2022 (11) TMI 778

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....t, in facts and circumstances of the case, Ld. CIT (A) erred in deleting the addition of Rs.1,50,00,000/- u/s 69A of the Act ignoring the fact that the advance of Rs.1,50,00,000/- received from Sh. Gurpreet Singh Chadha towards purchase of the property was not corroborated as the amount of Rs.1,50,00,000/- was not shown by Sh. Gurpreet Singh Chadha as loans and advances in his ITR for the A.Y. 2016-17. 2. That, in facts and circumstances of the case, Ld. CIT (A) ignored the fact that the assessee had failed to furnish any evidence of the return of advance to Sh. Gurpreet Singh Chadha during the assessment proceedings. 3. That, in facts and circumstances of the case, Ld. CIT (A) has erred in not giving reasonable opportunit....

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....000/- has been added to the income of the assessee u/s 69 of the Act on account of unexplained investment, further a sum of Rs. 93,00,000/- has also been added to the income of the assessee by treating the sum as unexplained expenditure and added back to the income of the assessee u/s 69C of the Act. 4. Aggrieved by the assessment order dated 26/12/2018, the assessee has preferred an appeal before the Ld.CIT(A). The Ld.CIT(A) vide order dated 26/11/2019 deleted the addition of Rs. 1,50,00,000/- which was treated as unexplained investment by the Assessing Officer . Further, confirmed the addition of Rs. 24,00,000/- which was treated as unexplained investment by the A.O. and also confirmed the addition of Rs. 93,00,000/- which was treated ....

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....lant has filed the confirmation from Sh. Gurpreet Singh Chaddha during the assessment proceedings but could not produce any evidence of return of advance. It is observed by the AO that the amount received as advance from Sh. Gurpreet Singh Chaddha has been utilized by the appellant against purchase of property from Sh. Digvijay Singh Rawat, GPA holder of Sh. Harish Rawat. Since appellant has utilized the amount received from Sh. Gurpreet Singh Chaddha for the purchase of property therefore AO has treated as unexplained investment. During the course of appellate proceedings, appellant has submitted that he has received Rs.1,50,00,000/- from Sh. Gurpreet Singh Chaddha as advance towards sale of property, however the deal between the parties w....

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....ose funds were utilized for the purpose of purchase of property. Considering the above facts, addition made by the AO at Rs.1,50,00,000/- is not sustainable and it is hereby deleted." 8. It is the specific case of the Revenue is that, the Ld.CIT(A) has ignored the fact that the advance of Rs. 1,50,00,000/- received from Gurpreet Singh Chaddha towards purchase of the property was not corroborated as the said amount was not shown by Gurpreet Singh Chaddha as loans and advances in his ITR's for Assessment Year 2016-17. Further submitted that, the assessee had failed to furnish any document of the return of the advance to Gurpreet Singh Chaddha during the assessment proceedings, besides the same, the Ld.CIT(A) has deleted the addition. 9.....