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TMI Blog2016 (5) TMI 847X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee Shri Punit Goel who was purportedly handling the accounts and tax matter of the assessee. Shri Punil Goel suffered a massive paralytic attack and was hospitalized for almost 4 months. The assessee has also filed medical records and hospital discharge summary of Shri Punil Goel in support of his contentions. After perusing the same we are satisfied with the delay in filing of the appeal has been caused on account of medical exigencies. The delay of 137 days in filing of the appeal is condoned and the appeal of the assessee is admitted to be heard and disposed of on merits. 3. The brief facts of the case as emanating from records are: The assessee is engaged in the business of transport, warehousing and land dealings. The assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Apart from the above the Assessing Officer made addition of Rs. 21,75,499/- as unexplained cash credit u/s. 68 of the Act. Aggrieved by the assessment order dated 14-12-2011, the assessee preferred an appeal before the Commissioner of Income Tax (Appeals). The Commissioner of Income Tax (Appeals) upheld the findings of Assessing Officer and dismissed the appeal of the assessee. Now, the assessee is in second appeal before the Tribunal impugning the findings of First Appellate Authority. 4. Shri Nikhil Pathak appearing on behalf of the assessee submitted that during the period relevant the assessment year under appeal the assessee had sold two parcel of agricultural land. Since, the agricultural land does not fall within the meaning of 'ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at pages 149 to 158 of the paper book to support his oral submission. 5. On the other hand Shri Hitendra Ninawe representing the Department vehemently supported the findings of the authorities below. The ld. DR submitted that the assessee in his statement recorded on 10-03-2011 u/s. 131 of the Act after survey has admitted that the assessee had entered into sale transactions with MTC Business Pvt. Ltd. and has not offered the income arising there from in the assessment year 2008-09. The ld. DR also admitted that the transactions are shown in Balance sheet for the period relating to financial year 2007-08. The ld. DR referred to the statement of assessee recorded u/s. 33A on 09-03-2011 at page 121 of the paper book. The ld. DR particularly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... is detailed order has reproduced the same in para 4 of his order. For the sake of brevity we are not reproducing the same in our order. The Commissioner of Income Tax (Appeals) after examining the documents on record and the submissions of the assessee has upheld the findings of Assessing Officer with respect to the active indulgence of assessee in sale and purchase of land. The ld. DR has drawn our attention to the statement of the assessee recorded u/s. 131 of the Act. In reply to Q. No. 4 the assessee has admitted that the sale deeds relate to sale transactions of the land with M/s. MTC Business Pvt. Ltd. and was not offered to tax in the assessment year 2008-09. The relevant extract of the statement recorded on 10-03-2011 i.e. Q. No. 4 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on the basis of the power of attorney. Thus, the intention of the assessee was never to retain the land and use it for agricultural purposes. The ld. Counsel has not been able to rebut the aforesaid findings of the authorities below. Since, there is no sale of any capital asset, there is no question of allowing deduction u/s. 54B of the Act to the assessee. 8. In respect of addition of Rs. 21,75,499/- u/s. 68 of the Act, the assessee has not been able to explain the amount. Neither the assessee was able to prove the identity of the creditors/lenders nor their creditworthiness. The onus was on the assessee to prove the genuineness, identity and the creditworthiness of the transactions and the creditors. Except for furnishing the name and ad ..... X X X X Extracts X X X X X X X X Extracts X X X X
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