9911796707
TMI Blog2024 (12) TMI 689X X X X Extracts X X X X X X X X Extracts X X X X ..... ings that the unexplained income relates to the HUF whereas the AO established the same as relating to the assessee. 2. The Ld. CIT(A) has erred in observing that as per available facts, the unexplained income relates to Darshan Kumar HUF, ignoring the fact that the impounded document clearly showed that the unexplained entries related to the assessee and not to his HUF. 3. The Ld. CIT(A) has erred in ignoring the fact that the figures of opening balance of capital and net profit depicted in the impounded documents exactly matched with the figures of audited accounts pertaining to the concern M/s V, R H Silk Mills of which the assessee is proprietor proving it beyond doubt that the' figures recorded in impounded documents pertained to the assessee. 4 The Ld. CIT(A) has erred in holding that the unexplained income be considered in the hands of HUF since the AO himself has assessed a part of the income from unexplained investment in the hands of HUF ignoring the fact that additions have been made in the case of the assessee on account of unexplained unsecured loans, unexplained additions to capital account and unexplained advances received from booking of plots and such add ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of addition in the hands of above assessee have been that survey was carried out on the Hotel Sagar on 19th of September 2007 and during survey, certain documents in the shape of agreement for purchase of property at Bathinda was seized and as per that agreement, for which, the copy has been placed at page 1 & 2 of the Paper Book, alongwith English translation at page 2A and that agreement was further renewed and copy of renewed agreement have been placed at pages 3 to 9 of 'Paper Book' and English translation is at pages 9A & 9B of the Paper Book. It is also undisputed fact that the agreement was between Sh. Darshan Kumar HUF and Sh. Harish Kumar S/o Sh. Sh. Darshan Kumar as purchaser and seller was Smt.Surjit Kaur. Similarly, renewed agreement is also in the same names and the such agreement was for purchase of land at the rate of Rs. 70,30,000/- per acres for the total area of 9.34 acres and at the time of entering into agreement, an amount of Rs. 1,15,00,000/- was paid by two co-owners namely Sh. Darshan Kumar HUF and Sh. Harish Kumar as advance and out of same Rs. 72 lacs was assessed in the hands of Sh. Harish Kumar by the Assessing Officer and Rs. 43 lacs in the hands of Sh. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acres of land, wherein, it has been stated that the colony is going to be developed under the name and style of "Shri Sai Properties", which correspond to the name as mentioned in the agreement placed at pates 1 to 2A of the Paper Book and the other extension page, is English translation at page 9A & 9B. b). Further, under the heading proposed set up, it has been mentioned that the Proprietor was planning to set up a complete PUDA approved colony in the Municipal Limit of Bathinda. c). Then at page 11,12 & 13 of the Paper Book, there are lot many cuttings and there are no signatures of the concerned Chartered Accountant, which proves that it was a draft, which was prepared by the said Chartered Accountant. d). Further, at page 13, it has been mentioned as under:- "From these facts, it may be revealed that the company will not face any difficulty in selling the projected targets. This proves that it is a projected report." e). Similar is page 14, where again, there are cuttings and certain works to be carried out, have been mentioned as to how, the repayment/ cash flow statement and how that project has to be worked out. f). Then at page 15, the figures under the head co ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on Sh. Harish Kumar and in the case of Sh. Harish Kumar, the addition have been made in respect of his share of advance money paid by him towards the payment made as advance for purchase of land. Thus, we are in agreement with the finding of CIT(A) that no addition of the payment of advance money could be made in the hands of Darshan Kumar (Individual) and we hold accordingly. 12. Regarding the other documents, it is very much apparent from the documents seized that these were only projected figures and at so many places, there are cuttings and investment in the land was made by Sh. Darshan Kumar HUF and Sh. Harish Kumar in the name of 'Shri Sai Properties' and at page 10 of the Paper Book, it has clearly been mentioned on the top "Projected profile", and even the area as per seized agreement having an area of 9.34 acres have been mentioned at page 10 of the Paper Book, which tallies with the agreement as seized and even at page 10, it has clearly been mentioned that Prop. is planning to set up a PUDA approved colony and no corroborated evidence have been found during survey that the assessee having received any amount from the prospective buyers and as per above facts as mentione ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
