9911796707
TMI Blog2013 (10) TMI 696X X X X Extracts X X X X X X X X Extracts X X X X ..... In the given circumstances, we are unable to find any flaw in the impugned order in deleting this addition on the basis of the overwhelming evidence filed by the assessee in support of the genuineness of the transaction - Decided against the revenue. Unexplained investment - Held that:- it is patent that the difference in the cost of construction between the assessee and DVO for the current year stands only at Rs.2.05 lac. Such difference constitutes and minuscule 3%. As against the assessee's declared investment at Rs.1.22 crore over the period, the DVO has estimated cost of construction at Rs.1.25 crore. It is crystal clear that the year-wise figures as declared by the assessee and as estimated by the DVO are almost in the same vicinit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Bhandaar Goan, Dehradun with all ownership rights on land and construction thereon. In support of this contention, the assessee filed a copy of agreement with T.S. Motors, a copy of ledger account of the assessee in the books of T.S. Motors, extract of copies of cash book of T.S. Motors and copy of Board resolution of T.S. Motors authorizing investment in property. The AO procured the relevant Balance sheet of T.S. Motors from ACIT, Range-II, Lucknow. It was noticed from such Balance sheet that T.S. Motors had not separately reflected the advance of Rs.15 lac given to the assessee. It was also observed that there was an increase under the sub-head `Security deposits' from Rs.2.56 crore at the end of the preceding year to Rs.4.98 crore at th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h T.S. Motors on 29th September 2006. A copy of such agreement is available on page 7 onwards of the paper book. This agreement categorically provides for the purchase of property by T.S. Motors from the assessee and his wife for the stated consideration. Page 19 of the paper book is copy of assessee's account in the books of T.S. Motors indicating cash payment of Rs.15 lac to the assessee in three installments of Rs.5 lac each. All the above discussed documents were filed by the assessee before the AO which have not been controverted by the AO. Except for the fact that T.S. Motors did not separately indicate advance of Rs.15 lac given to the assessee in its balance sheet, the AO has no other tenable reason to disprove the genuineness of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... andaar Goan, Dehradun and furnished year wise details of construction work / investment in said property as under: Year Amount 2005-06 Rs.7,50,000/- 2006-07 Rs.14,50,000/- 2007-08 Rs.70,00,000/- 2008-09 Rs.30,00,000/- 6. On the basis of the report of DDI (Inv.) Dehradun that construction work in the said property was started in December 2005 and completed one and a half year latter, the AO called upon the assessee to show cause as to why 80% of the total investment made over the years be not considered as having been made in the year under consideration. In this regard, the AO also relied upon statement of one Shri Bhagat. The assessee submitted detail ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... see and DVO for the current year stands only at Rs.2.05 lac. Such difference constitutes and minuscule 3%. As against the assessee's declared investment at Rs.1.22 crore over the period, the DVO has estimated cost of construction at Rs.1.25 crore. It is crystal clear that the year-wise figures as declared by the assessee and as estimated by the DVO are almost in the same vicinity. The difference between two values is minimal. After all, estimate is an estimate and cannot take the place of actual. Such a meager difference does not require any addition. The exercise embarked upon by the AO in treating 80% of the total investment over the years as having been made in the year under consideration is whimsical and capricious devoid of any legall ..... X X X X Extracts X X X X X X X X Extracts X X X X
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