TMI Blog2015 (6) TMI 53X X X X Extracts X X X X X X X X Extracts X X X X ..... at on 18.11.2001 i.e. during the course of assessment proceedings for the assessment year 2006-07, assessee had claimed to have inherited 185 gms. of jewellery only from his father but now the assessee is claiming to have actually inherited 1198.77 gms. from his father. The assessee has not been able to rebut the above observation of the authorities below by furnishing any proof regarding inheritance of 1198.77 gms. of jewellery from his father. In absence of such rebuttal by the assessee and keeping in view the totality of facts and circumstances as well as preponderance of the probabilities, we are of the view that the Learned CIT(Appeals) has rightly upheld the addition - Decided against assesse. Addition received by way of sale of plot under sec. 68 - Held that:- there is prevailing practice of transfer of such plot allotted by some government authorities/department for some specific purpose without getting it registered in the name of purchaser from the original allottee on the record of such authorities/department but at the same time some agreement is entered into between the seller and purchaser for such transaction. In absence of such evidence, we are of the view that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ddition of ₹ 2,10,000 received by way of sale of plot at 297-Loha Mandi under sec. 68 of the Act( Ground No. 5); (iv) addition of ₹ 2,85,000 on account of advance given to Shourya Developers for purchasing of plots (Ground No.6) ; (v) disallowance of ₹ 22,500 (30% of ₹ 75,000) on account of expenditure claimed under the provisions of income house property and further the taxing the rental income from plot under the head income from other sources( Ground No.7); (vi) disallowance of ₹ 47,037 on account of car insurance( Ground No. 8); (vii) disallowance of ₹ 37,550 (10% of ₹ 3,75,498) on account of personal user of car( Ground No.9); (ix) charging of interest under sec. 234B and 234C of the Act( Ground No.12). 2. Heard and considered the arguments advanced by the parties in view of orders of the authorities below, material available on record and the decisions relied upon. 3. Grievance No.3: The assessee deals in purchase and sale of M.S. sheets and M.S. Structure . During the year, the assessee has purchased M.S. Sheets etc. from its sister concern M/s. Hari Steels. The Assessing Officer denied the claim on the basis that the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee in view of the above cited decision of the Hon'ble Supreme Court. The ground No.3 is thus allowed for statistical purposes. 6. The Assessing Officer made addition of ₹ 9,97,429 on account of proceeds by sale of jewellery. The Learned CIT(Appeals) has upheld the same. 7. In support of the ground, the Learned AR submitted that all the details of jewellery were given to the Assessing Officer and the impugned addition has been made by recording incorrect facts and findings without giving adequate opportunity of hearing to the assessee and without considering the submissions/evidences of the assessee. He submitted that the assessee had sold jewelry weighing 1249.55 gms. out of which jewellery of 1198.77 gms. was inherited by the assessee from his father and balance 96 gms. was purchased by the assessee from time to time. The source of the same and evidence regarding the sale was submitted before the Assessing Officer. The Learned AR referred page Nos. 47 to 61 of the paper book which are copies of the bills dated 26.3.1995 showing the purchase of jewellery by the father of the assessee; bills showing the sale of jewellery by the assessee; statement of Mr. Prince ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m his father. The assessee has not been able to rebut the above observation of the authorities below by furnishing any proof regarding inheritance of 1198.77 gms. of jewellery from his father. In absence of such rebuttal by the assessee and keeping in view the totality of facts and circumstances as well as preponderance of the probabilities, we are of the view that the Learned CIT(Appeals) has rightly upheld the addition. Ground No. (iv) is accordingly rejected. Ground No.5 10. The Assessing Officer made addition of ₹ 2,10,000 claimed to have been received by way of sale of plot No. 297, Loha Mandi, under sec. 68 of the Act. The same has been upheld by the Learned CIT(Appeals). 10.1 In support of the ground, the Learned AR submitted that the assessee had purchased the above said plot for ₹ 1,80,000 on 18.1.2005 from one Shri Raj Kumar Kakkar and without getting it registered resold it to one Shri Rikki Jain for ₹ 2,10,000. He submitted that payment from Shri Rikki Jain was received by account payee cheque. Since the plot was not registered even in the name of Mr. Raj Kumar Kakkar and was allotted in the name of Mr. Bishan Dayal by the UPSIDC, which throug ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee from various accounts; bank statement of the assessee to show the receipt of the very amounts. The Learned AR submitted that the bank statement of the assessee made available at page Nos. 83 and 84 is showing that ₹ 34,000 ₹ 40,000 and ₹ 1,85,000 were credited in the bank account in the assessment year 2008-09 and hence could not be added in the assessment year 2007-08. He submitted further that PAN of Mr. Prem Prakash was also furnished along with his confirmation. 15. The Learned DR on the other hand tried to justify the orders of the authorities below in this regard. 16. Having gone through the orders of the authorities below, we find that the genuineness of claimed refund of advance money for purchase of land from Shorya Developers has been denied on the basis that the assessee did not furnish any evidence with regard to the credit entries amounting to ₹ 2,85,000. The Assessing Officer has denied the claimed refund without examining the veracity of the documents filed by the assessee before it as discussed above. We, thus in the interest of justice, set aside the matter back to the file of the Assessing Officer to examine the correctness ..... X X X X Extracts X X X X X X X X Extracts X X X X
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