2022 (11) TMI 1116 - AT - Income Tax
Unexplained cash credit u/s 68 - unexplained expenditure towards registration fee and stamp duty u/s 69C - On source of huge investment the submission filed by the assessee was not found satisfactory and the assessing officer made the addition - HELD THAT:- We find that the source of the said investment in property is loan taken from ICICI Bank and the same is verifiable from paper book page showing an offer letter issued by ICICI Bank sanctioning loan - Further the repayment schedule and shows the property value - Various other documents including loan confirmation certificate and deed of conveyance are sufficient enough to prove that the source of investment in property is loan taken from ICICI Bank and, therefore, on merits also the addition made by the assessing officer u/s 68 and u/s 69C of the Act do not stand. We, therefore, fail to find any infirmity in the order of the ld. CIT(A) and thus Ground Nos. 1, 2 & 3 of the revenue are dismissed.
Violation of Rule 46A of the Rules - HELD THAT:- It is not discernible from the records nor referred to by the ld. D/R as to what were the documents filed by the assessee before the assessing officer and what new documents were filed before the ld. CIT(A) and without being able to lay our hands on these specific documents, we fail to find any merit in this ground raised by the revenue. Also the facts of the case as discernible from the records and the paper book filed by the assessee, there is sufficient force in the contention of the assessee explaining the source of investment in property and since the factual aspects have been examined by us, we fail to find any merit in this ground of the revenue and hence dismiss the same.