TMI Blog2023 (11) TMI 116X X X X Extracts X X X X X X X X Extracts X X X X ..... d concluded that no part of investment in the properties was sourced out any cash loan, but in fact it was the latters undisclosed income that was so utilized for sourcing the same, then, it is beyond comprehension that after having rejected the aforesaid explanation of the assessee how the department could have adopted a view to the contrary and saddled the assessee with penalty u/s 271D. Once the source of money invested by the assessee has been given the color as that of unexplained income and accordingly brought to tax by the AO, thereafter the department could not have taken a contrary view and held that part of the said investment was sourced out of a cash loan raised by the assessee. Decided in favour of assessee. - Shri Ravis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ice u/s 148 of the Act dated 31.03.2019 was issued to the assessee. In compliance, the assessee e-filed his return of income for AY 2012-13 on 16.04.2019 declaring an income of Rs. 1,56,000/-. 3. During the course of the assessment proceedings, the assessee on being queried about the source of his investment towards purchase of the aforesaid properties, submitted that the same was out of his personal savings and a cash loan of Rs. 1.60 lac that was raised by him from his relative, viz. Shri Subhas Mohite. As the assessee failed to substantiate his aforesaid claim, the A.O vide his order passed u/ss. 143(3)/147 of the Act dated 08.12.2019 held the entire investment of Rs. 3,32,100/- as having been sourced out of the assessee s undisclosed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... uated at Haroda was, inter alia, sourced out of the cash loan of Rs. 1,60,000/- that was raised by him from his relative viz. Shri Subhash Mohite and had held the same as his undisclosed investment. In our considered view once the A.O had rejected the claim of the assessee that the investment of Rs. 3,32,100/- made by him towards purchase of two properties situated at Haroda was, inter alia, sourced out of the cash loan of Rs. 1,60,000/- that was raised by him from Shri Subhash Mohite (supra) and had held the same as his unexplained investment, then there was no justification for the department to infer that the assessee had raised any such cash loan from the aforementioned person. Once the AO had concluded that no part of investment in the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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