TMI Blog2021 (2) TMI 652X X X X Extracts X X X X X X X X Extracts X X X X ..... report(s) - no justification in Revenue's endeavour that the impugned addition of the credits received in F.Y. 2006-07 i.e., A.Y. 2007-08 are liable to be added in this A.Y. 2008-09. The necessary corollary that flows therefore is that the assessee's credits in A.Y. 2007-08 only formed source of the land transactions/investments executed in F.Y. 2007-08 i.e., A.Y. 2008-09 in issue before us. We thus find no reason to accept the Revenue's sole grievance raised in the instant case. - I.T.A. No. 131/HYD/2019 - - - Dated:- 12-1-2021 - S. S. Godara , Member ( J ) And Laxmi Prasad Sahu , Member ( A ) For the Appellant : Y.V.S.T. Sai, CIT-DR For the Respondents : K.C. Devdas, AR ORDER This Revenue's appeal fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer made the addition on the grounds that the assets from these advances were acquired by Shri I. Mallapa Raju, i.e., the assessee, in his name. The Assessing Officer further observed that the assessee had filed a NIL return, and stating that the said advances purported to be taken by him were not commensurate with the returned income, the Assessing Officer went on to treat the entire amount of ₹ 7,57,98,800/- as income in the hands of the assessee. Thus, it is seen that there is no dispute on the fact that the amounts in question were advanced to the assessee by Shri B. Suryanarayana Raju, and this fact is not disputed by the Assessing Officer also. The A.O. has simply made the addition on the ground that the investments are made b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 01/11/2006 -do- 3,74,96,000 01/11/2006 -do- 42,18,300 7,57,98,800 Here B.S. Raju indicates B. Suryanarayana Raju vi) The above amount has flown into the investment in immovable properties at Nagpur, by Sri I. Mallappa Raju. The source was as explained above was from Sri B. Suryanarayana Raju. vii) Kind reference of the bank account of Sri B. Suryanarayana Raju with Axis Bank reveals the following debits in his account pertaining to the transfer of the amounts to the bank account of Sri Mallapa Raju with Axis Bank. Date of Debit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the Assessing Officer has simply brushed aside the same by stating that the acceptability of bank statements without due Audit/reflection of same in statement of affairs and its genuineness as accounted transactions stands unreconcilable on merits. The statements provided are related to Axis Bank and the bank account mentioned in the return of income is noticed as HDFC bank in the case of Sri B. Suryanarayana Raju . In this regard, it has been explained by the appellant's AR during remand proceedings before the Assessing Officer, and again during appellate proceedings before the undersigned, that the bank statement of Shri B. Suryanarayana Raju with Axis bank was filed to explain the transactions in question, whereas the bank account ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the appellant's AR that the investment in question was actually made in the AY 2007-08, and on this ground also, no addition could have been made in the AY 2008-09. It can be seen from the remand report reproduced above in Para 6.7 above that the Assessing Officer has rejected this contention on the grounds that the assessee's contention on this analogy is apparently not reconcilable and same is not acceptable not to treat as unexplained investment of assessee of AY 2008-09 as it is appearing as opening asset in AY 2008-09 without being reflected in earlier year books. Further the assessee could not bring out this clear fact to treat the same as investment of AY 2007-08 during the pendency of assessment proceedings . This state ..... X X X X Extracts X X X X X X X X Extracts X X X X
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