TaxTMI 
TaxTMI 
2015 (10) TMI 580
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....allowing addition of Rs. 9,50,000/- on account of unexplained investment in Innova Car." 2. In brief the facts as emerged from the corresponding assessment order passed u/s. 143(3), dated 31.12.2010 were that the assessee in individual capacity has filed the return declaring an income of Rs. 3,29,668/-, however, the AO has noted that there was an unexplained investment in a car alleged to be "Innova car" amounting to Rs. 9,50,000/-. 2.1 When the matter was carried before the First Appellate Authority, it was explained that the assessee had taken loan from ICICI Bank and the car purchased was a "Santro car" and not the "Innova car". It was explained that due to typing error a wrong name was mentioned in the ledger account as "ICICI loan (I....
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....her be investigated. 4. From the side of the Respondent-Assessee, learned AR, Urvashi Shodhan has drawn our attention on the purchase bill of "santro car" details of repayment of loan and the profit and loss account and balance sheet of the assessee and the return of income for A.Y.2005-06. On the basis of all those evidences, it was strongly pleaded that all the requisite information was very much in the past record of the assessee; hence, there was occasion to tax the amount of investment as an unexplained investment for the year under consideration. 5. Having heard the submissions of both the sides and after considering the evidences on record in the compilation filed before us, we are of the view that since inception the assessee's st....
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....from those depositors. On the other hand the Id. AR submitted that the advances were received not during the year but earlier years. The advances were towards renting the premises and the income from which has been shown as House Property Income as contended by the id. AR. Further it was contended that a list containing name and address of the depositors was given to the AO but he ignored the details and made the addition. Before me the Id. AR also submitted that some of the tenants have already left, I agree with the AR of the appellant that the appellant had shown rent income under the head Income from house property and the deposits received from tenants were also accepted by the AO in the previous year. The appellant also produced the l....