2021 (9) TMI 1075

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....ase. 2. The Ld. CIT(A) erred in deleting the addition made of Rs. 4,29,70,689/- claimed by the assessee towards purchase of plant & machinery, Development expenses etc. 3. The Ld. CIT(A) erred in deleting the addition made of Rs. 4,10,23,000/- towards unexplained expenditure stated to have been incurred for purchase of lands in the names of the company M/s. SPR Publications Pvt. Ltd. and its directors. 4. The Ld. CIT(A) erred in not considering the fact that no evidence could be produced by the assessee in support of the claim that the lands were purchased out of the withdrawals from his band account. 5. The Ld. CIT(A) erred in not considering the fact that the assessee could not prove that the amount wit....

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....es in the combined state of Andhra Pradesh. 2.2. The appellant had bank account with Kotak Mahindra Bank A/c No. 737010061383. The deposits/credits appearing in the said bank accounts during F.Y. 2007-08 were Rs. 18,39,93,689/- received through cheques and the details of which were extracted by the CIT(A) in a tabular form at page 3 & 4 of his order. Part of the amounts received were used for the purpose of land at different places, the details of which were extracted by the CIT(A) at pages 4 & 5 of his order. As per the cash flow statement extracted by the CIT(A) at pages 5 & 6 of his order, the total unutilized funds were Rs. 8,39,93,689/-. 2.3. From the above information, the Assessing Officer the AO treated the entire credits in a....

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....red in the grounds of appeal. His emphasis was on the fact that the sources of the amounts were explained, both the companies have confirmed having giving the amounts to Sri K. Srinivas and the Assessing officer made the addition merely on the basis of suspicion and surmise without bringing any corroborative evidence on record. Reliance is placed on following decisions. a) Hon'ble supreme Court in the case of umarcharan Shaw & Bros Vs CIT (37 ITR 271). b) Hon'ble Punjab-Haryan High Court in the case of CIT vs Anupam Kapoor (299 ITR 179) c) Hon'ble ITAT-Mumbai in the case of ACIT vs, Shailesh S. Shah (63 ITD 53 Mum) d) Hon'ble ITAT-Hyderabad in the case of L Girdhari Lal & Co. vs. ITO(ITA N....

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....the assessee could not explain satisfactorily about the transactions undertaken by him for the purchase of properties and the AO examined in detail the transactions done from the bank account of the assessee. 6. The ld. AR, on the other hand relied on the order of CIT(A) and filed a paper book containing pages 1 to 123 consist of bank statements, copy of purchase deeds, copy of land purchase, confirmation of amounts deposited/credited in the bank account of assessee from SPR Infrastructure Pvt. Ltd. and M/s. SPR Publications Pvt. Ltd., which were placed before the authorities below as well. 7. We have considered the rival submissions and perused the material on record as well as gone through the orders of revenue authorities and the p....