TaxTMI 
TaxTMI 
2016 (9) TMI 1207
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....inst the returned Income of Rs. 67,850/-. 2) That the Ld. Commissioner of Income Tax (Appeals) has, therefore, erred in law as well as in facts in sustaining the addition of Rs. 18,00,000/- to the total Income of the appellant. 3) That the order of the Ld. Commissioner of Income Tax (Appeals) to the extent stated above is against the facts of the case and illegal. That the appellant craves leave to add, alter, amend or vary from the aforesaid grounds of appeal at or before the time of appeal as the circumstances of the case might require or justify." 2. Both the parties have been heard. The Ld.AR had moved an adjournment petition. However, it was passed over as considering the grounds and the material the Ld.Sr.DR was unable to sho....
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.... as in facts in making the assessment at total income of Rs. 18,67,850/- as against the same declared at Rs. 67,850/-. 2. That the Income Tax Officer has erred in law as well as in facts in treating the amount of Rs. 18,00,000/- as income from undisclosed sources. 3. That the Income Tax Officer failed to appreciate the fact that the said amount of Rs. 18,00,000/- represents the principal amount as well as interest thereon, which was lent by the appellant as well as his family members over a period of eight years i.e. From 1995 to 2003 and alter on treated as advance towards purchase of property in December, 2003 on account of inability of the owners to repay the same. ............................................... {5} Grounds o....
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....egal heirs and the sister with an intention to claim a share filed a court case. That with a view to buy the portion of the property under his occupation, the appellant agreed to advance an interest bearing loan to sons of Mrs. Ram Payari Khosla so as to reach an out of court settlement with their sister and once the matter was resolved the property would be sold to the appellant. That in December. 2003 a Memorandum of Understanding was executed wherein it was agreed to sell the said property for a total consideration of Rs. 28,00,000/-(Rupees twenty eight lakhs only) out of which the appellant had already paid a sum of Rs. 18,00,000/- (Rupees eighteen lakhs only) which is the subject matter of the addition in the present appeal. That th....
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....of time had elapsed. A sum of Rs. 7,50,000/- was withdrawn from her Savings Bank A/c bearing no. 14445 with State Bank of India on 9-12-1994. That the appellant is now in possession of the Bank Statement a copy of which is attached alongwith and original is being Produced for verification. 5,00,000/- 1996 Paid by Cheque to Svs. Satya Dev, Hari Dev, Baldev & K.K. Khosla (Details annexed) 90,000/- 1997 Cash paid to Mr. Satya Dev by Mrs. Sheel Grover out of sale proceeds of her property is interest bearing 90% as mentioned above 10,000/- 1996 Paid by Cheque to Svs. Satya Dev, Hah Dev, Baldev & K.K. Khosla (Details annexed) 26,000/- 1999 Paid by Cheque to Svs. Satya Dev, Hari Dev.Baldev & K.K. Khosla (Details annexed) 52,000/- 200....
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....t be discounted. The Income Tax Officer had been appraised of the facts but he failed to appreciate the fact that the amounts had been paid over a period of eight years, by the appellant as well as his family members and represented his savings over the years. Further the amount even includes sums paid by the family members of the appellant. Confirmations and copies of Income tax return acknowledgements of the family members, as well as Affidavit pertaining to pledging of jewellery by the appellant's wife had been submitted before the Ld. Assessing Officer and are once again enclosed for/our honour's perusal. Further, a copy of the Memorandum of understanding as well as affidavit of the appellant submitted before Honourable Delhi....