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2019 (10) TMI 149

..... been explained why the cash of ₹ 8 lakhs have been received. Further no evidence have been produced on record with respect to availability of ₹ 8 lakhs in cash with the buyer of the garage. Further cheque payment of ₹ 9 lakhs have been made in March, 2006 and September, 2006, but, the Agreement to Sell of the garage is Dated 15.04.2006 which has no co-relation with the payments for purchase of the Flat at Hyderabad. The assessee failed to prove the genuineness of the execution of the Agreement to Sell Dated 15.04.2006. The alleged purchaser has not filed any confirmation before the authorities below. Considering the totality of the facts and circumstances of the case and incriminating document found during the course of se .....

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..... ,45,776/- on 02.02.2011. Statutory notices were. In this case original return of income was filed by the assessee on 31.07.2007, declared total income of ₹ 11,46,740/- which was processed under section 143(1) of the Income Tax Act, 1961. 2.1. During the course of assessment proceedings, it was noticed that the assessee has purchased a flat in Hyderabad (Flat No.201, 2nd Floor, Regency Squire Apartment, 1-5-76, Street No.8/26 Habsiguda, Uppal Municipality and Mandal Hyderabad). The cost of acquisition or purchase value for the same has been declared/shown as ₹ 9,00,000/- by the assessee. The payment of ₹ 9,00,000/- has been claimed to have been made in the following manner : - (i) ₹ 4,00,000/- in A.Y. 2006-07. (ii) &# .....

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..... ₹ 8 lakhs to the buyer of the garage on the date of payment have been filed. The A.O, therefore, treated ₹ 8 lakhs as paid by assessee out of undisclosed sources and addition of the same was accordingly made. 3. The assessee challenged the addition before the Ld. CIT(A). The assessee reiterated the submissions before the Ld. CIT(A) and it was submitted that receipt of garage could not be located due to passage of time. The Ld. CIT(A), however, dismissed the appeal of assessee. His findings in para-4 of the impugned order are reproduced as under : 4. I have given my thoughtful consideration to the solitary ground of appeal, the submissions made by the appellant during appellate proceedings and the order passed u/s 143(3) r.w.s. .....

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..... of the ld. A.O. is confirmed. 4. Learned Counsel for the Assessee reiterated the submissions made before the authorities below and referred to receipt of Regency Squire Apartment for ₹ 17 lakhs and also filed copy of the agreement to sell Dated 15.04.2006 for sale of the garage for a sum of ₹ 8 lakhs. He has submitted that source of payment of ₹ 8 lakhs is explained. 5. On the other hand, Ld. D.R. relied upon the Orders of the authorities below. 6. We have considered the rival submissions and do not find any justification to interfere with the Orders of the authorities below. During the course of assessment proceedings, it was noticed that assessee has purchased a Flat in Hyderabad in Regency Squire Apartment. The cost of .....

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..... 04.2006 which has no co-relation with the payments for purchase of the Flat at Hyderabad. The assessee failed to prove the genuineness of the execution of the Agreement to Sell Dated 15.04.2006. The alleged purchaser has not filed any confirmation before the authorities below. Considering the totality of the facts and circumstances of the case and incriminating document found during the course of search to show that assessee has initially declared lesser value of the Flat, but, when seized document was found during the course of search which shows assessee has paid higher value of the flat. It, therefore, appears assessee has created a story of payment of ₹ 8 lakhs on receipt of ₹ 8 lakhs for sale of garage. The preponderance of .....

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