TaxTMI 
TaxTMI 
TaxTMI 
2012 (4) TMI 677
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....T(A) has grossly erred in confirming the addition of ₹ 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 ₹ 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 ₹ 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. Star Stichers Pvt. Ltd. is an existing assessee and th....
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....y 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 ₹ 73 lakhs from Radha Swami Satsang Beas, Karan Ban Talab Jammu during the year and made cash payment of ₹ 60 lakhs to the said trust and the said trust had deposited ₹ 60 lakhs in their bank account on different da....
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..... 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 ₹ 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 its director were finding hard to get the state subject or get a suitable buyer of that property before the date fixed. Ultimately as p....
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....; 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 ₹ 73 lakhs taken had been credited and ₹ 20 lakhs withdrawn on 29.01.2007 and ₹ 53 lakhs withdrawn on 29.03.2007 are depicted in the bank statement of OBC account No.01282010031220, PB-99 to 102. As regards ₹ 20 lakhs withdrawn as ₹ 8 lakhs, ₹ 8 lakhs and ₹ 4 lakhs on 29.01.2007, are from the loan taken from M/s. Shri Ram Chander, Pathankot, is not under dispute. As regards the rest of the payments given by the assessee to....
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.... 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 assessee had discharged her onus of explaining the source of the payment to M/s....
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....on 29.01.2007 at ₹ 8 lakhs, ₹ 8 lakhs and ₹ 4 lakhs. Therefore, the sources of ₹ 20 lakhs for payment to Radha Swami Satsang Keran Ban Tallab, Jammu, are not in dispute. As regards the expenses of ₹ 13 lakhs and ₹ 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 ₹ 53 lakhs taken from M/s. Sar Stitchers Pvt. Ltd; as per agreement dated 5t....