TaxTMI 
TaxTMI 
2026 (9) TMI 1949
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....f them jointly. 2. That on the facts and in the circumstances of the case in law, the learned Ld. CIT(A) erred in upholding the action of the Ld. AO in invoking section 69 of the IT Act, despite the fact that the investment was duly made through identifiable banking channels and the co-owners are fully traceable. Accordingly, the investment cannot be characterised as an 'unrecorded investment' within the meaning of section 69. 3. That on the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in confirming the action of the Ld. AO, in treating the Appellant Assessee as the sole owner/beneficiary of the investment in the house property, when the house was purchased jointly by all the three purchasers. The CIT(A) accordingly erred in confirming the action of the Ld. AO in shifting the burden of providing the entire purchase price on the income sources of the Appellant Assessee, and in treating the entire difference in value as the income of the Appellant Assessee. 4. The Ld. AO erred in invoking jurisdiction u/s 147 of the Act, when the income that could have possibly escaped assessment in the hands of the Appellant Assessee could no....
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....ding their creditworthiness and source of funds. Thus, the addition of Rs.55,20,000/- was made in the hands of the assessee. Aggrieved by the order passed by Ld.CIT(A), assessee is in appeal before this Tribunal. 4. Before us, the Ld.AR submitted that the authorities below proceeded on an erroneous premise that the entire investment, except the housing loan, belonged to the assessee, notwithstanding the admitted fact that the property was jointly acquired by the assessee, his father and his wife. It was submitted that the payment of Rs.87,20,000/- adopted by the Ld.AO itself contained errors and that the actual consideration together with VAT aggregated to Rs.84,00,000/-. 4.1. The assessee has also filed an application under Rule 29 of the Income-tax (Appellate Tribunal) Rules, 1963 seeking admission of additional evidence. The additional evidence consists, inter alia, of employment/remuneration records and bank statements of the assessee's wife, complete bank statements of the assessee, joint bank account statements of the assessee and his father, bank statements of the assessee's father evidencing pension/income and documents relating to funds claimed to have ori....
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.... account statements; and bank statements of his father reflecting pension/income and other funds stated to have been utilised towards acquisition of the property. The additional evidence paper book specifically contains the spouse's employment records and bank statements, the assessee's bank statements evidencing payment of Rs.1,70,000/- to the builder, and the relevant banking records pertaining to the father/joint accounts. 5.2. We find that these documents have a direct bearing upon the issue under consideration. The addition was sustained substantially for want of documentary evidence establishing the source of the contributions claimed to have been made by the assessee's father and spouse. The additional evidence now produced seeks to fill precisely this evidentiary gap. The assessee has explained that the transactions are old and that complete records relating to family members, including old bank statements, employment/remuneration records and death-claim/pension related documents, could not be compiled during the proceedings before the lower authorities. 5.3. In our considered view, the additional evidence goes to the root of the controversy and is necessa....
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....Funds received on PPF maturity Sr No. 9Explained in Para 20 below 7. 20.12.2014 20.12.2014 Maratha Sahakari Bank - Father 11,20,000 Payment from father's bank account Sr No. 2Explained in Para 24-25 below 8. 20.12.2014 20.12.2014 Kotak Mahindra Bank - Father 1,70,000 Appellant's own accumulated salary funds Sr No. 3Explained in Para 18-19 below 9. 20.12.2014 20.12.2014 State Bank of India 7,10,000 Paid from SBI joint account of Appellant and father, out of funds received from Late Smt. Kumudini Uthale Sr No. 4Explained in Para 22-23 below 10. 20.12.2014 06.02.2014 State Bank of India 12,00,000 Paid from SBI joint account of Appellant and father; from maturity of fixed deposit Sr No. 1Explained in Para 22-23 below. The actual date of payment was 06.02.2014. This has been erroneously noted as 20.12.2014 in the order. Total as per AO order 87,20,000 Actual amount paid by the Appellant 84,00,000 5.4. The Ld.AR submitted that the aforesaid payment summary clearly demonstrates that the inv....
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.... of her PPF account on 10.10.2016 (SBI Bank account - page 4 of the Additional Evidence Paperbook) (ii) Rs.4,00,000/- paid on 23.03.2016 is out of redemption of Mutual Funds (ICICI Bank account at page 84 of P.B.) (iii) Rs.43,238/- Paid on 18/03/2016 (The mutual fund statement at page 29 of Additional evidence P.B.) and Rs.41,500/- (the mutual fund statement is enclosed at page 24 of Additional evidence P.B.) (iv) On 16.03.2016 - Rs 177,592, Rs 85,452/- (enclosed at page 22 of Additional evidence P.B.), Rs 61,934 Rs.48,821/- and Rs.19,489/-and Rs.3,20,000/- paid on 23.03.2016 (erroneously recorded as 03.03.2016 in the assessment order) is out of redemption of Birla Mutual Fund on 16.03.2016 for Rs 123,024, and remuneration credits over the last year (Union Bank of India account - page 87-89 of the Factual Paperbook) (v) Rs.4,80,000/- paid on 25.05.2015 is out of opening balance in her account of Rs 3,27,000, and honorarium credits on 15.04.2015 and 11.05.2015 (Union Bank of India account - page 87-89 of the Factual Paperbook). 5.5. The Ld.AR thus, submitted that the source of contribution by assessee's wife stands explained through salary cred....
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....vestment of the assessee. The Ld.AR thus submitted that the payments made by the assessee along with the co-owners are summarised as under: Date Bank Name Cheque Bearer name Cheque Number Cheque Date Amount Comments 20-12-2014 Maharashtra Sahakari Bank Om Shree Construction 41017 19-12-2014 11,20,000 20-12-2014 Kotak Mahindra Bank Om Shree Construction 19 19-12-2014 1,70,000 20-12-2014 State Bank of India Om Shree Construction 81236 19-12-2014 7,10,000 20-12-2014 State Bank of India Om Shree Construction 81234 02-04-2014 12,00,000 07-01-2015 ICICI Bank Om Shree Construction 281682 05-01-2015 32,00,000 Home Loan - Account # 37622989038 25-05-2015 Union Bank of India Om Shree Construction 53694 - 4,00,000 VAT Service Tax 25-05-2015 Union Bank of India Om Shree Construction 53694 - 80,000 30-03-2016 Union Bank of India Om Shree Construction 53696 22-03-2016 3,20,000 30-03-2016 ICICI Bank Om Shree Construction 59038 22-03-2016 4,00,000 &n....