2019 (2) TMI 2024

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....unds in his appeal however the crux of the issue is that the Ld.CIT(A) has erred in confirming the order of the Ld.AO who had made addition of Rs.16,60,000/- towards unexplained cash credits U/s.68 of the Act. 3. The brief facts of the case are that the assessee is an individual earning rental income, commission and agricultural income. The assessee did not file his return of income for the assessment year 2008-09. The case was reopened U/s.147 of the Act and notice U/s.148 & 142(1) of the Act was issued on 26.03.2015 & 09.06.2015 respectively. Finally assessment order was passed U/s.143(3) r.w.s. 147 of the Act on 30.03.2016 wherein the Ld.AO made several additions amongst which addition of Rs.16,60,000/- was made towards unexplained cash....

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....Purchase of land in Sri Ram Nagar, Plot No.53 on22.11.2011 Rs.2,90,000/- + stamp & registration charges (Page No.105 to 113 of the PB) - Rs.3,26,280/- 3. Purchase of land in Sri Ram Nagar, Plot No.52 on 04.12.2002 for Rs.95,000/- + stamp & registration charges +construction of building.  House Tax Receipt from 2006-07 to 2008-09 dated 16.07.2008 (Page No.129 to 135 of PB) - Rs.7,04,537/-   Total =========== Rs.12,08,767/- -Rs.4,77,490/- 4. Jewelry   Total =========== Rs.16,86,257/- =========== The assessee's account instead of debiting the above assets and crediting assessee's current account has wrongly passed entries as if the assessee has brought in cash and purchased these assets during the relevant assessm....