TaxTMI 
TaxTMI 
2023 (3) TMI 914
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....7 r.w.s 144B of the Income Tax Act, 1961 (hereinafter "the Act") vide order dated 20.09.2021. 2. At the outset, the learned counsel for the assessee submitted that there is a delay of 16 days in filing the appeal. He submitted that the impugned order was served on the assessee through income-tax e-filing portal and it was noticed by the assessee belatedly. Hence, there is a delay of 16 days occured, which is neither willful nor wanton. Therefore, he prayed that in the interest of justice, the delay may be condoned. After hearing both sides and upon perusing affidavit filed by the assessee for condonation of delay, I condone the delay of 16 days in filing of appeal and admit appeal for adjudication. 3. The only issue in this appeal of the ....
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....ayagam on 11.05.2012 and claim of assessee that car was initially purchased by him on 11.05.2012 is not correct with the facts. Therefore, he made addition of this Rs.4.50 lakhs claim to have been source from sale of car to Mr.Vallinayagam. Similarly, the Assessing Officer also rejected source for cash of Rs.50,000/- repaid to M/s. Mahindra & Mahindra Financial Services Pvt.Ltd. out of jewel gold loan proceeds availed by the assessee's wife, as no documentary evidence was produced before the Assessing Officer. Accordingly, added entire amount of Rs.5.00 lakhs as unexplained money u/s.69A r.w.s 115BBE of the Act. Aggrieved the assessee preferred appeal before the CIT(A). 6. The CIT(A) also confirmed action of the Assessing Officer by observ....
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....ce. The appellant has also not explained the source of Rs.1,48,930/- which is the difference between the purchase cost of car of Rs.6,88,930/- and the loan amount of Rs.5,40,000/-." 7. I have heard contentions and gone through facts and circumstances of the case. Before me, the learned counsel for the assessee filed copy of registration certificate issued by State Transport Department which clearly reveals that vehicle was transferred in the name of R.Vallinayagam on 18.02.2013, whereas previous owner was Mr. S.Sundar Raj (the present assessee). Actually, the assessee purchased Bolero LX Car on 18.04.2012, which was registered in assessee's name on 16.05.2012 for a sum of Rs.6,88,930/- from Kodai Cars Pvt.Ltd, Tirunelveli. The assessee so....