TaxTMI 
TaxTMI 
2017 (11) TMI 668
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....l land of Rs. 59,94,290/-, which was purchased on 07/04/2011. Regarding the source, the assessee submitted that a loan of Rs. 25.00 lacs was raised from Shri Satpal Singh and Rs. 30.00 lacs received from Smt. Prem Bai and there was opening capital balance of Rs. 9.40 lacs. The Assessing Officer treated the investment in the land from undisclosed sources and added to the income of the assessee. 3. The ld. CIT(A) has also confirmed the various additions made by the Assessing Officer. 4. Now the assessee is in appeal before the ITAT by taking following grounds of appeal. 1. The ld. CIT(A) has erred in confirming the addition of Rs. 25,00,000/- as unexplained money U/s 69A in respect of unsecured loan from Shri S.P. Singh. ....
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....y and all other ingredients are established and there is no scope for doubting the source of credit of Rs. 25.00 lacs. He pleaded to delete the same. 7. On the other hand, the ld DR has vehemently relied on the orders of the authorities below. 8. We have heard both the sides on this issue. The assessee has received Rs. 25.00 lacs from Shri S.P. Singh. The assessee has submitted the PAN card of Shri S.P. Singh. Shri S.P. Singh has also filed a civil case against the assessee to recover the amount. These facts are undisputed. The assessee had disclosed the receipt of Rs. 25.00 lacs in her books of account. The amount was received through banking channels only. The ld. CIT(A) himself has recorded that the appellant is enjoying the money ....
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....om Smt. Prem Bai. The ledger account of Maya Devi (assessee) in the books of Smt. Prem Devi was also submitted for the F.Y. 2010-11 and 2011-12. It was submitted that due to concessional stamp duty leviable on the sale transactions executed in the name of females, therefore, the assessee purchased agricultural land on 11/4/2011 in her name and the assessee has taken advance against the land in the name of her husband with the consent of the husband to arrange the fund for purchase of agricultural land. It was also submitted that the assessee has returned the advance to the intended purchaser in the next financial year for the reason that the terms and conditions of the agreement regarding conversion of the land could not be fulfilled. It wa....
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....submitted copy of return and computation of income and all financial statements in support of her contention. The ld. CIT(A) has simply dismissed the contention of the assessee by mentioning that the claim of assessee that Prem Bai has received back the amount looks hollow as the assessee was not having any money, which was supposed to be give back. The ld. CIT(A) also observed that even if the amount has been given back then also the amount remains unexplained in the hands of Maya Devi. Ld AR submitted that the return of the amount was in subsequent year. He pleaded to allow this ground of appeal. 10. On the other hand, the ld DR has relied on the orders of the authorities below. 11. We have heard both the sides on this issue. Smt. P....
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....the sides on this issue. We observe that in the earlier pleadings that the ld. AR had submitted that the assessee was having only agricultural income but while explaining the opening cash balance, the ld AR of the assessee has admitted that the assessee was also having dairy business. There is no evidence available on record, which establishes that the assessee was having any other income than agricultural income. In view of these facts and after considering all the relevant facts and circumstances of the case, we direct to accept the source from agricultural income to the tune of Rs. 2.00 lacs only and the balance amount of Rs. 2,94,290/- remains unexplained, hence addition to that extent is sustained. Hence, ground No. 2 of the appeal is ....
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....00 Total 71,41,162 Application of funds Drawings for house hold exp. 60,000 Purchase of agriculture land 59,94,290 Advance to Ankush 10,00,000 Total 70,54,290 15. We have heard both the sides on this issue. We find that the assessee has taken the income out of business of Rs. 3,58,662/- as source to explain the advance to Shri Ankush. The agricultural income declared was Rs. 7.80 lacs, for which the separate addition has been also made by the Assessing Officer. Thus, the advance to Shri Ankush of Rs. 10.00 lacs which apparently explained by the assessee is out of the income from business and agricultural income so claimed. In the earlier paragraph of the order, we have also dismissed the claim of the asse....