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TMI Blog2013 (4) TMI 346X X X X Extracts X X X X X X X X Extracts X X X X ..... sment and even at the remand stage. 2. On the facts and in the circumstances of the case, whether LdCIT(A) was correct in deleting the addition made u/s 69 of the I.T.Act for Rs.9,84,500/- though the assessee could not file supporting evidences at the time of assessment and even at the remand stage. 3. On the facts and in the circumstances of the case, whether Ld.CIT(A) was correct in deleting the addition made u/s 69 of the I.T.Act for Rs.5,21,577/- though the assessee could not file supporting evidences at the time of assessment and even at the remand stage." 3. Ground No.1 is relating to deletion of addition of Rs.4,65,000/- made by the AO u/s 68 of the IT Act. The facts relating to this ground are that the assessee has received share ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the IT Act. The amount held to be added in the year in which the amount is credited in the books of accounts of the assessee where the assessee has offered an explanation about the nature of the concern of the amount or explanation offered by the assessee before the AO is not satisfactory. Since the amount was not credited in the books of accounts during the year, therefore, in our opinion, the ld. CIT(A) has rightly deleted the addition. 5. Ground no.2 relates to the deletion of addition of Rs.9,84,500/- u/s 69 of the Act. We noted the AO made this addition. When the matter went before the ld. CIT(A)_ the ld. CIT(A) deleted the addition by observing as under :- "5.2. I have considered the submissions of the A./R and also perused the mat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... placed on page- 6 of the paper book, it is seen that the balance of Rs.21,33,399/- as "Advance for Flats" stood as such in the accounts of those years. Therefore, I find substantial force in the arguments of the A/R, which is backed by evidence referred to above that it was from this previous balance that the repayment of Rs.9,84,500/- was made during the eyar under appeal. Further, it is found that out of the outgoing of Rs.9,84,500/- the sum of Rs.5 lacs was on account of the transfer to 'Share Application" account which has already been dealt with above while disposing of ground NO.1 of the appeal. The break- up of current liabilities in respect of "Advance for Flats" as per ledger acocutns on record is as under :- Balacne as on 01-04- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s not a case where the provision of section 69 will be applicable. We accordingly confirm the order of the ld. CIT(A) and delete the addition of Rs.9,84,500/-. 7. In the result ground no.2 taken by the revenue stand dismissed. 8. Ground No.3 relates to the addition of Rs.5,21,577/-. The AO noted that the assessee has shown advance for construction of the flat at Rs.2,93,000/- and similarly a sum of Rs.2,28,577/- was shown by the assessee as receivable in cash. The AO asked for an explanation. In the absence of any explanation being offered the AO added a sum of Rs.5,21,577/-. Before the CIT(A) the assessee submitted the details of Rs.2,93,000/- and Rs.2,28,577/- which are as under along with the cop of the ledger account of respective par ..... X X X X Extracts X X X X X X X X Extracts X X X X
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