9911796707
TMI Blog2012 (12) TMI 279X X X X Extracts X X X X X X X X Extracts X X X X ..... Merely based on the notings in the seized material from the premises of the assessee and coming to the conclusion that the assessee made unexplained investment in the plots and making addition u/s 68 is not proper without bringing on record proper evidence to show that assessee has invested unexplained money in the plots - restore this issue to the file of the AO - ITA Nos. 39 & 41/HYD/2012 - - - Dated:- 6-6-2012 - SHRI CHANDRA POOJARI, AND SMT. ASHA VIJAYARAGHAVAN, JJ. Appellant by : Mr. A.V. Raghuram Respondent by : Mr. M.S. Rao ORDER PER ASHA VIJAYARAGHAVAN, J.M.: Both these appeals filed by the assessee are directed against the orders of CIT(A)-I, Hyderabad, dated 21/11/2011 for the assessment years 2005-06 2 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e of assessment proceedings but also in the appellant proceedings to produce necessary supporting evidences to the sources of the credit of Rs. 3,19,736/- in the capital account for the year under consideration. Still aggrieved, the assessee is in appeal before us. 5. Before us, the learned counsel for the assessee Shri A.V. Raghuram submitted that the assessee had filed receipts and payments account on 13/03/2009 in support of sources of investment in the capital. He pointed out that from the said receipts and payments statements, the assessee had sources for investment in capital of the business Global Express Shipping . In this connection, he invited our attention to pages 5 to 7 of the paper book, which are personal balance sheets of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es. 9. As far as the AY 2007-08 is concerned, ground No. 1 to 5 is pertaining to the addition of Rs. 17,50,000/- made u/s 68 of the Act, as unexplained cash credit. 10. During the course of assessment proceedings the assessee was asked to furnish his receipt and payment account for all the years as well as the cash flow statement. The AR of the assessee furnished the same on 13/03/2009 and after analyzing the same, the AO found that an amount of Rs. 17,50,000/- was mentioned as receipt from Mr. Md. Nurool Haq and the same was shown as payment to the same person. On being asked by the AO to explain the nature of credit of the said of Rs. 17,50,000/-, the AR of the assessee filed a letter that was signed by Md. Nurool Haq, wherein it wa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8.5 lakhs though both are dated 23/05/2006. After considering the submissions of the assessee, the CIT(A) confirmed the action of the AO observing as follows: If any person residing outside India gives any documents or letter the same is required to be authenticated by competent authority of that country. No such authenticated documents are forthcoming from the assessee to support his case. All the evidences filed by the assessee does not carry any evidentiary value and needs to be rejected. In the absence of proper explanation and evidences the amount of Rs. 17,50,000/- is assessable as undisclosed income of the assessee ad the action of the AO is fully justified and the addition is confirmed. Still aggrieved, the assessee is in appeal b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or that such cheque is received by the assessee as a revenue receipt. In this view of the matter, we set aside the order of the CIT(A) and restore the issue to the file of the AO with a direction to decide the issue afresh after examining the issue and in accordance with law after providing reasonable opportunity of hearing to the assessee. The assessee is directed to substantiate his claim by way of necessary documentary evidence, if any, before the AO. Thus, this ground of appeal is treated as allowed for statistical purposes. 15. As regards ground No. 6 regarding addition of Rs. 8,25,000/- as unexplained investment, it is observed that the AO made the addition based on seized document found in the course of search conducted in the prem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted that property belonged to M/s Anuradha Properties and they alone sold the same to the assessee. 17. The learned DR on the other hand relied upon the orders of the authorities below. 18. After hearing the parties and perusing the record, it is observed that merely based on the notings in the seized material from the premises of the assessee and coming to the conclusion that the assessee made unexplained investment in the plots and making addition u/s 68 is not proper without bringing on record proper evidence to show that assessee has invested unexplained money in the plots. On the contrary, the assessee s submission is that the notings in the seized material are mere notings of the proposed purchase by the assessee is also not convi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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