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TMI Blog2020 (2) TMI 561X X X X Extracts X X X X X X X X Extracts X X X X ..... alongwith his income tax return, confirmation, voter ID card and other documentary evidences for establishing the identity and genuineness of transactions. In the last, have also thoroughly perused the documentary evidences in the shape of Paper Book and assessee has established the creditworthiness and genuineness of transaction which require u/s. 68 of the Act and by establishing his onus. Addition in dispute is not sustainable in the eyes of law, because the assessee has discharged his onus u/s. 68 of the Act and therefore, the addition in dispute is hereby deleted. - ITA No. 2517/Del/2017 (Assessment Year: 2005-06) - - - Dated:- 20-1-2020 - SH. H.S. SIDHU, JUDICIAL MEMBER Assessee by Sh. V.K. Aggarwal, ITP Department by ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... - on 22-08-2005 which was processed u/s 143(1) of the Income Tax Act, 1961 (in short Act ) on 18-04-2006. A survey was conducted at the premises of the assessee and certain documents/papers were impounded. Information was accordingly received from the ITO, Ward 14(2), New Delhi that the assessee had invested a huge sum of money in booking of flats and properties although he was merely a salaried employee of M/s Pioneer Plastics Pvt. Ltd. As per the report, details of 26 entries of deposit through cheques/cash were given amounting to ₹ 46,00,892/-. The case of the assessee was accordingly reopened and notice u/s 148 was issued on 06-07-2009. Assessment was framed u/s 143(3)/147 on 27-07-2009 at a total income of ₹ 4,76,580/-. An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ransaction and also not furnished the confirmations of persons from whom said loans were received, hence, he made the addition of ₹ 46,00,892/- vide order dated 30.01.2013 passed u/s. 143(3)/263 of the Act by completing the assessment at ₹ 47,27,468/- Against the assessment order, assessee appealed before the Ld. CIT(A), who vide his impugned order dated 01.02.2017 has partly allowed by sustaining the addition of ₹ 34,65,096/-. Against the impugned order 1.2.2017, assessee is in appeal before the Tribunal. 3. No doubt that assessee has filed the Written Submissions on all the grounds and at the time of hearing on asking the Bench, Ld. Counsel for the assessee only argued the case of the assessee on the merits i.e. grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... details of deposit of ₹ 46,00892/-; affidavit of Smt. Saroj Sharma; Affidavit of Smt. Raghuveer Sharma; Remand Report dated 11.4.2014; Remand report dated 6.8.2014; Confirmation, Voter ID card , PAN card, jurisdictional details from Shri Govind Ram Sharma; Ledger account of Prem Kumar; relevant extract from the bank account of the assessee; affidavit of Sushil Kumar Yadav; Summary of Cash Flow Statement; Statement of account of Raghuveer Sharma with Omaxe; Receipt of ₹ 4,50,000/- by Omaxe Construction Ltd.; request for issue of NOC to LIC Housing Finance Ltd; Endorsement Forms; Letter to Omaxe for transfer of property in the name of buyers; copy of passport of Sh. Vinod Kumar Khera; Allotment letter of plot to the assessee by Om ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ment of account of Raghuveer Sharma with Omaxe and others. Assessee has also filed a letter of Omaxe for transfer of property in the name of buyers; copy of passport of Sh. Vinod Kumar Khera; Allotment letter of plot to the assessee by Omaxe; confirmation from Shri SK Bothra alongwith his income tax return, confirmation, voter ID card and other documentary evidences for establishing the identity and genuineness of transactions. In the last, I have also thoroughly perused the documentary evidences in the shape of Paper Book and I am of the considered view that assessee has established the creditworthiness and genuineness of transaction which require u/s. 68 of the Act and by establishing his onus. Keeping in view of the facts and circumstanc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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