2024 (11) TMI 864

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....Assessing Officer framed assessment due to the following reasons: "7. During the course of search at her residence at 29, Sindhu Nagar, Bhilwara and business premises of her Husband Shri Deepak Samtani, seized loose papers as Annexure AS-2, Page No. 15 to 20 and AS Exhibit-6, Page No. 3 to 6 & Page No. 11 to 14. in reply to the same, it was stated that the document Exhibit AS-6, Page No. 11 to 14 are ledger account of M/s Mohan Broker Agency and M/s Hariom Agency and the same are not related to her. However, perusal of these documents reveal that during the F.Y. 2015-16, she had credited a sum of Rs. 54,000/- in the books of M/s Mohan Broker Agency. Further, as per document Annexure AS, Exhibit-2, Page No. 15 to 20, it is ....

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....income particulars within the purview of provisions of Sec. 271AAB(1A) for A. Y. 2017-18. Notice u/s 271AAB (1A) r.w.s. 274 is being issued." 4. Arguments heard. File Perused 5. The assessee had filed his original return of income on 7.10.2017 declaring therein total income of Rs. 214800/-. Total income of Rs. 214800/- was offered in the valid return of income filed on 21.09.2019 in compliance with notice u/s 153A of the I.T. 6. As noticed above, one addition is to the tune of Rs. 12,70,000/- whereas the other addition is to the tune of Rs. 1,76,000/-. Both have been made, due to undisclosed investments, while resorting to the provisions of section 69 of the Act. 7. As regards first mentioned addition, the Assessing Officer obse....

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....the assessee had failed to explain the source of the said amount of Rs. 1,76,000/-, as she simply pleaded that the ledger account pertained to M/s Mohan Broker Agency. 12. On behalf of the appellant, reliance has been placed at page 9 and 10 of the paper book, which is copy of letter dated 08.12.2019 said to have been submitted by the assessee, by way of reply to the notice dated 07.12.2019 issued by the Assessing Officer. As per details of loan and advances as on 31.03.2017, Kavita Samtani-appellant was advanced a loan of Rs. 5,68,000/- by M/s Mohan Broker Agency. So, as submitted on behalf of the appellant, her husband had depicted the said credits in books of accounts. Reliance has been placed on confirmation letter issued by her h....

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....ome declared by the assessee for the year under consideration and income declared in the previous 3 years, it cannot be said that the assessee had not the capacity to make payment of Rs. 92,700/-, and as such, this addition deserves to be set aside. 14. It is true that the sale consideration in respect of the immovable property was Rs. 12,48,000/-, and the assessee admittedly paid Rs. 12,28,000/-by way of cheque. As such, the assessee was required to disclose source of payment of remaining sale consideration and stamp duty charges, total amounting to Rs. 92,700/-, as submitted by Learned DR. But having regard to the income of the assessee during the last 3 years, and the income of the year under consideration as shown in the ITR, (as ....