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2016 (3) TMI 47 - AT - Income TaxUndisclosed Investment - ₹ 7 lakhs representing loan amount from Sundaram Home Finance as the source of investment in the purchase of land by the assessee; and ₹ 10,75,000 representing the amount invested by Shri Viswanath in the purchase of land jointly with the assessee - Held that:- We find that except for stating that ₹ 7 lakhs which has been advanced to the assessee’s wife by Sundaram Home Finance, the assessee has not filed any document before us to demonstrate that these funds were withdrawn for payment of the same to the vendor before the date of agreement. The assessee has not filed copy of the bank statement of the assessee’s wife to prove this fact. In view of the same, we deem it fit and proper to remand this issue to the file of the Assessing Officer for reconsideration and verification of bank statement of the assessee’s wife, and if it is found that the said amount of ₹ 7 lakhs has not been utilised for the purpose of construction of house of Smt.Vasumathi and if it is found that the said amount has been withdrawn very much before the date of entering into the agreement of sale for purchase of land, then the same shall be accepted as proved source for investment in the land. However, as regards the investment made by Shri Viswanath, we find that Shri Viswanath has reflected in his bank statement, the advance paid for the purchase of the land through the assessee herein. Copies of the returns of income filed by Shri Viswanath are also filed before us and there is no adverse finding that the copies of these returns filed by Srhi Viswanath are not correct. Therefore, in our opinion, the assessee has filed the details before the authorities below. In this view of the matter, we are of the opinion that since he has reflected the said transaction in his Balance Sheets as well as in the returns of income, it has to be taken as proved source for investment of amount. - Decided in favour of assessee for statistical purposes.
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