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TMI Blog2019 (11) TMI 1102X X X X Extracts X X X X X X X X Extracts X X X X ..... e appeal of the assessee is allowed. - I.T.A. No. 5747/DEL/2018 - - - Dated:- 22-11-2019 - Ms Suchitra Kamble, Judicial Member And Shri O. P. Meena, Accountant Member For the Appellant : Sh. R. S. Singhvi, C.A. For the Respondent : Shri S. N. Meena, Sr. D.R. ORDER PER SUCHITRA KAMBLE, JM This appeal is filed by the Assessee against the order of the Commissioner of Income Tax [Appeals]-31, New Delhi dated 31.07.2018 for Assessment Year 2008-09. 2. The Grounds of appeal are as under :- 1(i) That on the facts and circumstances of the case and under the law, the Assessing Officer has wrongly assumed jurisdiction u/s. 148 without proper appreciation of facts, recording of satisfaction and requisite approval in terms of provisions of sec. 151 of the Act. (ii) That there is no case of any income escaping assessment and whole basis of reassessment is illegal and without jurisdiction. 2(i) That on the facts and circumstances of the case, the CIT(A) was not justified in confirming addition of ₹ 27,27,350/- a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1. Unexplained cash deposit:- A.Y. 2008-09 ₹ 23,48,615/- 2. Unexplained investments: ₹ 27,27,350/- In view of the above mentioned facts, the unexplained cash deposits and unexplained investments are liable to tax u/s. 68 69 of the Income Tax Act, 1961. The income has escaped assessment in the case of Sh. Pankaj Sapra for A.Y. 2008-09 to the extent of ₹ 50,75,965/-, as per the provisions of the Income Tax Act, 1961. In view of the above mentioned facts, I have reason to belief that income to the tune of ₹ 50,75,965/- has escaped assessment within the meaning of section 147 of the Income Tax Act, 1961. Accordingly, necessary permission/approval under section 15(2) of the Income Tax Act, 1961 may kindly be accorded for issuance of notice u/s 148 of the Income Tax Act, 1961 for A.Y. 2008-09. Subsequently, the reassessment proceedings u/s 147 were completed vide order dated 19/03/2014 at an income of ₹ 52,01,510/- afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t of unexplained investment of ₹ 27,27,350/-, the Ld. AR submitted that Shri S. N. Arora (Father of the assessee) entered into a collaboration agreement in respect of property no. H-1481, C.R. Park, New Delhi with Sh. Nilamber vide the agreement dated 13.09.2005 for a consideration of ₹ 56,50,000/- and as such an advance of ₹ 46,50,000/- was paid by Sh. S. N. Sapra / Arora. The Ld. AR submitted the collaboration agreement during the course of hearing which was also before the CIT(A). In fact Assessing Officer in case of Sh. S N Sapra has made addition of ₹ 46,00,000/- as unexplained investment in A.Y. 2006-07. The Ld. AR further submitted that due to non-compliance of the terms conditions of the collaboration agreement, the aforesaid collaboration agreement was cancelled by Sh. S N Sapra Sh. Nilamber and the arrangement was made between the parties to adjust the advance of ₹ 46,50,000/-. Subsequently, on 13/02/2008, Sh. Pankaj Sapra i.e. assessee along with Smt. Daya Sapra i.e. Mother of the assessee purchased rights of second floor with terrace that of property mentioned hereinabove vide sale deed for a consideration of ₹ 27,27,350/-. Simila ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ards Ground No.2, the Ld. DR submitted that the addition u/s 69 on account of unexplained investment has duly been added, as the fact remains that before the Assessing Officer, the assessee could not established any direct nexus about the investigation. As regards Ground No.3 the Ld. DR submitted that the addition u/s 68 on account of unexplained cash deposits in the bank account was not properly demonstrated before the Assessing Officer, therefore, the addition was properly made. 9. We have heard both the parties and perused all the materials available on record. The issue relating to proceedings initiated u/s 148 whether the same is valid or not, has already been decided in assessee s own case for A.Y. 2007-08 by the Tribunal. The Tribunal held as under: 8. I have considered the rival submissions made by both the sides and perused the orders of the authority below. I find the AO on the basis of the information received from the investigation wing of the Department that the assessee has made cash deposit of ₹ 4,97,452/- reopened the assessment by issuing notice under section 148 and thereafter made addition of ₹ 4,97,452/- to the tot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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