2011 (5) TMI 220

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....68 of the Act and it was not the case of the Revenue that the additions shall be made under section 69A, more so disregarding the decision of the co-ordinate Bench reported at Jawahar Lal Oswal v. Asst. CIT [1999] 71 ITD 324 (Chandigarh) ?   (3) Whether the hon'ble Tribunal was correct in law in disregarding the evidence as contradictory instead of appreciating the evidence harmoniously ?"   2. While carrying out the assessment of the assessment year 2002-03, the Assessing Officer made additions aggregating to Rs. 55 lakhs deposited in the bank account of the appellant/assessee herein by invoking the provisions of section 68 of the Income-tax Act. There were four additions in the sums of Rs. 20 lakhs, Rs. 20 lakhs, Rs. 5 lak....

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....atna on December 2, 2000, which was registered with the Registrar vide serial No. 38096. It was submitted by the appellant before the Assessing Officer that under the said agreement, the assessee had received a sum of Rs. 25 lakhs from the said developer, namely, Ganpati Builder whose sole proprietor is Mr. Jagdeep Prasad Verma. It was also stated that Rs. 5 lakhs was received by the assessee by means of cheque and balance of Rs. 20 lakhs in cash. However, the development agreement fell through and was cancelled subsequently, as a result, the assessee was paid back the amount of Rs. 25 lakhs on September 26, 2001 by means of bank drafts of (Rs. 9 lakhs + 9 lakhs + 7 lakhs) respectively. The assessee had also submitted the documents to suppo....

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.... of the agreement, there is an endorsement by the assessee, as per which, he received a further sum of Rs. 20 lakhs in cash on April 2, 2001. This is not accepted by the Tribunal on the ground that the same is returned by the assessee alone and it is not verified by Mr. Jagdeep Prasad Verma. In these circumstances, whether a sum of Rs. 20 lakhs in cash was received by the assessee from Mr. Jagdeep Prasad Verma could have been ascertained by summoning.   (ii) The assessee had also placed on record a letter dated September 26, 2001, purportedly written by Mr. Jagdeep Prasad Verma to the Acting Chairman, Bihar State Shia Waqf Board, Abedin House, Fraser Road, Patna. This letter mentions about the builder's agreement and further states ....