TMI Blog2019 (2) TMI 2024X X X X Extracts X X X X X X X X Extracts X X X X ..... e are of the considered view that the addition made by theLd.AO is erroneous and warranted. From the facts of the case it also appears that the Ld.CIT(A) has also not considered the issue in the correct prospective. Therefore we hereby direct the Ld.AO to delete the addition made in the hands of the assessee by invoking the provision of Section 68 of the Act because the assessee has not actually introduced cash in his books of accounts during the relevant assessment year but it relates to all the assets owned by the assessee explained hereinabove. Appeal of assessee allowed. - ITA. No. 3166/Chny/ 2018 - - - Dated:- 12-2-2019 - SHRI A.MOHAN ALANKAMONY, ACCOUNTANT MEMBER AND SHRI DUVVURU RL REDDY, JUDICIAL MEMBER Appellant by : Shri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rongly passed such entries in the books of accounts. It was further explained that assessee had brought in to his books of accounts his family jewelry, property received out of family settlement, vacant land purchased in Sri Ram Nagar and the land building in Sri Ram Nagar which were all assets not acquired during the relevant assessment year. However rejecting the submission of the Ld.AR, the Ld.AO made addition of Rs.16,60,000/- in the hands of the assessee invoking the provisions of Section 68 of the Act. On appeal the Ld.CIT(A) also confirmed the order of the Ld.AO by agreeing with his view. 5. Before us the Ld.AR vividly explained the mistakes committed by the accountant while writing the books of accounts of the assessee. The Ld. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ear 2012-13 the Ld.CIT(A) in ITA No.87/CIT(A)-5/2016-17 vide order dated 20.11.2017 (PB page No.39 to 60), had confirmed the addition of Rs.3,26,280/- with respect to purchase of vacant land in Sri Ram Nagar Plot No.53 because the land was purchased during that assessment year, though the assessee has recorded the same in his books of accounts for the assessment year 2008-09. The Ld.AR further stated that the assessee has not filed any appeal with respect to the addition made for Rs.3,26,280/-. On perusing the documents produced before us we find merit in the submission of the Ld.AR. in this situation addition of Rs.3,26,280/- once again in the assessment year 2008-09 would amount to double addition. Further considering the financial status ..... X X X X Extracts X X X X X X X X Extracts X X X X
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