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TMI Blog2013 (2) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... law and on facts in deleting the undisclosed income by way of sale consideration of Rs.85,18,876/- of Kunal Complex deposited in Bank Accounts? [B} Whether the Appellate Tribunal is right in law and on facts in deleting additions made by the Assessing Officer on account of unexplained investment in construction of 3rd floor of Kunal Complex? [C] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the assessee being a builder who has constructed and sold the shops in Kunal Complex is not eligible to declare income u/s. 44AD of the Act which is only applicable to civil contractors? [D] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the assessee has accepted during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account were not dislcosed as income of the assessee in the returns of income filed? [I] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the CIT(A) has failed to appreciate that even if the interest on FDRs is disclosed, there is no presumption that the source of investment in FDRs is accounted? 2. Briefly to state the facts : 2.1 During the search u/s. 132(1) of the Act at the business and residential premise of the respondent on 4.9.2002, certain sale-deeds, Banakhat of shops etc. had been seized. Sale proceeds as per this sale-deed were to the tune of Rs. 26,64,600/- and sale proceeds deposited in the bank accounts were to the tune of Rs.85,18,776/-. Cash amounting Rs.61,249/- Fixed Deposit a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cer had added the amount of Rs.85,18,776/- being "undisclosed income" from sale consideration of Kunal Complex and a sum of Rs. 7,53,186/- as "unexplained investment" on construction of 3rd floor of Kunal Complex. 10. CIT(Appeals) deleted both the additions with a note that two floors of Kunal Complex were constructed in the year 1993. In regular returns, the profit had been offered to tax by the respondent and the same had been accepted by the Department. 11. Tribunal discussed the entire issue at length and also taking into account the findings of CIT(Appeals), confirmed the deletion by upholding the findings of CIT(Appeals). Tribunal in terms held, after elaborate discussion, that the two floors of Kunal Complex were constructed in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts presented before it considering investments bifurcation of names of the holder, amount of Fixed Deposit Receipt, maturity amount and submissions of both the sides at length to conclude eventually on examination of assessee's paper book and the statement of income of respondent that the interest received on these FDR were also disclosed in the regular return, of income prior to the date of search. Tribunal also noted that the individual source of each person in whose name FDR is maintained was considered by the CIT(Appeals). It completely agreed with the CIT(A) and also further noted that there was nothing contrary that could be pointed out by the Department, and on that count, it dismissed the Revenue's Appeal. Likewise, other amount sou ..... X X X X Extracts X X X X X X X X Extracts X X X X
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