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TMI Blog2021 (9) TMI 458X X X X Extracts X X X X X X X X Extracts X X X X ..... ) 2017-18 and Cross Objections are filed by the assessee. 2. All the grounds of appeal of the revenue are related to the deletion of addition made by the Assessing Officer (AO) u/s 69A r.w.s.115BBE of the Income Tax Act, 1961 (in short 'Act'). Brief facts of the case are that the assessee is an individual deriving income from house property and other sources apart from agricultural income. The case was selected for scrutiny under CASS and notice u/s 143(2) was issued on 28.09.2018. The AO received information from investigation wing as per which the assessee is Managing Partner of M/s Kasyap Home Needs and has purchased 4500 sq.yards of land at Anadapuram from Shri Nalla Madhusudhan Reddy vide registered sale deed No.2955/2016 dated 17.06. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the entire sum of Rs. 4,17,00,000/- u/s 69A of the Act. 3. Against the order of the AO the assessee went on appeal before the Ld.CIT(A) and the Ld.CIT(A) deleted the addition made by the AO, holding that there is no case for making the addition u/s 69A since the assessee has recorded the source in the books of accounts and admitted the income in the returns filed by him. For the sake of clarity, we extract relevant part of the order of the Ld.CIT(A) in para No.4.1.8 as under . "4.1.8. I have carefully considered the issue and facts of the case. There is no dispute of the fact that the appellant had owned up the payment of cash to the seller. It is also not in dispute that such amounts have come to him in the form of gifts which was duly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the material placed on record. In the instant case, the AO assessed the sum of Rs. 4,17,00,000/- u/s 69A of the Act despite the fact that the assessee has admitted the same as income in the return of income u/s 56(2)(viia) of the Act. The AO extracted section 69A in page No.6 of the assessment order as per which, in any financial year, the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money, bullion, jewellery or valuable article is not recorded in the books of account, if any maintained by him and the assessee offers no explanation about the nature and source of the acquisition, the same may be deemed to be the income of the assessee for such financial year. In the instant case, the a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice u/s 143(2) and converting the case into complete scrutiny against the guidelines issued by the CBDT. According to the assessee, the AO ought not to have selected the case for scrutiny at all since, the survey u/s 133A was conducted in the case of M/s Kasyap Home Needs but not in assessee's the case. 8. We have heard the rival contentions and we are of the view that this ground does not need adjudication since, we have dismissed the appeal of the revenue on merits. The assessee is free to take up this ground, in case, the department succeeds on merits in the Hon'ble High Court. The cross objection raised by the assessee stands dismissed. 9. In the result appeal of the revenue as well as the cross objection of the assessee are dismissed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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