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TMI Blog2015 (9) TMI 1490X X X X Extracts X X X X X X X X Extracts X X X X ..... bir Singh. In any case, in the absence of any explanation with regard to cash credits mentioned in these grounds the assessee appeal is dismissed. - Decided against assessee - ITA No. 349 of 2014 (O&M) - - - Dated:- 4-9-2015 - Ajay Kuamr Mittal And Ramendra Jain, JJ. For the Petitioner : Mr. Avneesh Jhingan, Adv For the Respondent : Mr. Denesh Goyal, Adv JUDGMENT Ajay Kumar Mittal, J. CM No.22030 CII of 2014 1. For the reasons stated in the application and after hearing learned counsel for the parties, the delay in filing the appeal is condoned. CM stands disposed of. ITA No.349 of 2014 2. This appeal has been preferred by the assessee-appellant under Section 260A of the Income Tax Act, 1961 (in short, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was issued to the appellant who appeared before the Assessing Officer and produced books of account etc. The Assessing officer vide order dated 28.12.2007, Annexure A.1 finalized the assessment, making addition of ₹ 25,07,660/-. Certain advances received and amounts forfeited in various years were added. Aggrieved by the order, the assessee filed appeal before the Commissioner of Income Tax (Appeals) [CIT(A)]. Vide order dated 22.7.2011, Annexure A.2, the appeal was partly allowed. The CIT(A) upheld the additions but deleted the addition of ₹ 25,000/- and granted relief with regard to charging of interest. Still not satisfied, the assessee filed appeal before the Tribunal. Vide order dated 11.2.2013, Annexure A.3, the appeal was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (B) Unexplained amount shown as forfeiture of deposit in the following names:- (a) Shri Jatinderpal Singh 30,000/- (b) Shri Jasbir Singh 7,00,000/- (c) Smt. Ritu 3,00,000/- (d) Shri Parshotam Lal 2,00,000/- Total 25,07,660/- The CIT(A) upheld the said additions except deleting the cash credit of ₹ 25,000/- shown in the name of Shri Balkar Singh. While upholding the additions, the CIT(A) has elaborately dealt with the same. It has been categorically recorded by the Tribunal that the assessee had not submitte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e on this account. Shri Jasbir Singh, 2671, Chowk Moni, Amritsar =Rs. 7,00,000/-. The assessee stated that the above person has given advance for the purchase of plot of ₹ 7,00,000/- during the year. He has not purchased the plot and amount of ₹ 7,00,000/- was forfeited during the year and the same may be added to the taxable income. Therefore, the addition of ₹ 7,00,000/- is made to the taxable income on this account. Smt.Ritu, Vilalge Bhuttar, Amritsar = ₹ 12,00,000/-. The assessee stated that the above person has given advance for the purchase of plot of ₹ 12,00,000/- during the financial year 2004-05 and out of which ₹ 9,00,000/- was repaid in the year 2007 and the balance of & ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ame amount, one in the impugned year and the other in the said assessment years as mentioned hereinabove. Therefore, the income should be treated as explained during the impugned year to avoid double taxation. He further argued in case of Shri Jasbir Singh that the assessee surrendered ₹ 50,00,000/- which has been credited as forfeited with respect to various amounts which include ₹ 7,00,000/- during the survey under section 133A of the Act. He pointed out the advance of ₹ 50 lacs credited in the profit and loss account as forfeited at PB- 28 in the profit and loss account for the year ending 31st March 2007 includes ₹ 7,00,000/- in the case of Jasbir Singh. He accordingly prayed to direct deletion of addition in res ..... X X X X Extracts X X X X X X X X Extracts X X X X
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