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2016 (3) TMI 47 - ITAT HYDERABAD

2016 (3) TMI 47 - ITAT HYDERABAD - TMI - Undisclosed Investment - ₹ 7 lakhs representing loan amount from Sundaram Home Finance as the source of investment in the purchase of land by the assessee; and ₹ 10,75,000 representing the amount invested by Shri Viswanath in the purchase of land jointly with the assessee - Held that:- We find that except for stating that ₹ 7 lakhs which has been advanced to the assessee’s wife by Sundaram Home Finance, the assessee has not filed any doc .....

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purpose of construction of house of Smt.Vasumathi and if it is found that the said amount has been withdrawn very much before the date of entering into the agreement of sale for purchase of land, then the same shall be accepted as proved source for investment in the land. However, as regards the investment made by Shri Viswanath, we find that Shri Viswanath has reflected in his bank statement, the advance paid for the purchase of the land through the assessee herein. Copies of the returns of in .....

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see for statistical purposes. - ITA No.23/Hyd/2015, ITA No.77/Hyd/2015 - Dated:- 22-1-2016 - SMT. P.MADHAVI DEVI, JUDICIAL MEMBER AND SHRI B.RAMAKOTAIAH, ACCOUNTANT MEMBER For The Assessee : Shri S.Rama Rao For The Department : Shri M.Sitaram DR ORDER Per P.Madhavi Devi, Judicial Member : These are cross appeals for the assessment year 2004-05, which are directed against the order of the Commissioner of Incometax( Appeals) Hyderabad dated 7.10.2014. 2. At the time of hearing, it is submitted by .....

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as per the CBDT Circular No.21/2015 dated 10th December, 2015, bearing F.No.279/Misc.142/2007-ITI(Pt), which is applicable even to the pending appeals, this appeal of the Revenue involving tax effect of less than ₹ 10 lakhs, is liable to be dismissed. We accordingly dismiss the same. 3. Coming to the assessee s appeal, assessee is aggrieved by the confirmation of two additions made by the Assessing Officer, viz. (i) ₹ 7 lakhs representing loan amount from Sundaram Home Finance as the .....

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3.2005 on the premises of the assessee. Consequent to the survey, assessee filed a revised return of income on 31.3.2005 admitting total income of ₹ 3,22,144 apart from agricultural income of ₹ 30,000. During the assessment proceedings under S.143(3) of the Act, assessee was required to file certain details. The assessee failed to furnish the relevant information called for. The Assessing Officer noticed that during the course of survey under S.133A of the Act, a statement was record .....

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on of ₹ 5 lakhs chit ₹ 3,50,000 Investment made by Viswanath Rs.10,75,000 On the basis of this statement, assessee was asked to produce/explain the details alongwith proof. The assessee, vide letter dated 29.12.2006, submitted the details of the sources of investment. However, for the following reasons, the assessee s submissions were not accepted by the Assessing Officer. (a) The loan taken from Sudnaram Finance was actually taken by assessee s wife and the assessee has failed to pr .....

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chit fund name, address and other details. (e) There is no evidence of post dated cheques issued for ₹ 10,87,000. Thus observing, Assessing Officer brought the entire investment in the purchase of land of ₹ 42,00,000 as unexplained investment and brought it to tax. 5. Aggrieved, assessee preferred an appeal before the CIT(A), and filed copies of (a) registered sale deed for the purchase of agricultural land; (b) mutual agreement between the assessee and the seller of land in support .....

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iming share of investment; and (g)assessee s revised returns and final accounts. The CIT(A) forwarded these documents to the Assessing Officer for a remand report. The Assessing Officer submitted the remand report to the CIT(A) on 18.2.2009, which was furnished to the assessee for his comments. The assessee furnished his reply and after considering the entire material on record, the CIT(A) did not accept the sum of ₹ 7 lakhs being the loan taken from Sundaram Home Finance and the investmen .....

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in favour of his wife. Thus, according to the assessee, assessee s wife had sufficient sources to complete the construction of the house and the assessee and his wife having combined resources, the amount advanced by Sundaram Home Finance has been utilised for the purchase of the land. As regards the investment made by Shri Viswanath also, the learned counsel for the assessee has drawn our attention to the income tax returns of Shri Viwanath and the Balance Sheets for the relevant years, wherei .....

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dditions in question are to be sustained. 8. Having regard to the rival contentions and the material on record, we find that except for stating that ₹ 7 lakhs which has been advanced to the assessee s wife by Sundaram Home Finance, the assessee has not filed any document before us to demonstrate that these funds were withdrawn for payment of the same to the vendor before the date of agreement. The assessee has not filed copy of the bank statement of the assessee s wife to prove this fact. .....

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