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TMI Blog2021 (9) TMI 1075X X X X Extracts X X X X X X X X Extracts X X X X ..... ource of such expenditure or part thereof, then the amount can be treated as unexplained expenditure. In the impugned case, the assessee has established the source of the funds, which was accepted by the AO. Failing to furnish the details of expenditure could not be presumed that it was an unexplained expenditure. On going through the paper book filed by the assessee, the assessee has submitted sale deeds, confirmations from SPR Infrastructure Pvt. Ltd. and SPR Publications pvt. Ltd. and other financial statements, we find that the addition made by the AO is not correct and the ld. CIT(A) after considering the documentary evidence filed by the assessee has rightly deleted the disallowance made by the AO. Thus, We uphold the order of the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase of land. 6. The Ld. CIT(A) erred in not considering the fact that the Assessing Officer made the addition of ₹ 4,29,70,689/- not suspecting the source of income but on the ground that the expenditure was not supported by any evidences. 7. Any other ground(s) that may be urged at the time of hearing. 2. Briefly the facts of the case are that the appellant was an independent director in M/s. SPR Publications Pvt. Ltd. He derived salary income from M/s. SPR Publications Pvt. Ltd. He did not file his return of income for A.Y. 2008-09. There was a survey in the business premises of group company, M/s. SPR Infrastructure India Ltd. on 20.7.2011. During the survey, it was noticed that the appellant received huge amounts fr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wing observations in his order: (a) That the assessee received an amount of ₹ 67,91,618/- from M/s. SPR Publications Pvt. Ltd. However the lands purchased in the name of M/s. SPR Publications Pvt. Ltd. were ₹ 95,23,000/- (b) There were no contributions from Smt. N. Padmaja. However the lands acquired in her name were of ₹ 3,15,00,000/-. She is the Managing Director of M/s. SPR Publications Pvt. Ltd. (c) Therefore there was siphoning of funds from the accounts of the company in the name of directors. (d) No evidence was submitted towards the development expenses, shed construction and other expenses of ₹ 4,29,70,689/-, therefore this amount might have been used for making on money payments in land deals. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tions Pvt. Ltd. and SPR Infrastructure India Ltd. have confirmed before the Assessing officer that they have transferred the amount to the account of the appellant for the purpose of acquiring the land/construction of shed/installation of machinery/land development etc. This is not disputed by Assessing officer also. The amounts were transferred through cheques to appeal ants account, therefore the source is not in doubt. Though the doubts expressed by the Assessing officer are apparently logical but do not support the view that the money deposited belongs to the appellant, more particularly when such money was used for the purpose of purchase of properties either in the name of M/s. SPR publications Pvt. Ltd./SPR Infrastructure India Ltd./ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nfrastructure Pvt. Ltd. and M/s. SPR Publications Pvt. Ltd. We also find that the all the transactions were undertaken by the assessee through banking channels. We find from the assessment order that the AO has not doubted the source of funds received by the assessee through banking channels, but, the AO has added the entire amount as unexplained u/s. 69C. In this connection, we refer to the provisions of section 69C, which are as under: 69C. Where in any financial year an assessee has incurred any expenditure and he offers no explanation about the source of such expenditure or part thereof, or the explanation, if any, offered by him is not, in the opinion of the Assessing Officer, satisfactory, the amount covered by such expenditure or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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