TaxTMI 
TaxTMI 
2012 (4) TMI 677
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....se & untenable in law. 2. That the ld. CIT(A) has grossly erred in confirming the addition of Rs. 53,00,000/- without appreciating the fact that the AO never allowed any reasonable opportunity of being heard before making this heavy addition. 3. That the Ld. CIT(A) has grossly erred in confirming the addition of Rs. 53,00,000/- made by the AO on account of socalled investment made out of the books of accounts for the purchase of land. The authorities below failed to appreciate that this amount of Rs. 52,00,000/- was received from M/s. Star Stichers (P) Ltd. on 05/01/2007 and ultimately the same amount was returned to M/s. Stichers P. Ltd. on 31.03.2007. 4. That the authorities below did not appreciate that M/s. St....
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....ed by the ld. CIT(A) may be deleted as the addition made by the AO is not at all called for under the facts & circumstances of the case. 7. Again, the ld. CIT(A) was not justified in confirming the addition of charging interest u/s 234A, 234B, 244A(3) & 234D of the Act. The Ld. CIT(A) did not appreciate that no reasonable opportunity of being heard was allowed by the AO before charging the interest and as such the interests charged under these sections of the Act, are liable to be deleted." 3. The brief facts of the case are that the assessee had purchased land for Rs. 73 lakhs from Radha Swami Satsang Beas, Karan Ban Talab Jammu during the year and made cash payment of Rs. 60 lakhs to the said trust and the said trust had depos....
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.... regards investment I want to bring to your honour's notice that the impugned property was agreed to be purchased by Star Stitchers Pvt. Ltd. 1/172B Dilshad Garden Delhi 110095 with PAN number ABBFS3052L from Radha Swami Satsang Beas its director Mr. Nirmal Jain. But as neither the limited company nor any of its director had state subject of Jammu & Kashmir that property could not be registered in their names. So they approached me to get the sale deed executed in my favour as time period with them was very short and advanced Rs. 52 lakhs to me for getting the needful done and got the sale deeds executed in my favour. I promised to transfer to that firm or their nominee the said property on the same cost on or before 15.3.2009. The firm and....
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....t the statement of the assessee filed in response to summons u/s 131 of the Act. The AO accordingly treated Rs. 53 lakhs as unexplained and added to the income of the assessee. 5. The Ld. CIT(A) confirmed the action of the Assessing Officer. 6. The Ld. Counsel for the assessee, Sh. P.N. Arora, first of all invited our attention to the bank statement placed on record in which the loan of Rs. 73 lakhs taken had been credited and Rs. 20 lakhs withdrawn on 29.01.2007 and Rs. 53 lakhs withdrawn on 29.03.2007 are depicted in the bank statement of OBC account No.01282010031220, PB-99 to 102. As regards Rs. 20 lakhs withdrawn as Rs. 8 lakhs, Rs. 8 lakhs and Rs. 4 lakhs on 29.01.2007, are from the loan taken from M/s. Shri Ram Chander, Pathank....
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....see dated 10.08.2009 (copy placed at PB-6) and asked for certain details to be produced before him. The assessee produced the said details vide letter dated17.09.2009 available at PB-7. It was argued that the details as required by the A.O. were submitted. In response to notice issued on 9.12.2007 for 15.12.2009, the assessee submitted the explanation vide letter dated 21.12.2009, which is a matter of record and has been reproduced by the AO herself at page 3 of her order where the assessee had explained of the agreement with M/s. Sar Stitchers Pvt. Ltd. and the advance so received which was refunded back since the same could not be materialised. The said Sar Stitchers Pvt. Ltd. is regularly assessed to tax is also a matter of record. The a....
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....had withdrawn Rs. 20 lakhs on 29.01.2007 in three instalments on 29.01.2007 at Rs. 8 lakhs, Rs. 8 lakhs and Rs. 4 lakhs. Therefore, the sources of Rs. 20 lakhs for payment to Radha Swami Satsang Keran Ban Tallab, Jammu, are not in dispute. As regards the expenses of Rs. 13 lakhs and Rs. 40 lakhs, payment to Radha Swami Satsang Beas Keran Ban Talab Jammu, the assessee had placed an agreement with Sar Stitchers Pvt. Ltd available at PB 10-11 alongwith copy of confirmations, PAN number, Income-tax particulars and audited accounts. The AO has not found any defect in the said agreement, confirmations etc. of the said Sar Stitchers Pvt. Ltd. The assessee has discharged her onus of proving the source of Rs. 53 lakhs taken from M/s. Sar Stitchers P....