2024 (9) TMI 452

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....Here in after referred as "Act" ] by the ITO, Ward-1, Kishangarh. 2. The assessee has marched this appeal on the following grounds:- "1. That on the law and in the facts and in the circumstances of the case, the ld. Lower authorities grossly erred in making addition of Rs. 1,09,36,920.00/- u/s 69 of the Income Tax Act, 1961 on account of unexplained investment in property/land. 2. That the ld. CIT appeal grossly erred in not considering the reply filed by the assessee wherein the source of cash transactions is duly explained along with evidences which is illegal and bad in law and also in gross violation of principles of natural justice." 3. The fact as culled out from the record is that the assessee filed his return of income on 12.0....

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....by the assessee ld. AO left with no option but to complete the assessment ex-parte u/s 144 of the IT Act. Accordingly, a final show cause notice was issued on 01.11.2019. In response to this notice again no compliance was made by the assessee and no reply was received by the ld. AO. 3.2 Therefore, in view of above facts and circumstances of the case, income of the assessee for the year under consideration is being computed in the best judgment manner on the basis of details available on record. The ld. AO noted that the assessee had made payment of Rs. 1,00,00,000/- in cash to the seller and paid stamp duty of Rs. 9,36,920/- for purchase of the land in question. The assessee made a total investment of Rs. 1,09,36,920/- (purchase cost stam....

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.... 3,29,500/-, out of savings worth Rs. 20,00,000/- and balance from his father. The appellant has filed declaration regarding the gift. No evidences have been filed regarding the creditworthiness of the father and the mother of the appellant from whom such huge amount in cash have been received. It is also not clear that how many members are in the family of the appellant and when his parents gave such huge amount in gift to the appellant. This just appears like an afterthought by the appellant to evade taxes and explain the huge amount of cash paid for the purchase of the property in cash. Hence it is clear that in the written submission and in the Video Conferencing, the appellant has failed to explain the source of cash and also to prove ....