9911796707
TMI Blog2022 (7) TMI 592X X X X Extracts X X X X X X X X Extracts X X X X ..... will be appropriate to allow this ground with a direction to the ld CIT(A) to give opportunity to the Assessee to establish that amount paid to these two builders was by way of cheques or other banking mode and if assessee succeeds to establish the fact, the remaining addition of Rs. 11,01,317/- as sustained by the ld CIT(A) shall stand deleted. Enhancement of income - Assessee argued that addition has been made without giving any opportunity of hearing - HELD THAT:- DR could not controvert this arguments. In the light of the aforesaid irregularity and violation of mandate of law, the issue is restored to the files of Ld. CIT(A) to give opportunity of hearing to the Assessee. Disallowance of 10% of total expenses - HELD THAT:- As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned with Citizen co-operative Bank Ltd, Noida and the Assessee failed to explain the source of cash deposit. The same was considered unexplained income from undisclosed source. The ld AO also found that the Assessee failed to substantiate the business activity with the information available in Form 26AS and the expenses totaling to Rs. 41,99,214/- to the extent of 10% i.e. Rs. 4,20,000/- were disallowed. 3. In appeal the ld CIT(A) found that of the total unexplained deposit of Rs. 62,09,900/-, the Assessee was able to explain the deposits received from certain persons who confirmed that they had paid money by way of cash to the Assessee who used to book the flats in their names. However, a sum of Rs. 11,01,317/- was found still unexplain ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6. Ground No. 1: in regard to this ground it was submitted on behalf of the Assessee that the ld CIT(A) has failed to appreciate that Rs. 11,01,371/- was also confirmed by the persons who had given the money to the Assessee to book the flats and only because the confirmations were not received from respective builders they were disallowed. It was submitted that when the persons who had given money had confirmed the amount, same cannot considered to be unexplained to part extent. However, the ld DR supported the finding of the ld CIT(A). 7. In regard to this ground it can be observed that in the remand report received from the ld AO it was confirmed by way of verification of transaction u/s 133(6) of the Act from the builders to whom t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... red opinion that where the Assessee claims to be inter-mediatory between the investors and the builders and some part of the admitted payments made by these investors were confirmed, then remaining amounts not confirmed by builder, can be explained, by assessee, if these unconfirmed amounts totaling 11.01,371, were deposited by way of cheques to the respective builders M/s. Gaursons Hi-Tech Infrastructure Pvt. Ltd and Supertech Ltd failed to confirm. Thus, it will be appropriate to allow this ground with a direction to the ld CIT(A) to give opportunity to the Assessee to establish that amount paid to these two builders was by way of cheques or other banking mode and if assessee succeeds to establish the fact, the remaining addition of Rs. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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