TMI Blog2014 (12) TMI 399X X X X Extracts X X X X X X X X Extracts X X X X ..... has not properly appreciated the facts, before the CIT(A), the source was explained, and it was accepted by the CIT(A) - Having accepted the source of funds, there cannot be any addition made in this year and even in the subsequent year, i.e. in the year of sale, the source of investment cannot be disputed - the CIT(A) is not justified in giving direction to the AO to consider the source of invest ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Pvt. Ltd. are referred to, to explain the issue in dispute. The assessee is engaged in agricultural and allied activity. This company is one of the group companies constituted by Shri B.Ramalinga Raju and his family members. During the course of scrutiny proceedings, the Assessing Officer called for the books of account of the assessee, wherein it was found that there were certain additions to th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nvoked S.69 of the Act, as in fact, credit in the bank account is self-explanatory to the fact that the payment was by way of fund transfer. The Assessing Officer, having accepted the Liability Side of the Balance Sheet, is not justified in isolating the Assets Side of the Balance Sheet, since source of investment is proved. 5. Having explained the factual matrix of the case, the learned CIT( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ein preferred appeals before the Appellate Tribunal contending inter alia that the assessees filed complete details of the expenses/investments alongwith supporting evidence, and thus the finding of the learned CIT(A) is not necessary for the disposal of appeals. 7. On the other hand, the Learned Departmental Representative submitted that the appeal filed by the assessees herein are academic in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of investment cannot be disputed. Therefore, the learned CIT(A) is not justified in giving direction to the Assessing Officer to consider the source of investment in the year of sale. In these circumstances, we set aside the directions of the learned CIT(A) and hold that it is not a fit case for making the addition under S.69 of the Act. 9. With these observations, the appeals filed by the asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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