TMI Blog2023 (1) TMI 626X X X X Extracts X X X X X X X X Extracts X X X X ..... rovisions of law. Considering the facts of the case in totality, addition of Rs. 68 lakhs is not sustainable in the hands of the assessee and the Assessing Officer is directed to delete the same. - Decided in favour of assessee. - ITA No. 1424/DEL/2022 - - - Dated:- 13-1-2023 - SHRI N. K. BILLAIYA , ACCOUNTANT MEMBER AND SHRI ANUBHAV SHARMA , JUDICIAL MEMBER For the Assessee : Shri V.K. Bindal, CA Ms. Rinky Sharma , ITP For the Department : Shri H. K. Choudhary , CIT - DR ORDER PER N. K. BILLAIYA , ACCOUNTANT MEMBER : - This appeal by the assessee is preferred against the order of the ld. CIT(A) 30, New Delhi dated 19.05.2022 pertaining to Assessment Year 2012-13. 2. The grievances of the assessee read as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CIT(A) erred in law and on facts in confirming an addition of Rs 68,00,000/- u/s 69 of the Act ignoring that the assessee being an individual was not required to maintain any books of account under the law and therefore, was not under legal compulsion to record any said transaction by maintaining any books of account. Thus, the addition made on an illegal presumption must be deleted. 6. The learned CIT(A) erred in law and on facts in confirming the addition of Rs 68,00,000/- for investment made in cash to acquire a residential flat for Rs 98,00,000/- during the relevant period though the sources of the said investment in cash on sale of the bullion and receipt of the same were duly explained with supporting affidavits but ignored i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as the Act ) was carried out on 14.10 2020 in the case of Shri Manoj Kumar Singh, his associates and various transacting parties. 4. During the course of search proceedings it was established that Shri Manoj Kumar Singh entered into unaccounted cash transactions with the various persons/entities. The premises/locker of the assessee was also covered during the search operations. Accordingly, notice u/s 153A of the Act was issued and served upon the assessee, in response to which, the assessee e-filed her return of income on 23.02.2022 at an income of Rs 2,42,070/- 5. Returned income consisted of income from house property, capital gains and income from other sources. During the course of search proceedings at the residence of the hus ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... h that she was not aware of the transaction and her husband has paid the money and when the husband was confronted with this, he accepted that he has paid the money, the assessee has successfully discharged the source of investment and, therefore, any action need to be taken should be taken in the hands of the husband of the assessee and not the assessee. 12 Per contra, the ld. DR strongly supported the findings of the Assessing Officer and vehemently stated that if that be so, then why the assessee tried to explain the source of investment as proceeds from sale of gold ornaments. It is the say of the ld. DR that the assessee has grossly failed in discharging the initial burden cast upon her to explain the source of investment. 13 We ..... X X X X Extracts X X X X X X X X Extracts X X X X
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