9911796707
TMI Blog2012 (8) TMI 550X X X X Extracts X X X X X X X X Extracts X X X X ..... the only issue raised by the assessee is with regard to a sum of Rs 11,700/- which was claimed as exempt under section 10(17) of the Act. The assessee was a member of the State Legislative Assembly during the relevant period and received travelling allowance of Rs 11,700/- which was claimed as exempt under section 10(17) of the Act. Alternatively, the assessee also claimed it as exempt under section 10(14)(i) of the Act being unspent amount of travelling allowance. On both these counts, the claim of the assessee has not been found to be in order by the lower authorities against which assessee is in appeal before us. 3. Before us, the learned Counsel for the assessee reiterated the submissions to the effect that the allowance in question w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... missioner of Income-tax (Appeals) on account of unexplained cash credits. In this regard, the brief facts are that it was noticed that the assessee had claimed a sum of Rs 6,80,000/- as advance received against the sale of land. The said amount was shown as a current liability in respect of his proprietary business of film production. On being asked to explain, assessee submitted that the said amount was collected against the proposed sale of land to Shri Dattatray B. Deshpande and others vide an agreement to sale dated 29.3.1995. The Assessing Officer did not accept the explanation furnished by the assessee for the following reasons, namely, that the said agreement was not registered; that even the notarization appearing on the document wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thiness and iii) genuineness of transaction. The appellant failed to file documentary evidence in support of the credits shown by him particularly in view of the fact that all the advances were claimed to be received in cash. The appellant has also no filed agreement to sale the land with prospective buyers even at the appellant stage. It is also not clarified or submitted by the appellant as to when the actual purchase and sale of land was effected. It is not likely that even after the expiry of 11 years from the year of proposed sale, genuine transaction will not materialize for such a long period. The decisions relied on by the appellant are distinguishable on facts. In view of the above discussion I am of the considered view that the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ven the explanation furnished to the effect that the sum represented advance against proposed sale of land has also been doubted, inasmuch as it is noticed by the Commissioner of Income-tax (Appeals) that even after expiry of 11 years after the proposed sale, the transaction does not appear to have fructified. Considering the findings of the lower authorities and in the absence of any cogent material brought on record to the contrary, we hereby are inclined to affirm the conclusion drawn by the lower authorities. Accordingly, the assessee fails on this Ground of appeal. 11. The next Ground is with regard to Rs 4,00,000/- on account of unexplained credit representing loan said to have been received from Shri Vilas Vithal Lokhande. In this r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... i Vilas V Lokhande was accepted by account payee cheques and simply because it is interest free, it cannot be considered as non-genuine. It is claimed that the identity of the creditor and the source of loan has been established by the assessee and that the creditworthiness has been merely doubted by the lower authorities. It was also submitted that raising of loans by Lokhande family did not mean that the transaction of giving loan to the assessee was not genuine. For all these reasons, the assessee assailed the addition made by the Assessing Officer. 13. On the other hand, the learned Departmental Representative has relied upon the orders of the authorities below in support of Revenue's case. 14. Having considered the rival submissions, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd. 15. In the result, appeal of the assessee for the assessment year 1996-97 is dismissed. 16. The only Ground raised by the assessee in the appeal for the assessment year 1997-98 is with regard to the addition of Rs 5,00,000/- on account of unexplained cash credits received from Shri Vilas Vithal Lokhande. This issue is identical to that considered in the appeal of the assessee for the assessment year 1996-97 wherein we have upheld a similar addition made by the Assessing Officer. On the same parity of reasoning, therefore, we decide this issue against the assessee. As a result, this Ground of appeal of the assessee fails and is dismissed. 17. In the result, appeal of the assessee for the assessment year 1997-98 is dismissed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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