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2014 (5) TMI 1224 - AT - Income TaxAssessment framed u/s 158BC - Deposits made in the bank accounts against sale of shares - HELD THAT:- We have already upheld the addition of Rs. 38,099/- and also are in conformity with the order of CIT (Appeals) with regard to Rs. 30,000/-. The addition of Rs. 33,000/- in the hands of the assessee is also justified in the absence of any proof being filed by the assessee with regard to the availability of the cash in hand. In addition to the three additions upheld by the Commissioner of Income Tax (Appeals), we further uphold the addition relatable to the deposits made in the bank accounts against sale of shares totaling Rs. 141,667/-. In view thereof, we partly allow the ground of appeal No. 1 raised by the revenue. Cash deposits in the bank account which was claimed to be out of tuition fee - HELD THAT:- By rejecting the plea of the assessee that it had made cash withdrawals on earlier dates and the said cash was available with the assessee. Consequently, ground Nos. 3, 4 and 5 raised by the assessee are dismissed. Unexplained investment in the property - HELD THAT:- The assessee claimed that regarding its income for the year 1996-97 was more than its outgoing and in view of the assessee having spent Rs. 56,302/- against bills on various dates, no addition was made by the Commissioner of Income Tax (Appeals). We are in conformity with the order of the Commissioner of Income Tax (Appeals) in this regard specially after the verification exercise carried out by the Commissioner of Income Tax (Appeals) during the appellate proceedings. Upholding the order of Commissioner of Income Tax (Appeals) we dismiss ground No. 2 raised by the revenue. Unexplained investment of FDR in the name of the wife of the assessee - HELD THAT:- Commissioner of Income Tax (Appeals) accepted the plea of the assessee in view of the said withdrawals which had been verified by the Assessing Officer and also in view of the approximate income of Rs. 75,000/- from different sources being available with the assessee. The ld. DR for the revenue has failed to controvert the findings of Commissioner of Income Tax (Appeals) and in view thereof, we find no merit in ground No. 3 raised by the revenue. Unexplained investment in the purchase of household items - HELD THAT:- Addition was deleted by the Commissioner of Income Tax (Appeals) as approximately Rs. 70,000/- for the purchase of various items was paid through cheques and balance amount was held to be out of the known sources of income. We find no merit in ground No. 4 raised by the revenue in this regard in view of the abovesaid facts and circumstances and same is dismissed. Investment in purchase of cars - HELD THAT:- In Remand proceedings, remand report was called for and the Assessing Officer accepted the payment of Rs. 107,109/- paid towards the purchase of Maruti car and the said investment was treated as explained. With regard to the second Maruti car, it was noted by the Commissioner of Income Tax (Appeals) that the new car was purchased on 11.09.1996 and the old car was sold on 08.12.1996 hence, the new car being purchased before the sale of the old car, does not justify the claim of the assessee and an addition of Rs. 77,153/- was upheld in this regard. In the totality of the facts and circumstances and in view of the remand report, we find no merit in the ground of appeal No. 5 raised by the revenue and the same is dismissed. We also find no merit in the issue raised by the assessee vide ground No. 6 where the old car was sold later than the date of purchase of the new car and consequently, the said sale proceeds of old car not being available with the assessee, the claim in this regard was not justified. We uphold the addition of Rs. 77,153/- and dismiss ground No. 6 raised by the assessee. Investment in purchase of jewellery - HELD THAT:- The assessee had purchased an item of jewellery from the jewellery and the Assessing Officer had made the addition in the absence of any explanation of sources of investment. The Commissioner of Income Tax (Appeals) deleted the addition because of the salary drawn by the assessee. In the entirety of the abovesaid facts and circumstances, we find no merit in ground No. 6 raised by the revenue. Unexplained investment in plot - HELD THAT:- In the absence of any details, the cost of acquisition of the plot was taken at 'nil' by the Assessing Officer and the entire sale consideration was treated as income from capital gains. The Commissioner of Income Tax (Appeals) noted that in the remand proceedings vis-à-vis the various bank deposits, the Assessing Officer has noted that Rs. 30,000/- had come from sale proceeds of the above land which was purchased in the year ending 31.3.1987. The loss on the sale of the plot was claimed at Rs. 5,000/- as the assessee had shown the cost at Rs. 35,000/-. In view thereof, the addition was deleted by the Commissioner of Income Tax (Appeals). We find no error in the order of the Commissioner of Income Tax (Appeals) and upholding the same, we dismiss ground No. 7. Addition made in the hands of the assessee on account of a hand written document found during the course of search which reflected that the assessee had sold property - HELD THAT:- Where the document was found from the possession of the assessee, the presumption is that the said document belongs to the assessee and the onus is upon the assessee to explain the nature of the document. In the instant case, the hand written document found from the possession of the assessee was claimed to be a dumb document as no proof of the property or date of the transaction was mentioned in said property - no evidence was found by the Department to establish its case of transfer of remittance of Rs. 10 lacs to London. In the absence of any corroborative evidence found to establish that the assessee as owner of any property, had sold the said property or his share in property for a sum no addition on the basis of such document, which clearly is a dumb document, could be made in the hands of the assessee. Upholding the order of Commissioner of Income Tax (Appeals), we dismiss the ground of appeal No. 8 raised by the revenue.
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