9911796707
TMI Blog2012 (10) TMI 350X X X X Extracts X X X X X X X X Extracts X X X X ..... dmitting Rs.1,38,789/- as his total income including Rs.50,305/- as short term capital gain. A survey was conducted under section 133A at his business premises on 3.6.2008. In response to the notice under section 143(1) dated 8.6.2009, the assessee filed revised return of income on 23.07.2009 admitting total income of Rs.15,12,120/-. The Assessing Officer vide assessment order dated 30.12.2009 made additions to the total income of the assessee under the following headings:- i) Profit on sale of land (Protective assessment) Rs.12,71,430 ii) Unexplained investment Rs.3,88,920 iii) Interest disallowed u/s.14A Rs.1,58,400 Aggrieved against the assessment order, the assessee preferred an appeal before the CIT(A). The CIT(A) in an exparte ord ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Officer has made double addition which is required to be rectified. The counsel for the assessee submitted that the CIT(A) has wrongly come to the conclusion that the Assessing Officer wanted to disallow the payment of interest for want of proof and has wrongly mentioned the section as section 14A. The assessee was able to show that the assessee has paid interest on the borrowings from his parents and one Shri Padam Chand. 4. On the other hand, Dr. Yogendra Kamat, appearing on behalf of the Revenue, supported the orders of the CIT(A) and Assessing Officer. He submitted that several opportunities were afforded to the assessee, but the A.R. of the assessee did not appear on the dates fixed and whenever he appeared, he sought adjournment on a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee is allowed. 6. With respect to undisclosed investments, the counsel for the assessee has conceded that the assessee was not able to explain the source of investment to the tune of Rs.1,70,000/- and thus admitted the same as undisclosed investment. However, as regards remaining amount of Rs.2,18,920/- is concerned, as per the contention of the counsel, it is the double addition. We are of the considered opinion that out of the total purchases made by the assessee to the tune of Rs.4,20,600/-, the Assessing Officer has made addition to the tune of Rs.3,88,920/- and has allowed the balance being explained by the assessee. A perusal of the assessment order shows that the assessee has admitted the short term sale of property to the tune o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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