TaxTMI 
TaxTMI 
2026 (4) TMI 389
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....order passed under section 147 r.ws. 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') relating to the Assessment Year 2017-18. 2. Brief facts of the case is that the assessee is an individual deriving income from commission and capital gain. The assessee has not filed the Return of Income for the Asst. Year 2017-18. Since there was purchase and sale of immovable properties and cash deposits, the assessment was reopened by issuing notice u/s. 148 of the Act on 28-07-2022. 2.1. In response, the assessee filed Return of Income. The assessing made the following additions: (a) Addition on account of unexplained money u/s. 69A of Rs. 20,20,950/- (b) Addition on account of unexplained investment u/s.6....
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....00.00 675427.00 Dr November 60000.00 572000.00 163427.00 Dr December 45000.00 118427.00 Dr January 5000.00 123427.00 Dr February 57000.00 66427.00 Dr March 51000.00 15427.00 Dr Grand Total 2299000.00 2570373.00 15427.00 Dr Apart from above, the appellant has filed a detailed chart explaining the source of cash deposited on each of the date. On perusal of the said chart, it is clear that the appellant has deposited cash out of previously with drawn cash. Having regard to this, the re-deposit of cash cannot be considered to be fresh cash unless the Ld. AO has found out with evidence that the appellant generated cash from any other s....
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....se and the addition carried out by the Ld. AO is being deleted. Accordingly, ground no. 1 of the appeal is allowed." (b) Addition on account of unexplained investment u/s.69 of Rs. 99,30,528/- The contention of the appellant are considered and found to be acceptable. I have perused the documentation filed by the appellant and following remark are being made in case of major lenders: Name Amount lent to appellant Remarks Gaurang Mahendra Bhrahmbhatt 1,61,000 Returned Income is 6.7 lacs and accounts are audited Kusum Hasmukh Wadiwala 1,73,200 Had balance of Rs. 2.68 lacs from 07.02.2017 and loan given on 17.10.16 and No cash deposited in account for granting loan Manish Patel 2,00,00....
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....appellant stands sufficiently explained. In view of the above, I am of the considerate opinion that the appellant has very well recorded the investment in books of accounts and has accorded sufficient explanation towards source of funds utilised to purchase the property. Therefore, invoking provision of section 69 of IT Act is found to be incorrect and the addition carried out by the Ld. AO for sum of Rs. 99,30,528/- is deleted. Accordingly, ground no. 2 of the appeal is allowed. (c) Addition on account of Short Term Capital Gain of Rs. 14,76,124/- "The appellant submitted that he along with its partners of the land had sold property worth Rs. 1,00,00,000/- and appellant share was for Rs. 28,33,000/-. The....
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....the addition of Rs. 99,30,528/- on account of unexplained investment u/s 69 of the Act without appreciating the fact that assessee failed to provide the source of entire investment of Rs. 99,30,528/- iii) "On the facts and circumstances of the case and in law, the Ld.CIT(A) erred in deleting the addition of Rs. 14,76,124/- on account of STCG without appreciating the fact that assessee failed to provide proof of payment made for the agreement of consent. iv) The appellant craves leaves to add, modify, amend or alter any grounds of appeal at the time of, or before, the hearing of appeal. 4. In support of the Grounds of Appeal, Ld. Sr. D.R. appearing for the Revenue requested to uphold the additions made by the assessing o....