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TMI Blog2015 (6) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... 29 on account of proceeds by sale of jewellery( Ground No.4); (iii) addition of Rs. 2,10,000 received by way of sale of plot at 297-Loha Mandi under sec. 68 of the Act( Ground No. 5); (iv) addition of Rs. 2,85,000 on account of advance given to Shourya Developers for purchasing of plots (Ground No.6) ; (v) disallowance of Rs. 22,500 (30% of Rs. 75,000) on account of expenditure claimed under the provisions of income house property and further the taxing the rental income from plot under the head 'income from other sources( Ground No.7); (vi) disallowance of Rs. 47,037 on account of car insurance( Ground No. 8); (vii) disallowance of Rs. 37,550 (10% of Rs. 3,75,498) on account of personal user of car( Ground No.9); & (ix) charging of interes ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Court in the case of CIT vs. Glaxo Smith Kline Asia (P) Ltd., (2010)- 236 CTR S.C. 113. He also referred page Nos. 21 to 34 and 25 to 37 of the paper book i.e. the detailed chart of purchase and sale of iron and steel by the firm of the assessee with others. 4. The Learned DR on the other hand placed reliance on the orders of the authorities below with this contention that before them the assessee has failed to furnish quality-wise details of iron and steel (M.S. Sheets) sold to its sister concern to enable the Assessing Officer to examine the rate of those goods prevailing in the market in comparison to the rates on which the goods were sold to its sister concern. 5. Having gone through the decision of Hon'ble Supreme Court in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nce regarding the sale was submitted before the Assessing Officer. The Learned AR referred page Nos. 47 to 61 of the paper book which are copies of the bills dated 26.3.1995 showing the purchase of jewellery by the father of the assessee; bills showing the sale of jewellery by the assessee; statement of Mr. Prince Goel of M/s. Shanti Swaroop Mahesh Chand to whom jewellery was sold in which Mr. Goel admitted to have purchased the jewelry from the assessee; statement of Mr. Nitin Goel of M/s. Shanti Abhushan Bhandar who purchased jewelry from the assessee confirming the fact of sale of jewellery by the assessee. The Learned CIT(Appeals) has upheld the addition with this further observation that as per reply furnished by the assessee for the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Assessing Officer have confirmed the claimed sales of jewellery by the assessee to them but the assessee has failed to furnish any satisfactory reply to the observations of the authorities below that on 18.11.2001 i.e. during the course of assessment proceedings for the assessment year 2006-07, assessee had claimed to have inherited 185 gms. of jewellery only from his father but now the assessee is claiming to have actually inherited 1198.77 gms. from his father. The assessee has not been able to rebut the above observation of the authorities below by furnishing any proof regarding inheritance of 1198.77 gms. of jewellery from his father. In absence of such rebuttal by the assessee and keeping in view the totality of facts and circum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he other hand placed reliance on the orders of the authorities below. He submitted that the assessee failed to establish identity and creditworthiness of Mr. Vikki Jain, hence, genuineness of the claimed transaction remained unproved. 12. Considering the above submissions, we agree that there is prevailing practice of transfer of such plot allotted by some government authorities/department for some specific purpose without getting it registered in the name of purchaser from the original allottee on the record of such authorities/department but at the same time some agreement is entered into between the seller and purchaser for such transaction. In absence of such evidence, we are of the view that the authorities below have rightly denied t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned DR on the other hand tried to justify the orders of the authorities below in this regard. 16. Having gone through the orders of the authorities below, we find that the genuineness of claimed refund of advance money for purchase of land from Shorya Developers has been denied on the basis that the assessee did not furnish any evidence with regard to the credit entries amounting to Rs. 2,85,000. The Assessing Officer has denied the claimed refund without examining the veracity of the documents filed by the assessee before it as discussed above. We, thus in the interest of justice, set aside the matter back to the file of the Assessing Officer to examine the correctness of the documents filed by the assessee in this regard and decide the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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