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TMI Blog2012 (9) TMI 1176X X X X Extracts X X X X X X X X Extracts X X X X ..... ee submitted that he shall be withdrawing the cross objection filed by the assessee. The Ld. Departmental Representative did not have any objection to this proposition. Hence, upon careful consideration, we permit the withdrawal of the cross objection. Accordingly, the cross objection stands dismissed. 3. The grounds raised in the Revenue s appeal read as under:- (1) On the facts and in the circumstances of the case, the Ld. Commissioner of Income Tax (A) has erred in deleting the addition of ₹ 15,12,750/- made by the Assessing Officer on account of unexplained investment on construction/ renovation of 1st floor of House u/s. 69C of the Income Tax Act, 1961. The Ld. Commissioner of Income Tax (A) has erred in appreciation fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... icer that the assessee has purchased agriculture land measuring 29 killas and 11 marlas situated at village Chortapur Distt. Bhhiwani, registered vide sale deed dated 13.10.2006 for a consideration of ₹ 8,47,000/- and also constructed first fllor and renovated the existing house situated at Kalidevi Road, Hansi. With regard to the investment in agriculture land, the assessee submitted that she raised a loan of ₹ 8.50 lacs from LIC Housing Finance Ltd., Karnal. The Assessing Officer issued summons to the Area Manager, LIC Housing Finance Ltd., Karnal requesting him to furnish corroborative evidence as to whether the loan sanctioned was actually utilized by the assessee for the purpose for which it was given. The Area Manager, fur ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... davit that she has no knowledge as to what documents/reports, if any, were got prepared and managed by the Agent for sanction of loan from LIC Housing Finance Ltd. as she was assured by the Agent that she will not have to comply with any paper formalities with LIC Housing Finance Ltd. The AO held that the explanation of the assessee can't be accepted in its entirety as the loan from LIC Housing Finance Ltd. has been withdrawn from bank as and when it was received in the months of April June 2006 but, the assessee purchased agriculture land during the month of Oct. 2006. Thus, it appears that the assessee has utilized the entire loan on construction of the first floor and renovation of the house. The AO held that the assessee inve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of assessment register for the year 1999 2000 supplied by Municipal Council, Hansi demonstrate that the construction of the house property comprising ground and first floors have been completed by the year 1998. (iv) The report of SDO, Electricity Department, Hansi demonstrates that the entire electricity connections were installed latest by July, 1997. (v) The technical opinion report dated 30.04.2008 states that ground floor shops were constructed in 1990-91 and construction of house on ground floor and first floor was completed during 1992-98. This report appears to be authentic as it was made by a competent authority on the direction of Director General, SWB (H) Panchkula in connection with a complaint against Sh. Vinod Kum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... een constructed, it would not have escaped the attention of the Municipal Committee and Electricity Department. In view of the above, the addition made by the AD of ₹ 15,12,750/- u/s 69C of the Act is deleted. 6. Against the above order the Revenue is in appeal before us. 7. We have carefully considered the rival contentions and perused the records. We find that Ld. Commissioner of Income Tax (A) s in this case has given a reasonable order which does not need any interference on our part. We agree with the Ld. Commissioner of Income Tax (A) that statement of LIC Housing Finance (Valuer) which has been used by the assessee were not offered for cross examination of the assessee. Furthermore, we note that Assessing Officer h ..... X X X X Extracts X X X X X X X X Extracts X X X X
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