TMI Blog2013 (11) TMI 1770X X X X Extracts X X X X X X X X Extracts X X X X ..... subject, the ld. CIT(A) has erred in confirming addition of ₹ 7,00,000/- as unexplained investment. 4. Brief facts of the case are that AO during the assessment proceedings observed that during the course of search evidence of unexplained expenses incurred for construction/renovation of the house of assessee were found on page 1-56 of annexure B.S./1 which was seized from the house of the assessee. During the post search submission assessee admitted unexplained expenses to the tune of ₹ 7 lacs being incurred by him for construction/renovation of the house. He however claimed that source of the this unexplained expenses was out of the unaccounted income offered for taxation by his brother Sri Yasin I Shah and he requested to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs, 7 lacs is mentioned. The relevant paras are reproduced for the sake of clarity, as under:- Regarding B.R. 3/B-2 page no. 24 is tentative balance sheet of M/s Ajit Pharma Foil Prop. Yatin I Shah where in two names are reflected, I Navrangben Rs. Ten lacs and 2. Manish Rs. Two lacs which are not explained and therefore we declare the said amount of ₹ 12 lacs as income for the F. Y. 2005-06. Navrang Ben ₹ 1000000.00 Manish ₹ 2000000.00 Total ₹ 12000000.00 2. Regarding BR 3/B-2 page No. this contains details of cash transaction, net effect thereof amounts to ₹ 419500.00. The sum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Before us also reliance was placed on the same submission as was before Ld. CIT(A) and without adducing any evidence in support of this submission, therefore, we feel no need to interfere with the order passed by Ld. CIT(A) and the same is hereby upheld, relevant portion of which reads as under:- 2.2 1 have considered the basis of the addition made by the Assessing Officer and carefully perused and considered the submissions made by the Ld. AR and also by Shri Indravadan G Shah before the ADIT, Investigation, Valsad, through letter dt. 3-11-2009. From the plain reading of the facts and the contents of the various letters, it is an undisputed fact that the appellant has made unexplained and unaccounted investment during the F.Y. 2005-0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hri Ketan I Shah, the appellant, the benefit of telescoping against the undisclosed income cannot be allowed. The appellant or Shri Yatin I Shah or Shri Indravadan I Shah nowhere have claimed before the ADIT. [Investigation] or before the Assessing Officer or during the appellate proceedings that the loan amount was withdrawn from the books of M/s Ajit Pharma Foil and were utilized in construction / renovation of the house. Similarly, unaccounted income of Rs, 4,19,500 admitted and declared by Shri Yatin I Shah as income of M/s Ajit Pharma Foil on the basis of details of transactions contained on page No. 8 of annexure B-2 for F.Y 2006-07 relevant to A.Y. 2007-08 also cannot be accepted as utilized in construction / renovation of the hou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he facts and in circumstances of the case as well as on the subject, the learned CIT(A) has erred in confirming addition of ₹ 1,95,000/- as cash found from the Bank locker in the joint name of the appellant and his wife. 9. Brief facts of the case are that during assessment proceedings AO observed that cash of ₹ 1.95 lacs was found from the locker of assessee out of which ₹ 1 lac was seized. The assessee s explanation was that cash was belonging to his wife which was received by her on the death of his wife s mother. The AO however concluded that assessee did not discharge the onus of proving the source of cash and only filed a general reply and he therefore added the unaccounted cash of ₹ 1.95 lacs to the total ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of gift deed or WILL or any confirmation from her brothers. He has also not submitted the date of death of appellant's wife's mother. The Ld. AR or the appellant has also not filed any details whether Smt. Snehalben S Shah, mother of appellant's wife was even assessed to I.T. or W.T. and whether any Return of Income Tax or Wealth Tax was ever filed. No details of any bank account or cash balance with Snehalben S Shah was filed to substantiate the claim of cash received from the mother of appellant's wife. This cash was not utilized for the last 4-5 years, also cannot be accepted. The date of operation of bank locker was also not furnished. In the absence of any kind of corroborative evidence to prove that cash found from loc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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