TaxTMI 
TaxTMI 
2014 (2) TMI 784
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....1,00,000/- made by Assessing Officer on account of unexplained cash credit u/s 68 of the Income Tax Act, 1961 . 3. The appellant craves leave to add, alter or amend any/all the grounds of appeal before or during the course of hearing of the appeal. 2. The brief facts of the case are that that assessee had received an amount of Rs..9,51,000/- from one Mr. AK Vidyasaria of Calcutta. During assessment proceedings, it was explained to be amount received on account of sale of flat owned by the assessee at Calcutta. The assessee was required to furnish copy of agreement to sell or other evidence to prove that the amount received was only towards sale of flat and not otherwise. The assessee explained that conveyance deed was not yet executed but....
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....ded over by the appellant and the full value of consideration had been received, the transaction was treated as sale and capital gains was calculated on the same. During the appellate proceedings further evidence in the form of Receipt - Cum - Agreement and Receipt of the final installment of the consideration has been filed which was sent to the AO for verification and report. The AO has not made any adverse comments about the veracity of these documents but has only made general observations that additional evidence may not be accepted. Since the appellant had given the details as to the buyer's PAN, his Bank and Cheque Numbers etc., the AO could have made further inquiries to satisfy himself about the genuineness of the transaction, but ....
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....pace and therefore the addition in relation of the same is upheld. (Partial relief of Rs.9,00,000/--) b) Regarding addition of Rs..1,00,000/-. 4.2 I have carefully considered the facts of the case and the position of law. It is not disputed that the appellant had filed confirmation from the lender giving all verifiable details including PAN and bank and Cheque details. However, the AO did not consider the same and made addition u/s 68. Even during the remand proceedings, the AO has not been able to use the details filed by the appellant to verify the loans and has instead reported that in absence of copy of Income tax return and balance sheet etc., the loan is justifiably added u/s 68 of the Act. This position cannot be approved in view o....
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.... submitted that the amount was received on account of sale of flat and complete information about the buyer along with his confirmation, PAN number, affidavit etc. were filed. Therefore, the Ld CIT(A) after going through all facts and circumstances has rightly deleted the addition. 7. Regarding ground No.2, our attention was invited to paper book page 12 where a copy of certificate issued by lender was placed wherein complete address and PAN number was mentioned and lender had confirmed to have made payments on behalf of assessee. We were also taken to paper book page 3 wherein copy of account of lender for two years was placed. In view of the above documents, it was submitted that originally Rs..3,50,000/- was paid by the lender to Fertil....