TaxTMI 
TaxTMI 
2014 (11) TMI 1191
X X X X Extracts X X X X
X X X X Extracts X X X X
....me at the hands of assessee. 4. The learned CIT(Appeals) erred in upholding that Rs. 19,81,903/- being amount of investment made by Shri Gaurav Sharma in renovation of house is liable to assessed to tax as unexplained investment at the hands of assessee. 5. The learned Authorities ought to have accepted the explanation given with regard to investment made in renovation of house and no addition at Rs. 19,81,903/- ought to have been made. 6. The addition made by Assessing Officer at Rs. 19,81,903/- on account of investment made in renovation of house is unjustified, unwarranted and excessive. 7. The assessee denies liability to be assessed to interest u/s 234A, 234B and 234C of the I.T. Act, 1961. Without prejudice, the levy of intere....
X X X X Extracts X X X X
X X X X Extracts X X X X
....y his grandmother, that he received a sum of Rs. 3 lacs out of sale of the gold made to M/s. Alankar Jewellers. M/s. Alankar Jewellers confirmed that they purchased jewellery from Shri Gaurav Sharma. In respect of renovation expenditure of Rs. 21,39,358/- as detailed in LPS 1/6, pg. 1-292 it was submitted by the Assessee that the transactions contain some rough papers, documents belonging to Gajanan Distributor & Developers Pvt. Ltd. named as Asharam bills and some estimate for building construction and material. The actual amount was very less and that was duly disclosed by Smt. Ramdulari Sharma and Shri Gaurav Sharma in their return for A.Y 2001-02 for Rs. 2,39,227/- and Rs. 66,409/- respectively. The AO noted that the Asharam bills were ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....l as Smt. Ramdulari Sharma during A.Y 2001-02 have shown in their return part of the renovation expenditure which has been accepted by the AO. The AO has merely made addition on the basis of presumption and assumption that the son of the Assessee could have not got funds to incur the expenditure on the renovation. The ld. AR even though vehemently contended before us by referring to the various pages from pg. 1-292 that pg. 52 amounting to Rs. 30,750/- relates to A.Y 1999-2000, pg. 12-21 which contains Rs. 62,000/- relates to jewellery calculation while sum of Rs. 2,84,706/- relates to estimate on various pages viz. 1, 3, 4, 6, 9, 28, 194, 276, 267 & 38. These papers do not relate to construction of the house. He also contended that only th....