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TMI Blog2010 (7) TMI 1093X X X X Extracts X X X X X X X X Extracts X X X X ..... lakh made by the Assessing Officer on account of loans taken by the assessee. In the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee had taken loan of ₹ 5,00,000/- and ₹ 3,00,000/- from two persons namely, from Shri Rajesh Kumar, proprietor A.K. Investment; and Shri Ravi Chaudhary, Proprietor M/s. CAP Securities, respectively during the year under consideration. The Assessing Officer made the addition of the aforesaid loan amount treating the same to be unexplained on the ground that though the assessee had submitted confirmation letters from the creditors but the same have not been authenticated by the creditors in reply to the letters issued by the assessing Officer u/s 133(6) of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment has been received through banking channel. The assessee has purchased a property for consideration of ₹ 8,00,000/- in respect of which the payments were made by the assessee vide same cheques or pay orders issued by the creditors in the name of the seller of the property as per assessee's request. The copy of agreement to purchase the property was also filed before the AO where the payment for consideration of ₹ 8,00,000/- has been shown to have been paid by pay orders, which have been issued by the persons who had advanced the loans to the assessee for the purpose of purchasing the property. In the confirmation letters given by the creditors, the creditors have clearly mentioned that the pay orders have been issued or give ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... essee and his wife and other family members out of their drawings from their regular income as well as from the various small gifts received from various relatives. The assessee had also given details of the total income of family members earned during the Assessment Years 2004-05 to 2006-07. However, the assessee's explanation was rejected by the AO merely by observing as under:- "Since the assessee did not explain the amount and source of marriage expenses, on the occasion of the marriage, I have no other alternative but to estimate the unexplained expenditure at ₹ 5 lakhs. This is added as income fro the assessment year 2004-05." 6. On an appeal, the learned CIT(A) deleted the addition by observing that the AO did not have any ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny basis to sustain addition made by the AO. The order of the learned CIT(A) on this issue is thus upheld. 9. The next ground is against the CIT(A)'s order in deleting the addition of ₹ 12,00,000/- made by the AO on account of unexplained investment in purchase of property being Flat No.303, Mayurdhawaj Apartments, Patpar Ganj, Delhi. As against ₹ 8,00,000/- shown as consideration in the purchase deed on account of purchase of flat No.S-303, Mayurdhawaj Apartments, Patpar Ganj, Delhi from one Mr. Pramod Gupta, the AO had taken the consideration amount at ₹ 20,00,000/- on the basis of valuation report of the Valuation Officer obtained under section 142A of the Act. The AO, therefore, made the addition of difference of S ..... X X X X Extracts X X X X X X X X Extracts X X X X
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