2019 (10) TMI 149

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....3.2010. The case of the assessee was also covered in operation under section 132 of the Income Tax Act, 1961. Notice u/s 153A was issued to assessee. In response to the same, the assessee had filed his Return of Income, declaring a total income of Rs. 11,45,776/- on 02.02.2011. Statutory notices were. In this case original return of income was filed by the assessee on 31.07.2007, declared total income of Rs. 11,46,740/- which was processed under section 143(1) of the Income Tax Act, 1961. 2.1. During the course of assessment proceedings, it was noticed that the assessee has purchased a flat in Hyderabad (Flat No.201, 2nd Floor, Regency Squire Apartment, 1-5-76, Street No.8/26 Habsiguda, Uppal Municipality and Mandal Hyderabad). The cost o....

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....idence as to why the sale consideration in the sale agreement as purchased by the assessee for the aforesaid property was shown at Rs. 9 lakhs. No documentary evidence in support of availability of cash of Rs. 8 lakhs to the buyer of the garage on the date of payment have been filed. The A.O, therefore, treated Rs. 8 lakhs as paid by assessee out of undisclosed sources and addition of the same was accordingly made. 3. The assessee challenged the addition before the Ld. CIT(A). The assessee reiterated the submissions before the Ld. CIT(A) and it was submitted that receipt of garage could not be located due to passage of time. The Ld. CIT(A), however, dismissed the appeal of assessee. His findings in para-4 of the impugned order are reproduc....

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....at at Hyderabad, the said amount is held to be the concealed income of the appellant. Accordingly, the solitary ground of appeal pressed by the appellant is dismissed and the order of the ld. A.O. is confirmed." 4. Learned Counsel for the Assessee reiterated the submissions made before the authorities below and referred to receipt of Regency Squire Apartment for Rs. 17 lakhs and also filed copy of the agreement to sell Dated 15.04.2006 for sale of the garage for a sum of Rs. 8 lakhs. He has submitted that source of payment of Rs. 8 lakhs is explained. 5. On the other hand, Ld. D.R. relied upon the Orders of the authorities below. 6. We have considered the rival submissions and do not find any justification to interfere with the Orders of....