2023 (3) TMI 266

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..... irming the addition of Rs. 25,00,000/- out of the total addition of Rs. 50,00,000/- made to the income of the appellant while no unaccounted cash was ever deposited by the appellant. The certified copy of the ledger account received from the company had been ignored altogether. The addition as confirmed by Commissioner of income Tax (appeal)-4, Kanpur in the hands of appellant is unjustified, unwarranted and bad in law. 2. That on the facts of the case and in law and under the circumstances, the Commissioner of Income Tax (appeal)-4, Kanpur erred in confirming the action of the assessing officer to make addition without applying judicious mind and making proper enquiries. 3. That on the facts of the case and in law and under the circu .....

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..... The ld. AR submitted that the order of the AO has been based on the alleged photocopy of the Memorandum of Understanding (MOU) found during the course of search despite the fact that it was not accepted and signed by one of the co-owners and the original MOU was never found and seized. The ld. AR further submitted that there is no adverse or positive material in the hands of the AO for making such baseless addition made on the footing of surmises and conjectures, therefore, the same may kindly be set aside and deleted. 3.1 The ld. AR also drew our attention to copies of the letter dated 12.07.2018 written by the assessee to the builder M/s Gul Properties Pvt. Ltd., stating that he does not want to purchase any property/flat from the compa .....

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..... h in the hands of the assessee. From the relevant part of the assessment order as well as the first appellate order, except copy of MoU, we are unable to see any other documentary evidence to show that the assessee along with her granddaughter Ms Vasudha Sharma invested Rs.50 lakh with the builder and only shown Rs.25 lakh banking transactions to the Department. For making addition u/s 69, it is the duty of the AO to establish by way of cogent and sustainable evidence that the assessee has invested his unaccounted money/income in purchase of property and, in the present case, the allegation of the AO based on copy of MoU cannot be held as sustainable and acceptable in absence of any other positive adverse material against the assessee estab .....

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