9911796707
TMI Blog2012 (12) TMI 751X X X X Extracts X X X X X X X X Extracts X X X X ..... rd together and disposed of by this common order. 2. The brief facts of the case are that the assessee is a trader in coconut business and share broker. The assessee is also having income from house property. The assessee filed his return of income for the assessment year 2006-07 on 23.02.2007 admitting total income of Rs. 1,24,420/- and agricultural income of Rs. 72,000/-. The assessee claimed refund of Rs. 7,136/-. The return of the assessee was processed under section 143(1) and refund was issued to the assessee on 12.4.2007. Thereafter, the case of the assessee was selected for scrutiny and notice under section 143(2) was issued to the assessee on 22.8.2007. The Assessing Officer vide assessment order dated 31.12.2008 made additions on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ompletion as December, 2006. The assessee has offered the cost of construction for the above two years only. The assessee has also not produced year-wise break up for the cost of construction. In the absence of the said details, the difference in cost of construction Rs. 25,41,254/- has been added to the total income of the assessee as unexplained investment under section 69B of the Act for the assessment year 2006-07. The D.R. further submitted that as regards rental income is concerned, the clarification was sought from the authorized representative of the assessee on the issue. However, no clarification was received from the assessee regarding the date of commencement of tenancy. Similarly, for the assessment year 2007-08, the Assessing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... made without reading the agreement in toto. In the absence of corroborative evidence, the addition cannot be sustained. The amount received towards rent was only Rs. 89,392/- which was evident from the TDS certificates, filed with the return. Hence, I order deletion of Rs. 1,64,190/-." (II) The findings of the CIT(A) on the issue of cost of construction are as under:- "The appellant maintained bills and vouchers for most of the expenditure incurred in construction. In the valuation report itself the Valuation Officer mentioned that the assessee had produced bills and vouchers to the extent of Rs. 35 lakhs. The authorized representative of the appellant also submitted that the building was constructed mainly to let out and hence the qualit ..... X X X X Extracts X X X X X X X X Extracts X X X X
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