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TMI Blog2013 (6) TMI 422X X X X Extracts X X X X X X X X Extracts X X X X ..... merely repaid the liability with assessee is not sustainable in law. The facts suggest that Sri Haresh Malani merely repaid the alleged sum out of the bank balance. Thus with the confirmation filed giving particulars of the sources of income of the payer of Rs 20 lakhs, the assessee discharged his part of the onus. Mr Haresh Confirmed the payment of the sum of Rs 20 lakhs as part of repayment of Rs 1.08 cr. If necessary, the AO should have initiated proceedings against Sri Haresh V Malani instead - order of CIT (A) is reasonable. Against revenue. - I.T.A. No.7875/M/2011 - - - Dated:- 5-6-2013 - Shri I. P. Bansal, JM And Shri Karunakara Rao, AM,JJ. For the Appellant : Shri O. P. Meena, Sr. AR For the Respondent : Shri B. N. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of the buyer are the issues raised in this set aside assessment. Matter travelled to the CIT (A) and this time. CIT(A) deleted the said addition of Rs 20 lakhs. Para 6, 6.1 and 6.3 of his order are relevant and they contain the discussion. These paragraphs covers the contents of the statement of Mr. Haresh V. Malani, the deails of the person who paid the impugned sum of Rs. 20 lacs to the assessee and why he paid ie as part of repayment of the deposit balance of Rs. 1.08 Cr given by the assessee earlier as property advance. The CIT (A) also discussed the business affairs of Mr. Haresh V. Malani, PAN details and examined the transactions of his bank accounts lying with Vijaya Bank and The Cosmos Co.op Bank Ltd, Branch Dadar (W). These acco ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 5. On the other hand, Ld Counsel for the assessee mentioned that the Revenue has not disputed assessee making a payment of Rs. 1.08 Cr to Mr. Haresh V. Malani in connection with the transaction involving some property. These amounts are to be returned by Mr Haresh Malani to the assessee and in fact an amount of Rs. 50 lacs was already repaid in the relevant assessment year against the said amount of Rs. 1.08 Cr. Statement of facts reveals the same. This repayment includes the impugned sum of Rs. 20 lacs. AO's finding that the sources for the cash deposit of Rs 20 lakhs in the bank account of Sri Haresh Malani, are unexplained and therefore, the said credit of Rs 20 lakhs in the assessee's accounts stands unexplained, is not proper. In other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not sustainable in law. Para 6.2 and 6.3 of the impugned order are relevant in this regard for making the order self-contained which reads as under: "6.2............The above transactions carried out during the above period indicate the status of Mr. Haresh V. Malani and he is a man of means. Mr. Haresh V. Malani has stated that he is in the construction business and assessed to tax. In this case this amount of Rs. 20 lacs is part of the repayment by Mr. Haresh V. Malani out of advance of Rs. 1,08,00,000/- given by the appellant to Mr. Haresh V. Malani . In view of the above facts the worthiness of Mr. Harish V. Malani cannot be doubted. 6.3. Further, from the facts emanating from all the above discussions, I am of the view that if at ..... X X X X Extracts X X X X X X X X Extracts X X X X
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