and genuineness of the transaction has been met, making the addition illegal and untenable. The appellant argues that the source of the creditor not being explained cannot be a valid basis for the addition under section 68.

Issue (B):
The assessment order determined the appellant's total income at Rs.45,21,086, with additions made on amounts received from three individuals. The appellant appealed against the additions totaling Rs.43,00,000, which was dismissed by the Commissioner of Income Tax (Appeals). The issue regarding amounts received from two individuals, Mr. Bahl Singh and Mr. Maan Singh, was set aside for a fresh decision by the Assessing Officer after providing a reasonable opportunity to the assessee.

Issue (C):
Regarding the amount of Rs.15,00,000 received from Mr. Devi Singh Rawat, the appellant argued that Mr. Devi Singh satisfactorily answered all questions posed by the Assessing Officer and provided necessary explanations. The appellant highlighted the "Agreement to Sell," indicating the transfer of property to the nominee of the buyers, including Mr. Devi Singh Rawat. The Tribunal found the transaction explained satisfactorily, directing the Assessing Officer to delete the addition of Rs.15,00,000 in respect of the transaction between the appellant and Mr. Devi Singh Rawat.

The Tribunal partly allowed the appeal, setting aside the addition of Rs.43,00,000 in relation to the amounts received from Mr. Bahl Singh and Mr. Maan Singh, and directing the deletion of the addition of Rs.15,00,000 in respect of the transaction with Mr. Devi Singh Rawat. All grounds of appeal were disposed of accordingly.

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