9911796707
TMI Blog2012 (10) TMI 350X X X X Extracts X X X X X X X X Extracts X X X X ..... not been able to explain remaining difference. Therefore, Rs.3,27,095/- is considered as unexplained investment. This ground of assessee is partly allowed. Interest disallowed u/s 14A - The said amount is reflected from the bank statements and hence proved. Held that:- CIT(A) has erred in coming to the conclusion that the Assessing Officer wanted to disallow the interest for want of proof. - Appeal be allowed in favour of assessee. - ITA No.1992/Mds/2011 - - - Dated:- 6-7-2012 - SHRI N.S.SAINI AND SHRI VIKAS AWASTHY, JJ. Appellant by : Mr. D.Anand, Advocate Respondent by : Dr. Yogesh Kamat, JCIT ORDER PER VIKAS AWASTHY, JUDICIAL MEMBER: The present appeal has been filed by the assessee impugning the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sale of property in the total income of the assessee on protective basis although the income from sale of land was earned by his brother and sister, who have filed separate returns for the assessment year 2007-08. The counsel for the assessee has placed on record, photocopies of the assessment orders in the case of Shri M.Venkatesan and Smt. M.Vasanthi, brother and sister of the assessee to show that profit from sale of land has already been assessed in the hands of the real owners of the property i.e. Mr. M.Venkatesan and Mrs. M.Vasanthi. He submitted that assessee had no concern whatsoever with the property in question. As regards additions made on account of undisclosed investment to the tune of Rs.3,88,920/-. The counsel submitted that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rusal of the order passed by the CIT(A) shows that the case was posted for hearing for five times. Out of which three times none appeared on behalf of the assessee. The CIT(A) was constrained to pass the order on merits on the basis of statement of facts and grounds of appeal filed by the assessee. Admittedly profit on sale of land has been added into the total income of the assessee on the basis of protective assessment. The counsel appearing on behalf of the assessee placed on record assessment orders in the case of Shri M.Venkatesan and Smt. M.Vasanthi wherein profit from sale of land has been assessed to tax share in the case of Mr. M.Venkatesan and share in the case of Smt. M.Vasanthi. The additions have been made in the respecti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ount, the counsel for the assessee has conceded amount of unexplained investment as Rs.1,70,000/-. However, the assessee has not been able to explain remaining difference. Therefore, Rs.3,27,095/- is considered as unexplained investment. This ground of assessee is partly allowed in the above terms. 7. The third addition made by the Assessing Officer is on the ground of disallowance of interest under section 14A. The assessee/appellant has paid interest on the loans paid to his parents and one Shri Padma Chand. The said amount is reflected from the bank statements. The CIT(A) has wrongly come to the conclusion that the Assessing Officer wanted to disallow the interest for want of proof and not under the provisions of section 40(a). A perus ..... X X X X Extracts X X X X X X X X Extracts X X X X
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