9911796707
TMI Blog2023 (12) TMI 931X X X X Extracts X X X X X X X X Extracts X X X X ..... he assessee, is purely a rural agricultural land situated more than 6 km. from Nagar Palika, Damoh as per the population is between 1,00,000 to 10,00,000 and the seller Mohd. Khalil alias Khalik is a relative of the assessee and in support of the above contention, a confirmation letter from the seller has also been furnished. AO accepted the said contention/clarification given by the assessee and made no addition. In our considered opinion, the said approach of the AO requires any interference u/s 263 of the Act. Increase in unsecured loan during the assessment year under consideration, the assessee had furnished 41 lenders from unsecured loans which has been taken during the year under consideration - The assessee had also furnished the ba ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ned of the Pr. CIT - Appeal of the assessee is allowed. X X X X Extracts X X X X X X X X Extracts X X X X ..... Act to the assessee. In compliance with the notice issued by learned Pr. CIT, the assessee filed his written submissions. The learned Pr. CIT, after considering the submissions of the assessee, found that no supporting evidence and no documentary evidence has been produced by the assessee either during the course of assessment proceedings or during the proceedings u/s 263 of the Act, thus on 26/03/2023 cancelled the assessment order passed u/s 143(3) r.w.s. 143(3A) and 143(3B) of the Act and directed the Assessing Officer to pass fresh assessment order denovo after affording opportunity of being heard to the assessee. Aggrieved by the order of learned Pr. CIT dated 26/03/2023, the assessee preferred the present appeal on the grounds mention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s per provision of section 56(2)(x) of the Act, the excess of Rs. 47,75,160/- was required to be shown in the return as income from undisclosed sources for the assessment year under consideration which was not offered by the assessee as income. It was the case of the assessee that the learned Assessing Officer has specifically raised query regarding the said issue and it has been explained to the Assessing Officer by the assessee that the land, which was purchased by the assessee, is purely a rural agricultural land situated more than 6 km. from Nagar Palika, Damoh as per the population is between 1,00,000 to 10,00,000 and the seller Mohd. Khalil alias Khalik is a relative of the assessee and in support of the above contention, a confirmati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... prop. Shree Nath Ji Jewellers, Sarafa Bazar, Damoh held as under: "……….The assessee has discharged his onus in respect of gold ornaments found in black bag hence the ratio of the Hon'ble M.P. High Court in the case of Metachem Industries V CIT (2000) 245 ITR 160 was applicable. In this case it has been held that : "Once it is established that the amount has been invested by a particular person, be he a partner or an individual, then the responsibility of the assessee is over. Whether that parent is an income tax payer or not and where he had brought this money from is not the responsibility of the firm. The moment the firm gives a satisfactory explanation and produces the person who has deposited the amount ..... X X X X Extracts X X X X X X X X Extracts X X X X
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