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TMI Blog2012 (4) TMI 677X X X X Extracts X X X X X X X X Extracts X X X X ..... firming the addition of ₹ 53,00,000/- without appreciating the fact that the AO never allowed any reasonable opportunity of being heard before making this heavy addition. 3. That the Ld. CIT(A) has grossly erred in confirming the addition of ₹ 53,00,000/- made by the AO on account of socalled investment made out of the books of accounts for the purchase of land. The authorities below failed to appreciate that this amount of ₹ 52,00,000/- was received from M/s. Star Stichers (P) Ltd. on 05/01/2007 and ultimately the same amount was returned to M/s. Stichers P. Ltd. on 31.03.2007. 4. That the authorities below did not appreciate that M/s. Star Stichers Pvt. Ltd. is an existing assessee and the source of investment was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lled for under the facts circumstances of the case. 7. Again, the ld. CIT(A) was not justified in confirming the addition of charging interest u/s 234A, 234B, 244A(3) 234D of the Act. The Ld. CIT(A) did not appreciate that no reasonable opportunity of being heard was allowed by the AO before charging the interest and as such the interests charged under these sections of the Act, are liable to be deleted. 3. The brief facts of the case are that the assessee had purchased land for ₹ 73 lakhs from Radha Swami Satsang Beas, Karan Ban Talab Jammu during the year and made cash payment of ₹ 60 lakhs to the said trust and the said trust had deposited ₹ 60 lakhs in their bank account on different dates as under: ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2007 ₹ 8 lakhs 29.03.2007 ₹ 4 lakhs Total Rs.20 lakhs It was observed by the AO that the assessee had made payment of ₹ 20 lakhs out of his bank account for the purchase of land and the balance payment of ₹ 53 lakhs could not be explained by her. On show cause given for 15.12.2009, the assessee filed the reply dated 21.12.2009 which for the sake of clarity is reproduced as under: As regards investment I want to bring to your honour s notice that the impugned property was agreed to be purchased by Star Stitchers Pvt. Ltd. 1/172B Dilshad Garden Delhi 110095 with PAN number ABBFS3052L from Radha Swami Sat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 31 of the Act in which she has made no reference of the advance received from M/s. Sar Stitchers Pvt. Ltd. The assessee also stated that M/s. Sar Stitchers had advanced ₹ 52 lakhs in cash to her for purchase of land on their behalf but instead of transferring the land to the assessee, the assessee returned back ₹ 52 lakhs in cash on 31.03.2007. The AO doubted the agreement of M/s. Sar Stitchers Pvt. Ltd. and advancing money to the assessee and then returning back the same considering the same as after made story, which is totally against the statement of the assessee filed in response to summons u/s 131 of the Act. The AO accordingly treated ₹ 53 lakhs as unexplained and added to the income of the assessee. 5. The Ld. C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... having received the cash back on 31.03.2007. The said confirmation is signed by M/s. Sar Stitchers Pvt. Ltd. and the assesse. At page 13 of the paper book, the detail of PAN number, at PB-14, copy of account of M/s. Sar Stitchers Pvt. Ltd. duly signed by the director is on record. Copy of the Income-tax return is placed at PB-15. The copy of audited accounts is placed at PB 16 to 19 of M/s. Sar Stitchers Pvt. Ltd. As regards the statement of the assessee on 17.8.2009, it was pointed out by Mr. P.N. Arora, the Ld. Counsel appearing for the assessee that the AO issued summons to the assessee dated 10.08.2009 (copy placed at PB-6) and asked for certain details to be produced before him. The assessee produced the said details vide letter dated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ers of the authorities below and the findings of the ld. CIT(A) vide para 9.1 to 9.3. 8. We have heard the rival contentions and perused the facts of the case. There is no dispute to the fact that the assessee had entered into an agreement with M/s. Radha Swami Satsang Beas, Keran Ban Tallab Jammu for purchase of property at ₹ 60 lakhs for which the assessee has placed on record copy of sale deed also. The assessee had taken loan of ₹ 73 lakhs from Shri Ram Chander Finance Co. which is credited on 29.01.2007 29.03.2007 by ₹ 20 lakhs and ₹ 53 lakhs respectively. The assessee had withdrawn ₹ 20 lakhs on 29.01.2007 in three instalments on 29.01.2007 at ₹ 8 lakhs, ₹ 8 lakhs and ₹ 4 lakhs. The ..... X X X X Extracts X X X X X X X X Extracts X X X X
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