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2018 (10) TMI 1672 - ITAT CHENNAIUnexplained investment u/s 69 - in survey u/s 133A a sheet, vide impounded with the title 'Final Statement' given by M/s. Aadhlthiya Constructions was taken from the business premises - assessee has not agreed with the statement, since the amount does not confirm with their books of accounts - HELD THAT:- AO is directed to call for the complete details of M/s. Aadhithiya Constructions and verify the accountability of all the payments stated to have been received by it in the “final statement” in that company’s books of account and decide the issue afresh. In case the payments stated to have been received as per “final statement” is duly reflected in the company’s account, then, due credit should be given to the token advance paid by the assessee on 14.01.2003, which is not reflected in the “final statement” or otherwise. The assessee has raised an alternative plea that the payments numbered as 1 to 4 fall in the financial year 2002-03 relevant to assessment year 2003-04, which is barred by limitation. Admittedly, the transaction entered into viz., “agreement of sale of undivided share of land and department store to be constructed with Aadhithiya Constructions” is single property spread over to various years and when the sources are in question, the said sources are to be seen for the property as a whole as has been rightly observed by the CIT(A). The contention of the assessee that the amounts paid in the financial year 2002-03 got barred by limitation is not acceptable. Thus, the alternative plea rejected by the CIT(A) stands confirmed.
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