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2021 (7) TMI 279 - AT - Income TaxUnexplained investment in the property, credit card payment and cash deposited in the bank - HELD THAT:- Since the property was purchased in the name of a legal person/director, the PAN number of natural person has been mentioned. It can be seen from the purchased deed that it has been specifically mentioned that the property has been purchased by M/s. Nagarka Property and Finance Private Limited through director/Brigadier Krishna Nandan - since the assessee has not purchased any property in his own name we do not find any merit in the addition made by the AO the same is accordingly directed to be deleted. In this finding we find support from the Bank Statements, Nagarka Property and Finance Private Limited from where we have verified the payments made to the seller Prabha Sinha addition is directed to be deleted. Cash deposit in the Kotak Mahindra Bank as perused the bank statement which is part of our record on every entry of cash deposit the Nomenclature is cash deposit @ Dwarka. The assessment order and also the order of the first appellate authority is completely silent on such entries made by the person mentioned in the bank statements. Neither of the lower authorities has verified the cash withdrawal in the bank statement. Thus where neither the AO has given any specific finding for making the additions nor the assessee has given any explanation. Further we do not find any substantial balance in the said bank account and considering the fact that the assessee is a ex Army Men retired as Brigadier we direct the AO to restrict the addition to ₹ 3.5 lacs. The assessee gets a part relief. Credit card payment added as payment for which no explanation of the sources has been given, since we have confirmed the addition of ₹ 3.50 lacs this should become the source of credit card payment accordingly we direct the AO to delete the addition of ₹ 3,38,210/-. Appeal filled by assessee is partly allowed.
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