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TMI Blog2012 (7) TMI 179X X X X Extracts X X X X X X X X Extracts X X X X ..... e day in filing the appeal. The assessee has filed a petition dt.8.7.2011 along with an affidavit of similar date seeking the condonation of one day delay in filing the appeal for Assessment Year 2006-07. The petition and Affidavit seeking condonation of delay for the delay have been carefully considered. In view of the reasons cited therein, we are of the view that, in the interest of equity and justice, the delay of one day in filing the appeal is to be condoned and the appeal be admitted for hearing and disposal. It is ordered accordingly. O R D E R 2. This appeal by the assessee is directed against the order of the Commissioner of Income Tax (Appeals)-I, Bangalore dt.9.3.2011 for the A.Y. 2006-07. 3. The facts of the case, in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... there any unexplained / unaccounted assets. 3. On the facts and circumstances of the case the addition of Rs. 36,664 and Rs. 4,77,120 as made by the Assessing Officer have no legs to stand in law and have to be deleted. 4. The appellant also denies liability to pay interest under section 234B of IT Act, 1961. The interest having been levied erroneously is to be deleted. 5. In view of the above and on other grounds to be adduced at the time of hearing it is requested that the additions of Rs. 36,664 and Rs. 4,77,120 be deleted and interest levied be also deleted." 5. In the course of hearing, the learned A.R. stated that the grounds of appeal regarding the addition of Rs.36,664 on account of non-existent liability / inflated liabi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... untarily by the donor without any consideration and accepted by the done. If the gifted property is immovable it has to be mandatory transferred through a registered deed. In case of movable property such must be delivered physically after completion of the necessary formalities of transfer of owner ship to the done. The Qualis as on 1.4.2005 is an immovable property and it requires the formality of certificate of transfer by the RTO concerned so that the ownership over the vehicle gets transferred to the done. Thus the legal formality of transfer of ownership remaining incomplete even today, the gift suffers from illegality and thus a null and void gift. Besides, secondly the original gift deed was not produced which also goes against the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed during the course of scrutiny y does not reflect the transactions properly. At the beginning of the year the opening balance should have shown the WDV of the Qualis. Subsequently when the Getz was purchased on 29.7.2005, it should have been shown as addition. Since the Qualis was allegedly gifted in December 2005, ;the same should have been reflected as an explanation and after the depreciation the WDV could have been shown properly as on31.3.2006. The improper accounting itself shows the straw in the beard of the thief. Whatever maybe the explanation, therefore the same cannot be held as satisfactory to give the relief in the absence of the specific mention of the newly purchased car Getz in the addition column of the depreciation chart ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.R. submitted that there was no unaccounted asset or unexplained investment in an asset. Alternatively the learned A.R. also contended that after the A.O. has himself acknowledged that the assessee had taken a bank loan of Rs.4,25,000 for purchase of the new Getz car, at least to that extent it cannot be held that the source for investment in the new car was unexplained. 6.4 The learned D.R. placed reliance on the orders of the Assessing Officer and the CIT(A). The learned D.R. however submitted that she did not have objection if the matter was remitted to the file of the A.O. for de novo consideration of this issue. 6.5 We have heard both parties and have perused and carefully considered the material on record. It is seen that the Asses ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oubted or questioned by the Assessing Officer or the learned CIT(A). Similarly, we find that there has been no detailed examination by the learned CIT(A) of the claim of the assessee that he has purchased a new Getz car or that his old Qualis car is not reflected in his asset statement as it has been gifted to his wife and is reflected in her assessment records which are with the very same A.O. as that of the assessee in the instant case. We find that the assessee's claims are just brushed aside and no cross verification has been carried out. In this view of the matter, we find that there appears to be no clarity either in the submissions made by the assessee or in the findings of the authorities below and therefore in the interest of justi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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