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TMI Blog2024 (11) TMI 864X X X X Extracts X X X X X X X X Extracts X X X X ..... ment Year, it cannot be said that this is a case of discovery of any incriminating material only on search and seizure action on 29.3.2018. Therefore, this addition made by resorting to provisions of section 69 of the Act deserved to be set aside. We order accordingly. Sale of immovable property - Other addition, the only submission on behalf of the appellant is that having regard to the income declared by the assessee for the year under consideration and income declared in the previous 3 years, it cannot be said that the assessee had not the capacity to make payment of Rs. 92,700/-, and as such, this addition deserves to be set aside. Sale consideration in respect of the immovable property was Rs. 12,48,000/-, and the assessee admittedly p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to 14 are ledger account of M/s Mohan Broker Agency and M/s Hariom Agency and the same are not related to her. However, perusal of these documents reveal that during the F.Y. 2015-16, she had credited a sum of Rs. 54,000/- in the books of M/s Mohan Broker Agency. Further, as per document Annexure AS, Exhibit-2, Page No. 15 to 20, it is a purchase deed dated 27.03.2016 of Rs. 11,51,000/- (Sub-registrar held the DLC value Rs. 12 lac and levied stamp duty of Rs. 48,000/- + other expenses of Rs. 21,600/-) in regard to a plot at Suwana but she has not disclosed anything in her ITR or in her reply about the source of buying of the said property for an overall consideration of Rs. 12,20,600/-. The entire payment has been made in cash to the vendor ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . As noticed above, one addition is to the tune of Rs. 12,70,000/- whereas the other addition is to the tune of Rs. 1,76,000/-. Both have been made, due to undisclosed investments, while resorting to the provisions of section 69 of the Act. 7. As regards first mentioned addition, the Assessing Officer observed that the assessee had purchased a property for a consideration of Rs. 12,48,000/-, from one Kapila Jadra, and further that the assessee made payment of Rs. 12,28,000/- by cheque, but the remaining amount of Rs. 20,000/-and a sum of Rs. 92,700/- towards stamp duty, the assessee failed to furnish any explanation. 8. Ld. AR for the appellant has contended that in her Income Tax Return filed u/s 139 of the Act, the assessee declared total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nces as on 31.03.2017, Kavita Samtani-appellant was advanced a loan of Rs. 5,68,000/- by M/s Mohan Broker Agency. So, as submitted on behalf of the appellant, her husband had depicted the said credits in books of accounts. Reliance has been placed on confirmation letter issued by her husband- Shri Deepak Samtani on 10.12.2019 (available at page 29 of the paper book). As per this confirmation, the husband of the assessee confirmed on 10.12.2019 that as on 31.03.2017 a sum of Rs. 5,68,000/- was due to him from Kavita Samtani. As per para-9 of the reply by the assessee submitted to the Assessing Officer, the assessee had availed of unsecured loan of Rs. 5,68,000/- from M/s Mohan Broker Agency. Available at page 27 and 28 are copies of statemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nt of remaining sale consideration and stamp duty charges, total amounting to Rs. 92,700/-, as submitted by Learned DR. But having regard to the income of the assessee during the last 3 years, and the income of the year under consideration as shown in the ITR, (as per table available in para 1 of the written submissions under Ground of Appeal No.2), it cannot be said that payment of this much amount remained unexplained. In view of all this, as is established from the documentary evidence, which was also made available before the Assessing Officer and Learned CIT(A), we find that said addition of Rs. 92,700/-also deserves to be set aside. We order accordingly. 15. It may be mentioned here that subsequently, during pendency of the appeal, on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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