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TMI Blog2018 (3) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... his behalf or on behalf of the company). Thus in the interest of justice, we are of the view that the matter needs to be examined by the Assessing Officer afresh Unexplained deposits with SBT - Held that:- Confirmation letter of the seller was not considered by the Assessing Officer nor by the CIT(A). In the interest of justice and equity, we are of the view that the matter needs to be considered afresh by the Assessing Officer. The Assessing Officer shall take into account the total sale consideration. The amounts the assessee had paid from his bank account and also from the loan account availed by the assessee. Unexplained investment - Held that:- The addition of ₹ 19,73,310 by the CIT(A) is an error in view of his findings in para 6.3(i) [page 9 of CIT(A)’s order]. The CIT(A) erroneously had not reduced the relief of ₹ 5,93,000 granted by him in para 6.3(i) of his order. Accordingly, the addition made by the A.O. is reduced to ₹ 13,79,710. No other arguments were raised by the assessee in regard to the addition made by the A.O. amounting to ₹ 19,73,310. Hence ground No.4 is partly allowed by restricting the addition to ₹ 13,79,710 instead of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as under:- Unexplained amount on account of Google charges 6.1 The Assessing Officer had made an addition of ₹ 10,13,430. The observation of the Assessing Officer in making the addition, reads as follow:- In the cash flow statement furnished, assessee was in receipt of ₹ 16,19,664/- being google charges accounted by M/s.HMGT India Tours Travels P.Ltd. against which he spent money from his own pocket to promote tourism business, assessee has produced copy of ledger wherein an amount of ₹ 6,10,802/- was given by M/s. HMGT India Tours Travels P.Ltd. Authorized Representative has not been substantiated any proof with satisfactory explanation for funds accumulated by the assessee though his known source to repay loans received is only income from salary. Hence ₹ 10,13,430/- is added as unexplained investment of the assessee and added to returned income. 6.2 The CIT(A) confirmed the addition made by the assessee to the extent of ₹ 8,36,430. The relevant finding of the CIT(A) in confirming the addition to ₹ 8,36,430 reads as follow:- 4.4 The appellant on the other hand has denied that there was receipt of ₹ 16,19 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... his credit card for making payments on behalf of the private limited company. The expenses incurred by the assessee by using his credit card on behalf of the company, was reimbursed by the private limited company. The Assessing Officer reduced the reimbursement made by the private limited company from the total credit expenditure incurred by the assessee and the difference was considered as unexplained investment. The CIT(A) examined the cash deposits and after considering the reimbursement received by the assessee from the company, the balance was treated as unexplained investments. We find the issue has not been properly dealt by the Assessing Officer. The Assessing Officer ought to have considered the source of deposit which had facilitated the credit card payments of the assessee (whether the expenditure is incurred on his behalf or on behalf of the company). Since there is faulty examination of the issue, in the interest of justice, we are of the view that the matter needs to be examined by the Assessing Officer afresh. The A.O. shall examine whether there was source for the deposits which had facilitated the credit card payments. The A.O. shall expeditiously dispose of the ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... per and Smt.Bindu Joe Anthraper. It was stated that the assessee had made cheque payment to them for a sum of ₹ 13,00,000 from his bank account with ICICI Bank on 23.02.2010. Since an equal amount was paid by IDBI Bank from where the assessee had availed a loan, the excess amount of ₹ 13 lakh was paid back to the assessee and same was credited in SBT on the very next day, i.e., on 24.02.2010. The assessee has furnished the bank statement of ICICI Bank from where the amounts were paid to the seller of the property, viz. Sri Joe Joseph Anthraper. The assessee s bank account with SBT was also produced where the credit of ₹ 13 lakh is seen. The credit of ₹ 13 lakh is cheque payment and same is drawn from Kotak Bank. The assessee has also furnished the confirmation letter from Sri Joe Joseph Anthraper and Smt.Bindu Joe Anthraper dated 12.11.2015. In the confirmation letter, Sri Joe Joseph Anthraper and Smt.Bindu Joe Anthraper has confirmed that they have sold a property to the assessee and had received a sum of ₹ 13 lakh from the assessee through ICICI Bank cheque No.711474. It was further stated in the confirmation letter that since funds were received fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n in ICICI Bank Ltd. loan for ₹ 15 lakhs received from his father, sale of motor cars to the tune of ₹ 7,63,600/- and funds to the tune of ₹ 21,10,000/- said to have been being advance from HMGT India Tours Travels Pvt. Ltd. have not been explained with supporting proof for credit into the ICICI Bank of the said amounts except ₹ 15,00,000/- given as loan by his father. The assessee is also failed to produce evidences for receipt of 763,600/- by sale of cars. However, out of rS.490,39,073/- being total credits in the account, after allowing reduction of all expenses mentioned in working total at C , ₹ 29,65,763/- (salary for ₹ 5,55,000 + Boinus for ₹ 70,000 + loan from father ₹ 15,00,000 + and documentation other expenses ₹ 8,40,763/- but excludes ₹ 36,50,000/- being part of loan availed from IDBI Bank Ltd.) is treated as unexplained investment by the assessee and added to the income returned. 8.2 On further appeal, the CIT(A) confirmed an addition of ₹ 13,79,710. The relevant finding of the CIT(A) reads as follow:- 6.3(i) As regards the sale of two motor cars, for one of the cars sold for ₹ 5, ..... X X X X Extracts X X X X X X X X Extracts X X X X
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