9911796707
TMI Blog2022 (10) TMI 1184X X X X Extracts X X X X X X X X Extracts X X X X ..... ash of Rs. 9,00,000/- withdrawn by the assessee from his bank account with Kotak Mahindra Bank Ltd on 01.02.2012 cannot be said to be available for making investment in purchase of properties in FY 2013-14. We uphold the impugned order of the learned CIT(A) sustaining the addition made by the Assessing Officer on account of unexplained investment made by the assessee in properties under Section 69 - Decided against assessee. - ITA No. 378/Ahd/2020 - - - Dated:- 14-10-2022 - SHRI P.M. JAGTAP, VICE-PRESIDENT For the Appellant : Shri Chirag Shah, CA For the Respondent : Ms. M.M. Garg, Sr. DR ORDER This appeal filed by the assessee is directed against the order of the learned Commissioner of Income-tax (Appeals), Ahmedabad-10 [ CIT(A) in short] dated 05.03.2020 whereby he sustained the addition of Rs. 20,03,649/- made by the Assessing Officer under Section 69 of the Income-tax Act, 1961 ( the Act in short) on account of unexplained investment made by the assessee in purchase of properties to the extent of Rs. 11,77,949/-. 2. At the outset, it is noted that there is a delay of 46 days on the part of the assessee in filing the appeal before the Tribunal. As ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roceedings before the learned CIT(A), a cash book for the year under consideration was prepared and furnished by the assessee to explain the source of cash for purchase of properties as under:- Date Particulars Vch Type Vch No, Debit Credit 1-4-2013 To Opening Balance 15,09,453.88 18-6-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 9 1,35,875.00 By Closing Balance 16,45,328.88 16,45,328.88 16,45,328.88 16,45,328,88 1-7-2013 To Opening Balance 16,45,328.88 16 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15-10-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 49 1,45,675.00 19-10-2013 By Agriculture Sadapura Land Purchase Su.No.78 Payment 11 17,733.00 By Closing Balance 13,77,231.88 3,27,230.00 10,50,001.88 13,77,231.88 13,77,231.88 1-11-2013 To Opening Balance 10,50,001.88 25-11-2013 To LAND ACCOUNT S.NO.782/2 (Sq.3795.25) Receipt 54 62,125.00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18,474.88 1-3-2014 To Opening Balance Receipt 66 7,004.38 36.000.00 3-3-2014 To LAND ACCOUNT S.NO.782/2 Payment 20 37,450.00 31-3-2014 By (Sq.3795.25) AMBALAL MANILAL PATEL By Closing Balance 44,454.38 36,000.00 8,454.38 44,454.38 44,454.38 5. After considering the submissions made by the assessee as well as the material available on record including the cash book filed by the assessee, the learned CIT(A) decided the issue vide paragraph nos. 7 7 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s. 20,03,649/- made by the Assessing Officer under Section 69 of the Act on account of unexplained investment made by the assessee in purchase of properties to the extent of Rs. 11,77,949/- thereby giving relief of Rs.8,25,700/- to the assessee. Still aggrieved by the order of the learned CIT(A), the assessee has preferred this appeal before the Tribunal. 7. I have heard the arguments of both the sides and also perused the relevant material available on record. The main contention raised by the learned Counsel for the assessee is that the opening cash balance of Rs. 15,09,453/- was duly supported by two cash withdrawals of Rs. 9,00,000/- and Rs. 4,50,000/- made by the assessee from his bank account with Kotak Mahindra Bank Ltd and Bank of Baroda respectively. He has contended that the learned CIT(A), however, accepted only the cash withdrawal of Rs. 4,50,000/- made by the assessee from Bank of Baroda but did not accept other cash withdrawal of Rs. 9,00,000/- made by the assessee from Kotak Mahindra Bank Ltd. He has invited our attention to the cash book of the assessee for FY 2011-12, 2012-13 and 2013-14 placed at page Nos. 1 to 7 of the paper-book to show that the cash of Rs. 9 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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