TMI Blog2023 (3) TMI 266X X X X Extracts X X X X X X X X Extracts X X X X ..... rchase 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 establishing the factum of investment of Rs.50 lakh including alleged unaccounted investment of Rs.25 lakh in purchase of property. Assessee has successfully demonstrated that he only invested Rs.25 lakh with the builder M/s Gul Properties Pvt. Ltd. through banking channel and by way of a letter dated 12.07.2018 he requested the builder to refund the entire amount cancelling the booking. From the letter of the builder dated 21.08.2018 , it is also clear that the builder has refunded the amount by issuing two cheques through banking ch ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... warranted 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 circumstances, the Commissioner of Income Tax (Appeal) failed to appreciate the documentary evidence available on record in fair and judicious manner thereby went wrong to confirm the addition of Rs. 25,00,000/- to the income of the appellant and the same is unjustified, unwarranted and bad in the eyes of law. 4. That the appellant craves, leave to modify/amend or add any one or more grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 company and requested to refund the amount of Rs.25 lakh out of which Rs.12 lakh in his own name and Rs.13 lakh in the name of Vasudha Sharma. He also drew our attention to letter of the builder M/s Gul Properties Pvt. Ltd. dated 21st August, 2018 wherein the builder has accepted the request letter of the assessee and refunded an amount of Rs.25 lakh in the form of two cheques: one of R ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tion 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 establishing the factum of investment of Rs.50 lakh including alleged unaccounted investment of Rs.25 lakh in purchase of property. 5.1 Per contra, the assessee has successfully demonstrated that he only invested Rs.25 lakh with the builder M/s Gul Properties Pvt. Ltd. through banking channel and by way of a letter dated 12.07.2018 he requested the builder to refund the entire am ..... X X X X Extracts X X X X X X X X Extracts X X X X
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