TaxTMI 
TaxTMI 
2025 (9) TMI 638
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....tion of Rs. 2,05,800 on income u/s. 56(2)(x)(b); which is difference of actual purchase cost of land at Rs. 12,78,000 & the valuation made by DVO at Rs. 14,83,800 of the impugned land; addition of Rs. 2,05,800 is unjustified & is liable to be deleted." Gr.No.2 "On the facts and circumstances of the case and in law, CIT(A) has erred in sustaining addition of Rs. 1,98,000 on unexplained investment u/s. 69, i.e., cash paid for purchase of land; addition is unjustified & is liable to be deleted." Gr.No.3 "On the facts and circumstances of the case and in law, CIT(A) has erred in sustaining addition of Rs. 13,15,000 on unexplained money u/s. 69A, out of which Rs. 10,75,000 received from husband (Suman Agrawal)....
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....ating to Rs. 15,13,000/- (220000 + 855000 + 240000 + 198000) has not been explained. Therefore, the amount of Rs. 13,15,000/- (220000 + 855000 + 240000) is treated as assessee's unexplained money under section 69A of the Income-tax Act, 1961 and treated as assessee's income for the financial year 2018-19 and added to the returned income of the assessee. Penalty proceedings under section 271AAC(1) of the Income- tax Act, 1961 are initiated separately. The amount of Rs. 1,98,000/- paid in cash for purchase of property is treated as assessee's unexplained investment under section 69 of the Income-tax Act, 1961 and treated as assessee's income for the financial year 2018-19 and added to the returned income of the assess....
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....ns the source of cash deposit to the bank account of assessee, wherein the assessee has not only included cash receipts as salary and capital withdrawal from two partnership firms M/s Umang Beverages and M/s Mohan Oil & Cattle Feed and a cash salary from Bihar Milk Foods Pvt. Ltd. and has also reduced the amount of drawings for household expenses. The copy of return of income of wife of assessee Smt. Shalini and father of assessee Shri Kalu Mal co-jointly established that the other family members of assessee are also earning and contributing towards household expenses. Therefore, in my humble understanding the source of cash deposit during demonetization to the bank account of assesses is properly explained by the assessee by way of self sp....
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.... held as follows: "In the present case, it is apparent that the subject matter of the dispute all through before the Tribunal in appeal was only with regard to the addition of alleged amount of the gift received by the appellant-assessee as his personal income under Section 68 of the Act and not whether such an addition can be made under Section 69-A of the Act. In view of the above, it can safely be said that the Tribunal travelled beyond the scope of the appeal in making the addition of the said income under Section 69-A of the Act. It may be worth noting that the Tribunal has recorded a categorical finding that "it is clear that under the provisions of Section 68, the addition made by the Assessing Officer and sustained....
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....us, the Ground of appeal No.2 raised by the assessee is allowed. 9. Ground of appeal No.3 pertains to the addition of Rs. 13,15,000/- as unexplained money u/s. 69A of the Act. In this regard, the assessee has submitted that an amount of Rs. 10,75,000/- has been received from her husband i.e. Shri Suman Agrawal as reflected in the bank account of Shri Suman Agrawal and bank account of the assessee. Confirmation of account of Shri Suman Agrawal as on 31.03.2019 reflecting the loan transaction has been submitted to the department. That further, the bank statement of Shri Suman Agrawal, SBI A/c. No.201199178583 and PNB A/c. No.41200010023505, ITR and computation of Shri Suman Agrawal for A.Y.2019-20 has already been submitted before the depa....