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TMI Blog2013 (5) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... or scrutiny and notice under Section 143(2) of the Act was issued on 27.12.2007 for 31.12.2007 by the Assessing Officer. Subsequently, notice under Section 142(1) of the Act accompanying with detailed questionnaire was issued 24.01.2008 for 29.01.2008. In response to the same, authorized representative of the assessee attended the proceedings and furnished the information. 3) The assessee deals in sale of scrap and gross profit of Rs. 3,25,902/- has been shown on total sales of Rs. 16,67,810/-. As per the information available with the Assessing Officer, assessee had purchased a plot of land measuring 960 square yard through power of attorney for Rs. 12 lacs on 17.06.2006 from Smt. Veena Rani. Assessing Officer recorded the statement of Smt. Veena Rani under Section 131 of the Act on 23.10.2008. In the statement, she confessed that she had sold the plot of land for Rs. 12 lacs and received the consideration in cash from the assessee. Assessing Officer perused the balance-sheet of the assessee and found that assessee had not shown this asset in the balance-sheet as on 31.03.2006. In the balance-sheet, there is a secured loan to the tune of Rs. 12,01,562/- from HDFC Bank. In the det ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -C of the Act. The Assessing Officer considered the offer of the assessee and finally made the addition of Rs. 9.99 lacs as unexplained investment under Section 69 of the Act as well as Rs. 1,12,302/- on account of interest paid to HDFC Bank and held that the assessee could not explain the source of money for the purchase of plot in dispute as well as interest paid which is attributable to the business run by him. The Assessing Officer completed the assessment under Section 143(3) of the Act on 24.12.2008. 7) Aggrieved by the assessment order dated 24.12.2008 passed by the Assessing Officer under Section 143(2) of the Act, the assessee filed an appeal before the learned First Appellate Authority, who vide impugned order dated 02.11.2011, dismissed the appeal filed by the assessee and upheld the order passed by the Assessing Officer. 8) Now the assessee has filed the present appeal against the impugned order dated 02.11.2011 passed by learned CIT(A), Amritsar. 9) Learned counsel for the assessee argued that the return declaring total income of Rs. 2,40,560/- has been filed by the assessee on 12.12.2006 and the same was processed under Section 143(1) of the Act on 20.02.2007. He s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... fficer, Ward - 3(3), Amritsar, to the assessee; Copy of reply of assessee dated 20/11/2008 addressed to Income Tax Officer, Ward -3(3), Amritsar, along with bank draft photocopy; Copy of letter dated 17/12/2008 from the A.O. to assessee; Copy of agreement for the purchase of property; English Translation of agreement for the purchase of property; Copy of Income Tax Return of Smt. Darshan Kaur for the assessment year 2006- 07 along with computation of income; Copy of letter dated 17/12/2008 from the Income Tax officer addressed to Smt. Darshan Kaur; and Copy of letter dated 22/12/2008 addressed to Assistant Commission of Income Tax, Range -III, Amritsar. He has also filed the decision of I.T.A.T., Delhi 'A' Bench, passed in the case of Om Prakash Suresh Kumar Vs. Assistant Commission of Income Tax, reported in (2004) 91 TTJ (Del) 193, to support his contention and requested that the appeal filed by the assessee may be allowed and the addition in dispute may be deleted. 11) On the contrary, learned D.R. relied upon the order passed by learned First Appellate Authority and stated that the case relied upon by learned counsel for the assessee is not applicable in the facts and circumst ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessing Officer asked the assessee to produce his wife, Smt. Darshan Kaur, to authenticate his assertion and other necessary documentary evidence for the interest paid to the HDFC Bank. On 1.12.2008, assessee produced Smt. Darshan Kaur before the Assessing Officer, who recorded the statement of Smt. Darshan Kaur. In the statement, she pleaded that she has sold her residential house in 2001 and given money to her husband (assessee). She also stated that she could not give the source of Rs. 13 lacs given to her husband except she received sale consideration of residential house sold on 20.03.2001. She has also produced a sale deed of residential house sold on 20.03.2001 and she could only explain the cash to the extent of Rs. 2,80,000/-. The Assessing Officer has given final opportunity to the assessee to substantiate his claim on 17.12.2008 fixing next date for hearing on 22.12.2008. On 22.12.2008, assessee attended the proceeding and filed a written letter surrendering of Rs. 9.99 lacs as additional income for the assessment year in dispute and could not produce any another documentary evidence supporting his total claim. 13) We have thoroughly gone through the documentary eviden ..... X X X X Extracts X X X X X X X X Extracts X X X X
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