9911796707
TMI Blog2025 (5) TMI 329X X X X Extracts X X X X X X X X Extracts X X X X ..... for hearing, neither anyone appeared on behalf of the assessee nor was any application seeking adjournment filed. Therefore, we proceed to decide the present appeal on the basis of the material available on record and after consideration of the submissions of the learned Departmental Representative ("learned DR"). 3. The first issue that arises for our consideration pertains to an addition of INR 25 lakhs received by the assessee is advanced for sale of immovable property. 4. The brief facts of the case pertaining to this issue, as emanating from the record, are: The assessee is an individual, and for the year under consideration filed his return of income on 31/03/2018, declaring a total income of INR 29,02,000 and agricultural income of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... y, however, it never authorised the assessee to accept the money and deposit in his personal account. The AO further held that the assessee has failed to furnish the name of the person who has advanced a sum of INR 25 lakh in cash to him to purchase the property owned by the company. The AO held that the assessee has furnished a confirmation from the person(s) written on a plain piece of paper dated 19/12/2018, however, the same is not reliable because of the fact that he has failed to establish the identity of such persons. Thus, the AO held that the assessee has completely failed to prove the source of the above cash deposits and barely made submissions, which are contrary to the facts and unsubstantiated by any evidence. Accordingly, the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by the lower authorities under section 69B of the Act as the assessee failed to substantiate the identity and creditworthiness of the persons from whom he has received the amount in cash. We find from the record that in order to substantiate the receipt of payment in cash purportedly for the sale of the immovable property belonging to the company in which the assessee is the Managing Director, the assessee furnished the confirmation from the purchasers. However, it is evident from the record that the lower authorities did not find the confirmation to be sufficient evidence to substantiate the claim of the assessee. As noted in the foregoing paragraphs, the learned CIT(A) enlisted the list of information/documents which could substantiate t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... m the sale of an undivided share of land. 8. The brief facts of the case pertaining to this issue, as emanating from the record, are: During the year under consideration, the assessee sold 41.47 acres of land in RSY No. 312/8 and 312/6 at Nedumassery village. The surplus out of the above sale transaction aggregating to INR 3,99,92,915 was claimed by the assessee as agricultural income and exempt. The AO, vide order passed under section 143(3) of the Act, disagreed with the claim of the assessee on the basis that the assessee's business is dealing in lands and he is also a builder. In this regard, the AO noted various transactions of purchase and sale of land and properties undertaken by the assessee from the assessment year 2001-02 to 2016 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing aside the impugned order and vacating the findings by the ld. CIT(A), remand the matter back to the AO for the purpose. The AO shall, after hearing the assessee in the matter, forward the coordinates of the said land, identified by survey numbers, as well as of the local limits of the Municipality as on 16.02.2015, to KSREC, which shall report thereto, based on which he shall decide the matter. The burden to provide the primary information is on the assessee, which though the AO has the right to verify, and be satisfied with. Where not, he shall, state his reasons for the same, i.e., for not agreeing with that advanced by the assessee, forward both the set of coordinates, along with reasons, to KSREC, seeking it's opinion in the matter, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
