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2016 (7) TMI 828 - AT - Income TaxAddition on unexplained money received by the appellant u/s 69A - Held that:- When the sale deed was executed in the present year, it is not acceptable that the balance amount was received by the assessee in the assessment year 2006-07, particularly when no cogent evidence in respect of his claim was produced before us or before any of the authorities below. Therefore, we hold that the amount of ₹ 34,37,500/- should also be taxed in the present year in addition to the addition upheld by the ld.CIT(A) of ₹ 8.75 Lakhs. In this manner, we uphold an addition of ₹ 43,12,500/- out of the addition made by the AO of ₹ 77.50 Lakhs. The remaining amount of ₹ 34,37,500/- is already offered to tax by the assessee in the present year. Therefore, to this extent, no further addition can be made and hence, this much addition is being deleted out of the total addition made by the AO of ₹ 77.50 Lakhs and partly deleted by the ld. CIT(A). We would also like to observe that if the assessee has disclosed income in the assessment year 2006-07 of ₹ 34,37,500/- which is being taxed in the present year and if the assessee can establish that both are same, then such income should not be taxed in the assessment year 2006-07 and if the tax has been paid by the assessee in that year, credit for the same be allowed in the present year against the addition being upheld by us of ₹ 34,37,500/- from the date of payment of tax for the assessment year 2006-07. - Decided partly in favour of revenue
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