9911796707
TMI Blog2024 (10) TMI 593X X X X Extracts X X X X X X X X Extracts X X X X ..... flow statements and statement of affairs of all the persons before lower authorities in support of the claim. However, going by the admission of the assessee in statement recorded during survey u/s 133A, AO has made impugned addition on estimated basis. There is no material on record to indicate that the assessee has made that kind of investment. The statement recorded during survey u/s 133A do not bind the assessee as per the decision of of S. Khader Khan [ 2013 (6) TMI 305 - SC ORDER] The same is rebuttable one. The assessee, in our considered opinion, by furnishing the cash flow statements and loan sanction letters, duly substantiated its case to a great extent. Considering the fact that the property is a joint one and with a view to pu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s Rs. 40 Lacs was withdrawn from his bank accounts and Rs. 27 Lacs was earned by him from his business and agriculture income. He offered balance Rs. 67 Lacs as undisclosed income from the business. However, the said disclosure was not admitted in the return of income. 3. During assessment proceedings, vide letter dated 25-11-2017, the assessee submitted break up of amount spent by himself, his wife and two sons during AYs 2014-15 and 2015-16 as under: - No. Amount Spent by AY 2014-15 AY 2015-16 1. A.V.Nageswaran 75,50,158/- 1,78,11,000/- 2. N. Rameshkumar 3,50,000/- 25,00,000/- 3. N. Arunkumar 3,50,000/- 50,00,000/- 4. N. Santhamani --- 7,00,000/- 5. Spent by AVR, NR, NS i.e., 1,2 4 37,01,877/- Total 82,50,158/- 2,97,12,877/- In support, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts, the assessee submitted that the property was owned by four persons and full addition as made in the hands if the assessee was not justified. The assessee also furnished details of amount contributed by four persons as under: - No. Amount Spent by AY 2014-15 AY 2015-16 Total 1. A.V.Nageswaran 75.50 Lacs 211.37 Lacs 286.88 Lacs 2. N. Rameshkumar 3.50 Lacs 25.00 Lacs 28.50 Lacs 3. N. Arunkumar 3.50 Lacs 50.00 Lacs 53.50 Lacs 4. N. Santhamani --- 7.00 Lacs 7.00 Lacs Total 82.50 Lacs 293.37 Lacs 375.88 Lacs The assessee also furnished the source of cash flow with respect to all the four persons which has already been extracted in the impugned order. The assessee relied on the decision in S.Khader Khan (25 Taxmann.com 413) to the effect t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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