2024 (10) TMI 593

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....ion of addition of unexplained investment u/s 69 for Rs. 67 Lacs. Having heard rival submissions and upon perusal of case records, our adjudication would be as under. 2. The assessee being resident individual is running Jewellery Shop by the name M/s ASM Jewellery. The assessee was subjected to survey on 05-03-2015. The assessee admitted income of Rs. 15.57 Lacs in in its return of income filed on 01-03-2016. During survey, the assessee admitted that it expanded Rs. 3.50 Crores for construction of building at Anthiyur. The same was sourced out of loan of Rs. 2.75 Crores from Banks and another Rs. 1 Crores was taken from the accounts of assessee, wife and two sons. However, in subsequent statement recorded on 10-03-2015, he stated that Rs. ....

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....tion was undertaken by four persons. The wife and two sons borrowed Rs. 41 Lacs from the bank whereas the assessee along with his wife and elder son borrowed loan of Rs. 120 Lacs from Bank. The other two sons borrowed loan of Rs. 60 Lacs. The copy of sanction letters from banks was furnished. The construction of the building was done in two phases. In the first phase, construction was done on land belonging to assessee, his wife and one son. The construction was completed in July, 2015 and from October, 2015 onwards, the property was let out. The rental income was offered to tax in respective hands. In the second phase, construction was done on land belonging to himself, his wife and two sons. The construction was completed in March, 2016 a....