TaxTMI 
TaxTMI 
2022 (10) TMI 1184
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....nt made by the assessee in purchase of properties to the extent of Rs. 11,77,949/-. 2. At the outset, it is noted that there is a delay of 46 days on the part of the assessee in filing the appeal before the Tribunal. As submitted by the learned Counsel for the assessee, the said delay was due to the complete lockdown declared in the country to prevent the spread of Corona virus and keeping in view the same, we condone the said delay and proceed to dispose of this appeal on merit. 3. The assessee, in the present case, is an individual who filed his return of income for the year under consideration on 02.10.2014 declaring a total income of Rs. 5,85,440/-. The case of the assessee was selected for scrutiny through CASS and a notice under....
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....under Section 69 of the Act in the assessment completed under Section 143(3) of the Act vide an order dated 22.11.2016. 4. Addition of Rs. 20,03,649/- made by the Assessing Officer on account of unexplained investment in properties under Section 69 of the Act was challenged by the assessee in an appeal filed before the learned CIT(A). During the course of appellate proceedings before the learned CIT(A), a cash book for the year under consideration was prepared and furnished by the assessee to explain the source of cash for purchase of properties as under:- Date Particulars Vch Type Vch No, Debit Credit 1-4-2013 To Opening Balance 15,09,453.88 18-6-2013 ....
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....0/2 Agriculture Zanzansar Land Purchase Su. No. 80/2 15-10-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 49 1,45,675.00 19-10-2013 By Agriculture Sadapura Land Purchase Su.No.78 Payment 11 17,733.00 By Closing Balance 13,77,231.88 3,27,230.00 10,50,001.88 13,77,231.88 13,77,231.88 1-11-2013 To Opening Balance 10,50,001.88 25-11-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.2....
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.... 31-3-2014 By (Sq.3795.25) AMBALAL MANILAL PATEL By Closing Balance 44,454.38 36,000.00 8,454.38 44,454.38 44,454.38 5. After considering the submissions made by the assessee as well as the material available on record including the cash book filed by the assessee, the learned CIT(A) decided the issue vide paragraph nos. 7 & 7.1 of his impugned order as under:- "7. I have gone through the submission of the appellant and the various case laws relied upon by the appellant. The argument of appellant that he could not file balanc....
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....de by the Assessing Officer for the purchase of property is deleted and rest of the addition of Rs. 11,77,949/- made for unexplained investment in purchase of property is deleted." 6. The learned CIT(A) thus sustained the addition of Rs. 20,03,649/- made by the Assessing Officer under Section 69 of the Act on account of unexplained investment made by the assessee in purchase of properties to the extent of Rs. 11,77,949/- thereby giving relief of Rs.8,25,700/- to the assessee. Still aggrieved by the order of the learned CIT(A), the assessee has preferred this appeal before the Tribunal. 7. I have heard the arguments of both the sides and also perused the relevant material available on record. The main contention raised by the learned C....
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....e by the assessee when he was having substantial cash balance of about Rs. 6,00,000/- as per the cash book. Since the properties in question were purchased by the assessee only in the FY 2013-14, the learned CIT(A) held that the withdrawal of Rs. 9,00,000/- made by the assessee in cash from Kotak Mahindra Bank on 01.02.2012 was not for the purpose of making investment in the properties but the same could have been for some other purpose. It is also noted that a sum of Rs. 4,00,000/- was deposited by the assessee in cash in Kotak Mahindra Bank immediately on 24.03.2012 and the assessee has not been able to explain either before the authorities below or even before the Tribunal the purpose of maintaining substantial cash balance of more than ....