TaxTMI 
TaxTMI 
2021 (3) TMI 125
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....f the view that there is sufficient cause in filing this appeal belatedly by 5 days. Hence, I condone the delay of 5 days and proceeded to dispose of the same on merits. 3. Three additions are challenged in this appeal, viz., (i) unexplained investment u/s 69 of the I.T.Act amounting to Rs. 17,10,000; (ii) unexplained investment u/s 69 of the I.T.Act amounting to Rs. 5,00,000; (iii) addition u/s 68 of the I.T.Act amounting to Rs. 50,000. I shall adjudicate each of the above additions as under:- Unexplained investment u/s 69 of the I.T.Act amounting to Rs. 17,10,000. 4. The Assessing Officer in the order dated 28.09.2010 passed u/s 143(3) of the I.T.Act, had made an addition of Rs. 17,10,000 as unexplai....
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....ment between the assessee and Shri H.T.Narayana Reddy to this extent? 5. What is the name, address, PAN No., Income tax details of Shri H.T.Narayana Reddy? 6. How the amount of Rs. 4,00,000/- is received during the year by cash or by cheque? 7. As the assessee has stated that the only bank account is Karnataka bank and since all the entries in Karnataka Bank stands verified, then to which bank this amount of Rs. 4,00,000/- is credited? 8. The reasons for lending the amount of Rs. 17,10,000/- without any interest? The above clarification was sought from the assessee's representative during the course of scrutiny hearing and till date the above questions was neither answered in the explanation dt.1....
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....tments which are made in the financial year immediately preceding the assessment year can only be subjected to addition under the said section. In other words, the investments made in any other assessment year cannot be brought to tax in the relevant assessment year. From the assessment order and on material record , it is clear that the investments / advances of Rs. 17,10,000 was made by the assessee in the financial year 2005-2006, i.e., assessment year 2006-2007. Therefore, investments made in assessment year 2006-2007 cannot be brought tax u/s 69 of the I.T.Act in the relevant assessment year, namely, A.Y. 2008-2009. For this reason alone, the A.O. was not justified in law in making an addition by invoking the provisions of section 69 o....
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....e remaining balance of Rs. 13,10,000/- has been repaid by me during the Financial year 2010-2011. 05. I further undertake to state that the aforesaid money which was received by me and subsequently repaid as specified above is wholly attributable to advance towards proposed purchase of land for Smt.Anasuya Basi Reddy which did not materialize due the lack of interest and due to diverse reasons on the part of the Smt.Anasuya Base Reddy. 06. I further state that the declaration made by me above is without any collusion, extraneous force and are true to the best of my knowledge, information and belief. 07. I further state that the name and signature below is that of mine. I further state that the contents in Para 01 ....