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TMI Blog2018 (3) TMI 732X X X X Extracts X X X X X X X X Extracts X X X X ..... tment in the statement Rs. 19,73,310 3. Aggrieved by the assessment, the assessee preferred an appeal before the first appellate authority. The CIT(A) partly allowed the appeal of the assessee. The additions sustained by the CIT(A) are as follow:- (i) Unexplained amount on Google charges Rs. 8,36,430 (ii) Unexplained investment in SBT Rs. 15,10,000 (iii) Unexplained investment in the statement Rs. 13,79,710 4. Aggrieved by the order of the CIT(A), the assessee has filed the present appeal before the Tribunal. The learned AR has filed paper book comprising of 49 pages inter alia enclosing copy of cash book, ledger account of the assessee in the books of account of M/s.HMGT (India) Tours and Travels Private Limited, copy of the confirmation of advance of loan, copy of credit card statement, confirmation letter from Sri Joe Joseph Anthraper, copy of ledger account in the name of Google charges in the books of account of HMGT (India) Tours and Travels Pvt. Ltd. etc. The learned Counsel reiterated the submissions made before the Income-tax authorities. 5. The learned Departmental Representative, on the other hand, supported the order of the Assessing Officer and the CIT(A). ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he sources of income and the monies put into deposit has not been explained even during the course of appeal proceedings. But the total cash deposit reflected in the credit card statement is Rs. 14,47,232/- and, after considering that an amount of Rs. 6,10,802/- has been reimbursed by the company, the balance sum of Rs. 8,36,430/- is treated as unexplained investments. Accordingly, addition to the extent of Rs. 8,36,430/- is upheld." 6.3 We have heard the rival submissions and perused the material on record. The assessee is a Director of M/s.HMGT (India) Tours and Travels Private Limited. The assessee had used his credit card for making payments on behalf of the private limited company. The expenses incurred by the assessee by using his credit card on behalf of the company, was reimbursed by the private limited company. The Assessing Officer reduced the reimbursement made by the private limited company from the total credit expenditure incurred by the assessee and the difference was considered as unexplained investment. The CIT(A) examined the cash deposits and after considering the reimbursement received by the assessee from the company, the balance was treated as unexplained in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut of total credit of Rs. 17,20,000/- appearing in the Kadavanthra branch of SBT, and added a sum of Rs. 15,10,000/- as unexplained investment of the assessee. Accordingly, the addition made by the assessing officer is upheld and appeal on this ground is dismissed." 7.3 We have heard the rival submissions and perused the material on record. It was submitted before the Tribunal, that out of total addition of Rs. 15,10,000, credit of Rs. 13,00,000 should be granted. It was stated that the assessee had purchased a property from Sri Joe Joseph Anthraper and Smt.Bindu Joe Anthraper. It was stated that the assessee had made cheque payment to them for a sum of Rs. 13,00,000 from his bank account with ICICI Bank on 23.02.2010. Since an equal amount was paid by IDBI Bank from where the assessee had availed a loan, the excess amount of Rs. 13 lakh was paid back to the assessee and same was credited in SBT on the very next day, i.e., on 24.02.2010. The assessee has furnished the bank statement of ICICI Bank from where the amounts were paid to the seller of the property, viz. Sri Joe Joseph Anthraper. The assessee's bank account with SBT was also produced where the credit of Rs. 13 lakh is s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ith regard to Rs. 13,00,000, as mentioned earlier, the issue is restored to the Assessing Officer to consider whether the claim of the assessee is genuine or not. It is ordered accordingly. Hence ground No.3 is partly allowed for statistical purposes. Unexplained investment of Rs. 19,73,310 8.1 The Assessing Officer had made an addition of Rs. 19,73,310 by observing as under:- "In the sworn statement the assessee explained that to the major credits seen in ICICI Bank Ltd. loan for Rs. 15 lakhs received from his father, sale of motor cars to the tune of Rs. 7,63,600/- and funds to the tune of Rs. 21,10,000/- said to have been being advance from HMGT India Tours & Travels Pvt. Ltd. have not been explained with supporting proof for credit into the ICICI Bank of the said amounts except Rs. 15,00,000/- given as loan by his father. The assessee is also failed to produce evidences for receipt of 763,600/- by sale of cars. However, out of rS.490,39,073/- being total credits in the account, after allowing reduction of all expenses mentioned in working total at 'C', Rs. 29,65,763/- (salary for Rs. 5,55,000 + Boinus for Rs. 70,000 + loan from father Rs. 15,00,000 + and documentation & ot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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