TMI Blog2020 (4) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... material on record to show that the addition is justified on the basis of fair market value of the land.- no material to even indicate that the true value of land commanded a figure higher than what is reported by the assessee. - Additions deleted. Addition being cash deposited in bank account of the lender - HELD THAT:- From perusal of records, we find that the assessee has conclusively proved that the assessee took loan from Mr. Rahul Kalsi, the loan creditor, for the purpose of purchasing the aforesaid piece of land and has explained the source of funds for purchase of the aforesaid piece of land, the loan creditor has also submitted Loan Confirmation Certificate, which is part of record. From the perusal of record we find that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... land to the assessee. 2. In sustaining addition of ₹ 4,08,000/- being cash deposited in the bank account of lender, out of total of ₹ 12,93,200/- borrowed by assessee through bank transaction. 3. In sustaining the addition of ₹ 3,24,000/- on account of low drawings without any substantial evidence in hands. Assessee craves leave of this Hon ble Tribunal to add or amend the aforesaid grounds at the time of hearing or before disposal of appeal. (B) Original return was filed on 01/08/2007 declaring income of ₹ 2,13,240/-. Proceedings U/s 147 read with section 148 of Income Tax Act, 1961 ( I.T. Act , for short) were initiated by the Assessing Officer ( AO , for short), by issue of notice dated 07/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o household expenses. (B.1) Aggrieved by the above stated additions, the Assessee filed an appeal before the Learned Commissioner of Income Tax (Appeals)-18, New Delhi. Vide the aforesaid impugned appellate order dated 16.08.2016 of the Ld. CIT(A); assessee was allowed partial relief. However, out of total of ₹ 65,67,000/- and addition of ₹ 7,00,000/-; an addition of ₹ 4,08,000/- out of the aforesaid addition of ₹ 12,93,200/-; and the entire aforesaid additions of ₹ 3,24,000/- were sustained by the Ld. CIT(A). Still aggrieved, the assessee has filed this present appeal. (C) In the course of appellate proceedings in Income Tax Appellate Tribunal ( ITAT , for short), the following particulars i.e, Paper Bo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... July 2017. 4. Order in the case of M/s Kamakshi Hospitality Pvt. Ltd. Versus the Dcit Central Circle-1, Jaipur ITA No. 481/JP/2016 2018. 5. Order in the case of Sheth Akshay Pushpavadan Versus Dcit ITA No. 3178/AHD/2009; 2010 ITAT, Ahemdabad. 6. Order in the case of CIT v. Lovely Exports (P) Ltd [2008] 216 CTR 195 (SC) 7. Order in the case of CIT v. Gagandeep Infrastructure (P) Ltd (2017) 394 ITR 680 (Bombay HC) 8. Order in the case of CIT v. Orchid Industries (P) Ltd (2017) 397 ITR 136 (Bombay HC) 9. Order in the case of PCIT v. Apeak Info Tech (2017) 397 ITR 148 (Bombay HC) 10. Order in the case of Cit Vs. Diamond Products Limited (2009) (Delhi) ITA No. 1004/2008 Contents of Synopsis ( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have heard both sides patiently. We have perused the materials available on records. We have referred to the judicial precedents mentioned in our records and also the judicial precedents towards which our attention has been drawn in the course of appellate proceedings in ITAT. (E.1) As far as the First Ground of appeal is concerned. We find that the Ld. CIT(A) has sustained the addition of ₹ 7,00,000/- as an unexplained investment in purchase of land on account of on-money payment. However, both the lower authorities namely, the Ld. CIT(A) as well as the AO have failed to bring anything on record to prove conclusively, that the allegation of payment of on-money is in consonance with circle rate or with valuation of the land by Sta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the loan creditor has submitted Loan Confirmation Certificate, which was filed by the Assessee before the AO during the assessment proceedings. The relevant portion of the Loan Confirmation Certificate of Mr. Rahul Kalsi is reproduced as under: LOAN CONFIRMATION CERTIFICATE I, Rahul Kalsi, S/o Ravi Kalsi, resident of 117, Arjun Marg, DLF Phase-1, Gurgaon, Haryana- 122002, has given loan to the tune of ₹ 12,93,200/- during the month of April, 2006 to Sh. Vijay Mohan Gupta, S/o B.M. Gupta, resident of E-211, Lajpat Nagar-1, New Delhi-24. The same loan has been given from my HDFC Account No. 0921000026260, by making direct payment to seller from whom Sh. Vijay Mohan Gupta has purchased agricultural land. The same payment has b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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