TaxTMI 
TaxTMI 
2019 (12) TMI 1709
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....s of the case the learned CIT(A) erred in confirming addition of Rs. 3,00,000/- u/s 69 ignoring the evidences filed before the learned AO copies whereof were filed to Hon'ble CIT(A) also. Addition of Rs. 3,00,000/- therefore, needs deletion. (2) That as the investment is appearing in Balance Sheet of the appellant and therefore it being recorded in books of accounts therefore its source being fully explained it can not be taxed u/s 69. The Hon'ble CIT (A) therefore erred in sustaining addition of Rs. 3,00,000/- which needs deletion. (3) That under the facts and circumstances of the case the Hon'ble CIT further erred in not directing learned AO to delete observation for contravention of provisions of section 269SS by the le....
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....rch investigation. Accordingly the AO has made the addition of Rs. 3,00,000/- under section 69 on account of unexplained investment. The assessee has challenged the action of the AO before the ld. CIT(A) but could not succeed. 3. Before us, the ld. A/R of the assessee has submitted that during the post search enquiry conducted by the ADIT, the assessee was asked to furnish the details in relation to the immovable and movable properties purchased during the assessment year 2011 till the date of search. He has submitted that the assessee vide letter dated 27.07.2016 furnished the details of purchase of immovable/movable properties which include the property in question for a consideration of Rs. 3,00,000/- purchased during the year unde....
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....It is a regular assessment proceeding after search and, therefore, there is no bar for taking up the issue of unexplained investment made by the assessee in such assessment proceedings. There may be an issue of making addition in the proceedings under section 153A if the original assessment proceedings were not pending as on the date of search and consequently the proceedings under section 153 would be in the nature of reassessment and in such case without incriminating material addition may not be justified. The ld. CIT D/R has thus contended that the assessee is required to explain the source of investment during the course of assessment and in the absence of source of investment, there is no fetter in the power of the AO to make such add....
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....ceived from the sister-in-law (wife of his brother) of Rs. 3,00,000/-. The assessee has filed a declaration of gift in support of such claim. The said gift is between the family members and cannot be verified independently. The existence or actual transaction of gift cannot be verified from any independent source and, therefore, the claim of gift from the family member of an equal amount is not free from the possibility of preparing a self serving document. Even otherwise, we find that the source of fund as claimed by the assessee is gift from wife of the brother has not been verified by the authorities below and accordingly the said claim of the assessee is required to be verified and examined by the AO. Hence the issue is set aside to the....