TaxTMI 
TaxTMI 
2022 (12) TMI 215
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....ction 143(3) of the Income Tax Act, 1961 (hereinafter referred as to 'the Act') for Assessment Year 2014-15. 2. The deletion of addition of Rs.2,64,88,300/- under Section 68 of the Act on account of undisclosed income is the subject matter before us. 3. The assessee, an individual, filed his return of income on 19.01.2015 declaring total income of Rs.29,880/- and having agricultural income of Rs.48,756/-. The case was selected for scrutiny under the CASS due to the reason of having large investment made in the property by the appellant compared to the total income. It is relevant to mention here that the assessee has also having business of brokerage of Real Estate and having a colour shop in the name of Escon Colour Company. 4. Th....
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....eal before us. 5. We have heard the parties and perused the materials available on record. 5.1 Before the Ld. CIT(A), the assessee submitted as follows: "Kind reference is invited to our previous written submission dt. 02-05-2017, enclosures thereto and the' hearing that took place on 03-05-2017. In this regard we beg to make following further submissions for your Honour's kind consideration. 2. In the course of hearing we have been desired to file copy of the cash book of the Company, Iscon Procon Pvt. Ltd., showing the source of investment made for purchase of the Ambapur land jointly with another company, Chehar Realty Pvt. Ltd. accordingly we are producing herewith a copy of the cash book showing availabi....
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.... by him for any source of income, and the assessee offers no explanation about the nature and source of the investments or the explanation offered by him is not, in the opinion of the Assessing Officer, satisfactory, the value of the investments may be deemed to be the income of the assessee of such financial year." [Emphasis supplied] Thus, it would be seen that the condition precedent for resorting to S. 69/69B etc. for making such an addition is that the investment has in fact been made by the assesse which is not satisfactorily explained. In the instant ease the AO has made the addition without proving the fact that the appellant has made the investment. On the contrary, with the confirmations of the buyer, and the sale deed....
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....d by both the companies. ii) The companies have owned upon land transactions and stated that land has been purchased by them. iii) Wrong mentioning of PAN of appellant director does not mean that land is purchased by the appellant. iv) The appellant has submitted copy of land ledger account along with annual accounts wherein above land purchased is duly disclosed. Even the AO has not rebutted such documentary evidences which fully justify that appellant is not the owner of the property but the name of the appellant was mentioned as Director of Iscon Procon Pvt Ltd hence, addition made by the AO of Rs.2,64,88,300/-. It is observed that the said Iscon Procon Pvt Ltd has shown purchase, of the above land in ....