9911796707
TMI Blog2014 (6) TMI 634X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee in form no. 36 – the assessee has failed to avail the opportunity granted while restoring the matter to the file of AO in the first inning of litigation - Despite several opportunities given by AO and Ld. CIT(A) assessee has not offered any explanation in respect of on money of Rs. 4,78,750/- paid by him to the Tulip Bungalows for acquiring the Bungalow No. 11 in Tulip Bungalows Scheme and therefore addition made by AO of Rs. 4,78,750/- towards payment of on money u/s 69 of the Act as unexplained investment in his property which has been sustained by CIT(A) is hereby upheld – Decided against Assessee. - ITA No. 974/Ahd/2011 - - - Dated:- 30-5-2014 - Sri D. K. Tyagi And Shri Anil Chaturvedi,JJ. For the Petitioner : Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e has purchased Bungalow in assessment year 1994-95 and paid the cost of Bungalow in the same year. But it was booked before conducting the search on builder as evident from incriminating document seized from builder. Accordingly, as per AO assessee has paid Rs. 9,81,250/- by cheque as shown in the return of income for assessment year 1994-95 and Rs. 4,78,750/- as on money @ 40% of cost by Bungalow of Rs. 14,60,000/-. On assessee s request summons dated 16-01-2001 was issued to assessee as well as the builder for cross examination. Neither of them attended the office on the date given in the notice/summon. Therefore, the AO held that the builder had nothing to say in addition to his statement recorded during the course of search. However, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d due to wrong address. Since the present whereabouts of the assessee were not known, final opportunity letter dated 03-12-2007 along with notice u/s.142(1) dated 03-12-2007 were issued to the assessee at the residence premises at Tulip Bangalow of which assessee is the owner. However no-body attended nor any written communication in the matter by the assessee either on the date so fixed or thereafter. Besides, notices issued by RPAD and speed post in question have yet not been received back un-served till date of order. The AO has also mentioned that Sri Mahesh Chhajed, C.A. had contacted AO on telephone, before and after receipt of notices by the assessee and Mr. Chhajed had agreed to attend in the matter before the AO. Therefore, the AO ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the IT Act. Accordingly, unexplained investment of Rs.4,78,750/- made for acquiring of the Tulip Bungalow No.11 u/s.69 of the Act is added to the total income of the assessee and assessment is finalized u/s, 144 rws 143(3) rws 254 of the IT Act, 1961 7. When the matter went before the first appellate authority in the second inning, none appeared before Ld. CIT(A) and he therefore taking into consideration the statement of facts filed by the assessee before him confirmed the action of AO by observing as under:- 5.3 I have considered the contentions of the appellant as well as the assessment order. It is seen that the Hon'ble ITAT vide its order dated 23/6/2006 had restored the matter for adjudication after giving opportunity t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... AO in para.3.3 and assessee was confronted with the statement of the builder and incriminating documents found i.e. letter head of Ambica Cotton Co,, found during the search in which cost of the Bungalow No.11 purchased by the assessee in Tulip Bungalows Scheme was mentioned by the builder amounting to Rs,14,60,000/-. In above circumstances, assessee has not controverted the evidences found and confronted the assessee nor availed any opportunity to cross examine the builder. Further, the assessee has not given any explanation during the second round of proceedings before the.AO as well as the CIT(A). In view of the above, the addition made by the AO of Rs.4,78,750/- towards payment of on money u/s. 69 of the Act as unexplained investment in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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