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TMI Blog2020 (7) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... le to tax u/s 2(22)(e) of the Act also. Since the evidence filed by the assessee before the Tribunal is additional evidence and it goes goes to the root of the matter, I deem it fit and proper to admit the same and since the additional evidence was not filed before the authorities below, due to which, there was no occasion to examine the same by the AO and CIT(A), remand the matter to the file of the AO with a direction to examine the business exigency of the advances of ₹ 30,89,000/- received by the assessee and decide the issue in accordance with law after giving fair opportunity of hearing to the assessee. Accordingly, ground raised by the assessee is treated as allowed for statistical purposes. - ITA Nos. 646 And 648/Hyd/2016 - ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t and ₹ 17 lakhs in ING Vysya Bank during the relevant FY. When the assessee was asked to explain the source of the deposits, the assessee replied that it is the advance received towards the proposed sale of property. When the assessee was required to file details, the assessee failed to file such details and the AO treated the same as unexplained money and brought it to tax u/s 69A of the IT Act. 3. Aggrieved, the assessee preferred an appeal before the CIT(A) stating that she had proposed to sell the property, i.e., a plot in Venkateshwara Cooperative Housing Building Society, Jubilee Hills to M/s SPR Infrastructure (India) Ltd. (SPRIIL) and she had received the money from SPRIIL, which was deposited in her bank accounts. She als ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y. In this connection, he has filed a copy of the notice issued by the IDBI Bank for auction sale of the said property belonging to the assessee. Ld. counsel for the assessee submitted that the company intended to purchase the plot from the assessee and has paid the initial amount and, thereafter, since the business was not good, the company defaulted in paying the loan amount and has also not paid the balance amount to the assessee for purchase of the plot. He, therefore, submitted that the additional evidence filed by the assessee be admitted and the transaction be considered as a business transaction. 5. The ld. DR, on the other hand, opposed the admission of the additional evidence filed by the assessee and submitted that the assesse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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