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TMI Blog2024 (11) TMI 1117X X X X Extracts X X X X X X X X Extracts X X X X ..... nvestment made by him, as per the provisions of the I.T. Act. We, therefore, deem it fit to allow the grounds of appeal raised by the assessee and hereby direct the ld. A.O. to delete the addition made in the hands of the assessee. - Ms. Kavitha Rajagopal, JM And Smt. Renu Jauhri, AM For the Assessee : Shri A. Suraj Nahar For the Respondent : Shri Anil Sant ORDER PER KAVITHA RAJAGOPAL, J M: This appeal has been filed by the assessee, challenging the final assessment order passed in pursuance of direction of Hon ble Dispute Resolution Panel (Hon ble DRP for short), relevant to Assessment Year ( A.Y. for short) 2015-16. 2. The assessee has raised the following grounds of appeal: 1. For that the order of the Dispute Resolution Panel and cons ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llant has sufficient documentary evidence to substantiate the nature and source of the sum of Rs. 28,22,380/- paid towards purchase of immovable property in question. Levy of interest u/s. 234A, 234B and 234C 7. The appellant objects to the levy of interest under sections 234A, 234B and 234C of the Income Tax Act, 1961. 3. Brief facts of the case are that the assessee is a non-resident individual and had not filed his return of income for the year under consideration. The assessee s case was reopened vide notice u/s. 148 of the Act dated 17.06.2021 on the basis of the information received from the non-filer under monitoring system and AIR that the assessee had purchased an immovable property for a sale consideration of Rs. 5,04,10,775/- and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rder dated 13.03.2024 u/s. 147 r.w.s. 144C(13) of the Act, determining the total income at Rs. 47,37,390/-, after making an addition of Rs. 28,22,380/- as unexplained investment u/s. 69 of the Act. 6. Aggrieved by the said order, the assessee is in appeal before us, challenging the impugned addition. 7. The learned Authorised Representative (ld. AR for short) for the assessee made a submission that the assessee had made payment of Rs. 5,04,10,775/- towards the purchase of the immovable property at various tranches since 2013 upto 2016 and during the year under consideration, only Rs. 1,14,48,580/- was paid as part consideration. The ld. AR further contended that the ld. A.O. in the draft assessment order has erroneously made an addition of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Management in Hongkong. The assessee vide agreement dated 21.07.2014 has purchased a property for a sale consideration of Rs. 5,04,10,775/-, out of which Rs. 1,14,48,580/- was paid as part sale consideration during the impugned year. The assessee during the assessment proceeding has restricted to explaining the source of the said investment to the extent that was paid during the impugned year where Rs. 28,22,380/- as one installment dated 23.07.2014 and three installments of Rs. 28,75,400/- on 13.05.2014, 01.10.2014 and 16.12.2014 were made, which aggregated to Rs. 1,14,48,580/-, transferred from his salary account to his NRE and NRO accounts maintained with ICICI Bank. The assessee also furnished the bank statements of these payments and t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e: Payments to L T from ICICI Bank NRE A/c No. 019701004837 Payments to L T from ICICI Bank NRO A/c No. 019701075414 Payments to L T from HDFC Bank Account Date of payment Amount in INR Date of payment Amount in INR Date of payment Amount in INR 14.10.2013 56,93,291 23.07.2014 28,22,380 22.10.2012 11,00,000 26.12.2013 26,14,001 10.04.2015 28,46,646 11.12.2012 87,74,009 22.02.2014 26,14,001 18.03.2019 10,00,000 25.03.2014 5,04,108 19.03.2019 10,00,000 13.05.2014 28,75,400 22.03.2019 10,00,000 01.10.2014 28,75,400 25.03.2019 10,00,000 26.12.2014 28,75,400 28.03.2019 3,06,782 29.06.2015 29,04,154 03.05.2019 6,98,680 22.08.2015 28,60,152 06.04.2016 87,04,334 Total 3,45,20,241 Total 1,06,74,488 Total 98,74,009 Grand Total 5,50,68,738* * The abov ..... X X X X Extracts X X X X X X X X Extracts X X X X
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