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TMI Blog2014 (5) TMI 443X X X X Extracts X X X X X X X X Extracts X X X X ..... even an unsigned receipt nor any payment through cheque - even the agreement was an unsigned document - The Tribunal found that there was not even an iota of evidence to establish the revenue’s contention that any unexplained investment in cash had been made by the assessee in respect of the Udyog Vihar property - the findings of the Tribunal are also pure findings of fact and no question of law arises for consideration – Decided against Revenue. - ITA 955/2011 - - - Dated:- 8-5-2014 - Badar Durrez Ahmed And Siddharth Mridul,JJ. For the Appellant : Mr Balbir Singh, Sr Standing Counsel with Mr Abhishek Singh Baghel and Mr Arjun Harkauli For the Respondent : Mr Ashish Rana JUDGMENT Badar Durrez Ahmed, J (Oral) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Mrs Jind Singh. Rs 1 crore was said to have been received through cheque and the other Rs 1 crore by cash. Statements of the assessee were recorded on oath and questions were put to him. Question Nos. 10 and 11 are relevant for our purposes and they are reproduced herein below:- Q.10 Was there any agreement for purchase of the land at Village smalkha with Mrs. Jind Singh and if yes whether you have given any amount by way of cheque and also by way of cash? Ans. Yes, I have paid originally a cheque of Rs. 1 crores for the purpose vide cheque no 191004 dated 23.12.2005 drawn on IDBI Bank But since the transaction did not materalise this cheque was cancelled I am filing the copy of account in this connection from my ledger showing both ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nts of Sh. Gian Gupta, it is quite evident that Sh. Gian Gupta has been dealing in cash transactions and in financial transactions pertaining to lands component of cash cannot be ruled out. Since the assessee has failed to disclose the source of making cash payment of Rs. 1 crore, an addition of Rs.1 crore would be made on account of unexplained investment while computing the income of the assessee. I am satisfied that the assessee has furnished inaccurate particulars of income which attracts the provisions of section 271(1)(c), penalty proceedings u/s 271(1)(c) are being initiated. 4. The Commissioner of Income Tax (Appeals) examined this issue and concluded as under:- It would be relevant to mention that the land in reference has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h was paid by cheque, was returned as the transaction had fallen through. The Tribunal also took the view that the onus was on the Assessing Officer to establish that an investment of Rs 1 crore in cash had been made. That onus was not discharged and, therefore, it could be concluded that an unexplained investment of Rs 1 crore in cash had been made by the assessee. The exact findings of the Tribunal are as under:- 5. On due consideration of the above facts, we are of the opinion that the Assessing Officer Assessing Officer has given unnecessary weightage to the copy of MoU. The factum of transfer of a capital asset by Mrs Jind Singh in favour of the assessee was not established. The case of the assessee is that he has not purchased any ..... X X X X Extracts X X X X X X X X Extracts X X X X
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