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2023 (3) TMI 859 - AT - Income TaxAddition u/s 69A - In the statement recorded u/s. 131 assessee stated that he has not filed his return of income and also stated that the money found in his possession belongs to him but could not give the details of the sources for the same - HELD THAT:- In the statement recorded by the assessee assessee has clearly stated in response to Q. No. 14 that he has not taken any loan from any person and has also denied to give any detailed sources for the seized amount. The assessee also in response to Q.No. 16 has voluntarily agreed to pay income tax both in his name and in his wife’s name. Since the assessee has not maintained any books of accounts and has accepted that he has not maintained any books of accounts at the time of interception as well as during the survey action, production of books of accounts after a period of 3 months is an afterthought of the assessee and hence the Ld. AO did not consider the books of accounts submitted by the assessee. AO has rightly considered the issue of submission of books of accounts as an afterthought of the assessee and hence we do not find any reason to interfere in the decision. Decided in favour of revenue. Ownership of two immovable properties - HELD THAT:- Cash book submitted by the Ld. AR could not be relied upon on the issue of receipt of advance from Mr. RP Naidu who also happened to be the power holder of the vendor. Hence, we find the cash book of the firm M/s. AR Builders could not be relied upon on the cash payments made by the firm towards purchase of the land from Mr. RP Naidu - sources for the cash paid for the purchase of the land has not been properly explained by the Ld. AR and we hereby uphold the order of the Ld. AO on this ground for the limited amount where the balance paid towards the registration charges has been demonstrated by the Ld. AR. We therefore partly allow the ground raised by the Revenue on this issue. Short term capital gains - Year of assessment - DR argued that the assessee has sold one acre of property / land on outright basis and has entered into a development agreement with M/s. MVV Builders for the construction of flats - HELD THAT:- Since the “transfer” as defined U/s. 2(47) of the Act has not taken place during the impugned assessment year, the computation of short term capital gains does not arise and the Ld. CIT(A) has rightly directed the Ld. AO to delete the addition - We therefore find no infirmity in the order of the Ld. CIT(A) and do not wish to interfere in the order of the Ld. CIT(A) on this issue. Unexplained cash deposits - HELD THAT:- In the absence of any proper explanation with substantiated evidence by the Ld. AR, we find that these cash deposits remain unexplained and the additions made by the Ld. AO to this extent as assessee denied to explain the sources for the cash deposits into the Karur Vysya Bank savings account are being upheld. Accordingly, this ground raised by the Revenue is partly allowed.
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