TaxTMI 
TaxTMI 
2024 (1) TMI 1003
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....ounds of appeal which do not call for recording of any specific finding, hence, rejected. 3. Ground nos. 1 & 2 revolve around a single issue namely whether ld. CIT(A) is justified to confirm the addition of Rs. 32,93,730/- which was added by the Assessing Officer (in short ld. 'AO') u/s 56(2)(x) of the Act whereas the flat was booked by the assessee in FY 2014-15 and all payments were made through banking channel. 4. The brief facts of the case are that the assessee has filed his return of income on 07.08.2018 declaring total income at Rs. 5,40,120/-. The case of the assessee was selected for scrutiny assessment and a notice u/s 143(2) of the Act was issued and served upon the assessee. During the course of assessment proceedi....
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.... well. 8. Since the assessee has refused to acknowledge the transaction itself and not submitting any details/documentary evidence with respect to the same, the entire amount invested in the immovable property amounting to Rs. 32,93,730/- is taxable u/s 69 of the I.T Act, 1961 as unexplained investments. A show cause notice was issued to the assessee on 07.04.2021 for explanation on or before with regard to the above mentioned addition in the computation of Income for the A.Y- 2018-19. The assessee submitted the reply as under: ...........The transaction of purchase of one Immovable property of Rs. 32,93,730/- Sir as I have already informed earlier vide my letter dated 18.02.2021 submitted to you on 18.02.2021 vid....
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....ything and against column no. 46A it is mentioned as 'No'. He submitted that there is no additional evidence filed by the assessee but paperbook were filed before the AO as well as before ld. CIT(A). On page no. 72-73 the assessee has submitted as to how written submission along with documents have been placed before the Income Tax Authority by way of several letters. He further, drew our attention to page no. 1 and submitted that this flat was allotted to the assessee on 11.05.2015. The assessee has placed on record copy of the allotment letter issued by Shree Ganesh Vaishno Developers. In this letter it has been mentioned that the said flat is booked for Rs. 32,93,730/- and the assessee had made payment of Rs. 5,01,000/- through account p....
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....s under: "Section 56(2)(x): where any person receives, in any previous year, from any person or persons on or after the 1st day of April, 2017- (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; (b) any immovable property- (A) without consideration, the stamp duty value of which exceeds fifty thousand rupees, the stamp duty value of such property; (B) for a consideration, the stamp duty value of such property as exceeds such consideration, if the amount of such excess is more than the higher of the following amounts, namely- (i) the amount of fifty thousand rupees; and (i....