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TMI Blog2024 (6) TMI 1194X X X X Extracts X X X X X X X X Extracts X X X X ..... made under Section 69 of the Act. The said section envisages a situation where the assessee has (i) made an investment (ii) which is not recorded in the books of account or (iii) the assessee offers no explanation about the nature/source of the investment or (iv) the explanation offered is not found to be satisfactory. In our view, none of these requirements can be said to be satisfied in this case as the explanation offered is plausible and is clearly borne out of material on record. We, therefore, find that no case for interference is made out. Revenue appeal stands dismissed. - Justice (Retd.) C.V. Bhadang, President And Shri B.R. Baskaran, Accountant Member For the Assessee : Shri S.V. Apte. For the Revenue : Smt. Mahita Nair. ORDER P ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... SEPL with Bank of Maharashtra in order to show that the amount of consideration of Rs.1,09,19,100/- was paid by M/s. SEPL and not by respondent-assessee in his personal capacity. 6. Before the AO, the respondent contended that the said property was purchased in the year 2014 in the name of M/s. SEPL through the respondent-assessee in his capacity as Director of M/s. SEPL. The consideration was paid by M/s. SEPL and the amount has been shown in the books of account of M/s. SEPL and also the property has been capitalised in the books of account of M/s. SEPL. 7. It was also contended that the addition cannot be made under Section 69 of the Income Tax Act, 1961 ( Act for short) as the transaction is already declared and accounted for in the boo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er the issuance of show cause notice that the assessee has executed the Deed of Assignment dated 08.06.2021 assigning the leasehold rights in favour of M/s. SEPL. It is submitted that the said Deed cannot be said to be a Deed of Rectification and/or to correct any bona fide mistake as claimed. It is submitted that had there been no scrutiny assessment, the respondent would not have executed any Deed assigning/transferring the leasehold rights in favour of M/s. SEPL. It is, therefore, submitted that the finding recorded by learned CIT (A) is not borne out of record and, therefore, cannot be sustained. 15. The learned counsel for respondent has submitted that the leasehold rights in favour of Mr. Suresh Amarnath Pal were acquired by M/s. SEPL ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... that the subject plot was put for public auction in which the bid of Mr. Suresh Amarnath Pal, proprietor of M/s. Suresh Fabricators, was accepted for a consideration of Rs.1,09,19,100/-. It appears that Mr. Suresh Amarnath Pal could not garner enough resources to pay the amount. As per the conditions of allotment, there was a lock-in period of 3 years before the leasehold rights could be assigned in favour of any other entity. It appears from the record that Mr. Suresh Amarnath Pal approached M/s. SEPL and an unregistered document dated 29.05.2014 came to be executed. It is clearly borne out of record that the amount of consideration of Rs.1,09,19,100/- was paid from the account of M/s. SEPL to MIDC on 17.05.2014. It is further a matter of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 08.06.2021 was by way of an afterthought as it was executed only after the impugned action was taken and addition was made. 21. We have carefully gone through the order passed by learned CIT (A) and we find that the learned CIT (A) has articulated cogent reasons in his order to find that mentioning of name of assessee in the Deed dated 29.06.2017 was by way of a bona fide mistake. Such a finding, in our view, is based on appreciation of material on record, particularly, as to the passing of consideration from M/s. SEPL to MIDC and the property being capitalised in the books of account of M/s. SEPL and being declared in the ITR of M/s. SEPL. The entire impugned action is based on the fact that agreement dated 29.06.2017 showed the individual ..... X X X X Extracts X X X X X X X X Extracts X X X X
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