9911796707
TMI Blog2016 (9) TMI 1207X X X X Extracts X X X X X X X X Extracts X X X X ..... ccordance with law after giving the assessee a reasonable opportunity of being heard. Appeal of the assessee is allowed for statistical purposes. X X X X Extracts X X X X X X X X Extracts X X X X ..... e said claim was stated to have been supported by a MOU filed in the Court. The assessee claimed that loans had been given to the parties on the various dates and since the party was unable to repay the amounts alongwith the interests thereon, it was thus adjusted as an advance against the said property. The submission as extracted at page 3 & 4 of the impugned order shows that the assessee claimed that various payments were made by cheque and some were stated to have been paid in cash at the time of entering into the Memorandum of Understanding. The relevant portion is extracted hereunder:- {3} "In the appeal filed, the appellant has raised the following grounds: 1. That the Income Tax Officer has erred in law as well as in facts in m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 the appellant moved into property no. 559, Double Storey, New Rajinder Nagar, New Delhi - 110060 as a tenant at a monthly rent of ₹ 800/-. That the said house was owned by Mrs. Harjinder Kaur at that time and was subsequently sold to Mrs. Ram Payari Khosla in 1982, who admitted the tenancy in continuation. Further, in September, 1985 on account of the good conduct of the appellant, the landlady rented out barsati floor of property no. 559/560, Double Storey, New Rajinder Nagar, New Delhi- 110060, to the appellant's brother/mother on an enhanced monthly rent of ₹ 1,500/- for 559, 1st Floor and another lease was executed for the barsati floor at a monthly rent of ₹ 1,200/-. In December, 1986 the landlady expired, le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the addition of ₹ 18,00,000/- whereby the Ld. Income Tax Officer has taken a myopic view and treated the entire advance payment towards purchase of property as undisclosed income failing to appreciate the fact that the sum was paid out of the hard earned money of the appellant over a period of eight years i.e. 1995 to 2003 and that too was not entirely only by the assessee himself but by his family members as well. That the details of the payments had been discussed with the Ld. Income Tax Officer and are being provided as under for your kind consideration. Details of ₹ 14,75,000/- (Fourteen lakhs seventy five thousand only). Year Particulars Amount 1995 Cash paid to Mr. Satya Dev by Mrs. Sheel Graver out of sale pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s of ₹ 3,25,000/- (Three lakhs twenty five thousand only) in of, 2003 at the time of entering into Memorandum of Understanding. Particulars Relationship Amount Cash paid by Mrs. Geetanjali Graver Wife 40,000/- Cash paid by Mr. Ramesh Graver Self 60,000/- Cash paid by Mr. Arun Graver Son 45,000/- Cash paid by Mr Amit Graver Son 40,000/- Cash Loan taken from Mr. Rajesh Graver Brother 20,000/- Cash Loan taken from Mr. K.K. Manchanda Brother 20,000/- Cash paid by Mrs. Geetanjali Graver by pledging her Jewellery, copy of affidavit submitted before the id, A.O. enclosed. Wife 1,00,000/- Total Amoun 3,25,000/- That as can be seen from the above, the payments had been made by the appellant as well as his family mem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the case considerately. The above facts were presented before the Ld. Income Tax Officer as well, but the appellant had been denied justice. It is prayed that in the wake of the above facts having been brought on record, a favourable and sympathetic decision be please taken in the matter and oblige." 4. Considering the above specific facts, we find nothing has been brought on record to show how the entire amount can be added in the year under consideration. Accordingly, after hearing both the sides and finding that the prayer for remand was justified it was considered appropriate to set aside the impugned order and restore the issue back to the AO directing him to address the issues de-novo and pass a speaking order in accordance with la ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
