TaxTMI 
TaxTMI 
2014 (4) TMI 968
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.... we shall take up in seriatim. The first issue is qua the addition in the sum of Rs.8,50,000/-, stated to be against sale of furniture, sold by the assessee along with a Bunglow. The assessee, a 50% co-owner in a bunglow situate at Ahmedabad, sold the same during the relevant year at Rs.38,50,000/-, disclosing the proportionate consideration (Rs.19.25 lacs) per his return of income (ROI) for the year filed on 28.07.2006. His bank account, however, revealed credit for Rs.1 lac (on 06.12.2005) and Rs.7.50 lacs (on 25.02.2006), i.e., at a total of Rs.8.50 lacs. The same was explained to be toward consideration for the sale of furniture at the bunglow, having been sold along with. The reason for the non-disclosure in the ROI was stated to be on....
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.... the transport of furniture from Mumbai to Ahmedabad was not accepted as additional evidence in the absence of any cogent reason for being not able to produce the same before the A.O. despite sufficient opportunity before him. The assessee's claim was considered as bogus, made with a view to evade tax at Rs.8.50 lacs, which sum had thus rightly been considered as a part of the sale of the bunglow, without any corresponding relief toward cost of furniture. Aggrieved, the assessee is in second appeal. 3. Like contentions were raised before us by both the sides, with the ld. Departmental Representative (DR) relying on the orders by the Revenue authorities. 4. We have heard the parties, and perused the material on record. There is no evidence....
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....rmation dated 23.02.2006, duly notorized, qua the sale of furniture and corresponding receipt, which is for Rs.8.50 lacs and in favour of both the assessee and the other co-owner, Smt. Nita Amit Patel (PB pgs.102-103). How is it then that the assessee, a 50% owner of the bunglow, having invested 50% of the cost of the furniture, been paid the entire sale consideration thereof? The same is, in any case, almost twice the purchase price of the furniture, rather than at a fraction thereof. The details of the furniture and fixture, forming part of the confirmation afore-said, was browsed during hearing itself to find only three items (out of 14), i.e., at Sr. No. 9, 10, 12, to be of furniture; the balance being qua electrical fittings and fans (....
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....sed as that against furnished bunglow, its cost shall be increased by Rs. 2 lacs, taken as expended during the f.y. 1999-00, considering them as a part of the capital assets sold along with. The assessee's claim, rather than being considered as bogus, as by the Revenue, stands accepted to that extent. We decide accordingly, and the assessee gets part relief. 5. The second issue is in respect of a credit for house-hold/living expenses. A credit of Rs.60,000/- to the assessee's account in the books of account of M/s. Universal Chemphour Manufacturing Corp. ('UC' for short) for the relevant year toward the same was observed by the A.O. The same was explained to be by way of transfer from an account, similarly maintained, by UC of Shri Harihar....