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2014 (2) TMI 261 - AT - Income TaxAddition made u/s 69A of the Act – unexplained money – Held that:- Several transactions through banking channel were carried out in their bank accounts in several lacs to prove that they were regularly getting the amounts on clearance and were withdrawing - it is proved on record that the purchasers were having creditworthiness to make advance with the assessee for purchase of land - The genuineness of the transaction could not be disputed - the assessee has been able to satisfy the conditions of section 69A of the IT Act - advance in the form of cash amount have been shown as receipts from number of parties all residents of New Delhi towards proposed site of flats in city of Jaipur in the residential scheme stated to have been floated by the assessee in the names of Sunder Nagar Scheme and Radha Vihar Scheme - The assessee filed all the affidavits of the depositors confirming the transactions with the assessee, copies of IT returns to show their source of income - The allotment of flats and refund of amount letters were also filed - All the depositors have also confirmed their transactions with the assessee independently through their replies filed u/s. 133(6) of the IT Act - the assessee genuinely entered into the transaction with the buyers – order of the CIT(A) set aside and the addition of 30 lacs deleted – Decided in favour of Assessee.
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