TMI Blog2013 (5) TMI 104X X X X Extracts X X X X X X X X Extracts X X X X ..... 8-2-2013 - Shri Mukul Kumar Shrawat And Shri Anil Chaturvedi,JJ. Shri D. K. Singh, Sr. D. R. Shri S. N. Divetia, A. R. ORDER Per : Anil Chaturvedi, Accountant Member This is assessee's appeal against the order of ld. CIT(A)-XVI, Ahmedabad dated 27th July, 2011. 2. The facts, as culled out from the order of the assessment are as under:- The assessee is a proprietor of B.V. Enterprise and engaged in the business of trading in electrical motor. Assessee filed its return of income on 20.09.2008 declaring total income of Rs.2,82,520/-. The case was selected for scrutiny and thereafter the assessment was framed u/s 143(3) vide order dated 16.12.2010 and the total income was determined at Rs.11,82,520/-. Aggrieved by the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of Rs.9,00,000/- in fixed asset in land. The assessee had not furnished the documents of land purchased even on request of the Assessing Officer. Even on specific show cause notice, the assessee had not disclosed the name and address of the person to whom the cash payment was made. No identity of the seller of land was disclosed. No any confirmation was furnished as called for. The Assessing Officer had considered the cash payment as undisclosed investment and made the addition of Rs.9,00,000/- u/s 69 of the Act. The application of provisions of sec.69 by the Assessing Officer is not acceptable. In this respect, I agree with the contention of the Ld. counsel that the provisions of sec.69 can be invoked only when the investment is not ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent year as well as previous year. He further submitted that provision of Section 69 can be invoked only when investment has not accounted for in the books and the source of investment is unexplained. In the case of assessee since the investment made during the year is duly accounted for in the books and is also reflected in the audited balance sheet, the conclusion of the A.O. that the source of investment being unexplained is not in accordance with the provisions of Section 69 of theAct. He thus submitted that the addition made by the A.O. be deleted. 6. Ld. D.R., on the other hand, submitted that assessee did not furnish the required information called for by the A.O., therefore, the A.O. had no other option but to make an addition. He ..... X X X X Extracts X X X X X X X X Extracts X X X X
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