9911796707
TMI Blog2015 (10) TMI 158X X X X Extracts X X X X X X X X Extracts X X X X ..... he existence of M/s Locus Propbuild Pvt. Ltd. From whom Rs. 16,00,000/- was claimed to have been received and also creditworthiness of lenders from whom Rs. 4,53,000/- and Rs. 3,00,000/- were claimed to have received." 2. The brief facts of the case are that the assessee is an individual and has declared income from job work as Civil Contractor and white washing. On the AIR information it reveals that assesseee has deposited Cash of Rs. 25,07,400/- in his AXIS Bank Saving account and Purchased Motor Vehicle of Rs. 5,44, 478/- from Sri Durga Automobiles.The Assessing Officer asked the assessee to furnish necessary details in respect of these transactions. In response to the same, the assessee furnished an affidavit dated 04.11.2011 wherein ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... this respect even after providing sufficient opportunity to him and lastly the AO held that entire deposit of Rs. 25,07,400/- remain unexplained and he added as income of the assessee, u/s. 68 of the I.T. Act. 2.1 Secondly, AO has also added Rs. 34,423/- on account of bank interest which the assessee has earned, as per the bank statement of Axis bank. But has not been offered to tax in his return of income filed for the relevant assessment years. 2.2 Thirdly, the AO has also added Rs. 1,64,100/- on account of unexplained money and added the same to the income of the assessee u/s. 68 of the I.T. Act, because assessee has purchased motor car for Rs. 6,17,538/- out of which Rs. 4,53,438/- which was financed by ICICI Bank Limited. The AO comp ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,53,000/- received as repayment of loan by Sh. Badri Prasad Meena for which he has not filed any evidence before the AO. Ld. DR further stated that assessee has also raised a new argument before the Ld. First Appellate Authority regarding receive of money for the purchase of land which was not pleaded before the AO by him. Ld. DR stated that assessee has changed its stand before the Ld. CIT(A) and Ld. CIT(A) accepted the version of the assessee and wrongly deleted the additions in dispute. Hence, he requested that the order of the Ld. CIT(A) may be cancelled and the order of the AO may be upheld. 6. On the other hand, Sh. Vinod Gupta (Assessee) appeared in person and stated that he had filed all the documentary evidence before the AO as we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and Rs. 4,53,000/- received as repayment of loan by Sh. Badri Prasad Meena. Assessee has also earned some bank interest as per the bank statement i.e. amounting to Rs. 34,423/- which he has not offered to tax in the return of income. As regards the purchase of vehicle the assessee has purchased a car for Rs. 6,17,538/- out of this amount Rs. 4,93,438/- was financed by the assessee from ICICI bank and the balance amount of Rs. 1,64,100/- remained unexplained which AO has added as income of the assessee u/s. 68 of the I.T. Act. 7.1 We find that before the assessee has changed its stand before the Ld. CIT(A) as rightly stated by the Ld. DR. Assessee has stated that he has withdrawn the cash from the bank for the purchase of land but again dep ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
