2016 (10) TMI 1141

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....Respondent by : Shri M. Narayanan, Retd.ACIT O R D E R PER D.S. SUNDER SINGH, ACCOUNTANT MEMBER This appeal of the Revenue is directed against the order of the Commissioner of Income-tax (Appeals)-18, Chennai, dated 16.11.2015 for assessment year 2012-13. 2. All the grounds of appeal are related to the deletion of addition of Rs. 7.02 crores made by the Assessing Officer u/s 69B of the....

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....d was `.2.5 crores and the value of land purchased from Smt P.Dhanalakshmi was `98.00 lacs which according to him was accounted for in the books of accounts of M/s Sastha steels (P) Ltd for Rs. 14.98 crores. Shri Elangovan in his statement recorded on 14/12/2014 admitted that Rs. 7.02 crores was unaccounted investment in the purchase of M/s . PSP Steels(P) Ltd However, during the course of assessm....

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....s statement is without corroborative evidence and given after considerable lapse of time. Hence, the amount of Rs. 7.02 crores is assessed as deemed income for the AY 2012-13 u/s 69(B) of the IT Act. Since the investment was made in the F.Y 2011-12." 4. Aggrieved, the assessee went on appeal before the CIT(A) and the CIT(A) has deleted the addition holding that out of the total payment of Rs. 2....

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..... DR is of the opinion that the addition made by the Assessing Officer be confirmed. 6. On the other hand, the ld. AR relied on the CIT(A)'s order and filed a paper book with statement of affairs and extracts of cash book. The ld. AR explained that the assessee has purchased M/s PSP Steels(P) Ltd for a consideration of Rs. 22 crores out of which Rs. 19.48 crores was paid by the cheque through b....