SANDHYA RANI DAS,PURBA MEDINIPUR vs. ACIT, CIRCLE - 27, HALDIA, PURBA MEDINIPUR

The assessee in the present case is an individual who is engaged in the business of trading and contracting. The return of income for the year under consideration was filed by her on 31.03.2011 declaring a total income of Rs. 4,48,580/-. As noted by the A.O., share application money of Rs. 20,90,000/- was paid by the assessee to M/s. M.S. Projects Pvt. Ltd. during the year under consideration. The source of the same was explained by the assessee as sale proceeds of Sandhya Rani Das gold ornaments amounting to Rs. 8,98,809/- and two gifts received from her mother and daughter aggregating to Rs. 11,00,000/-. The said source explained by the assessee, however, was not accepted by the A.O. and addition of Rs. 19,98,809/- was made by him to the total income of the assessee in the assessment completed under section 143(3) vide an order dated 28.03.2013.

Against the order passed by the A.O. under section 143(3), an appeal was preferred by the assessee before the Ld. CIT(A) and after considering the submissions made by the assessee as well as the material available on record, the Ld. CIT(A) found no merit in the case of the assessee on this issue and confirmed the addition of Rs. 19,98,809/- made by the A.O. Aggrieved by the order of the Ld. CIT(A), the assessee has preferred this appeal before the Tribunal.

I have heard the arguments of both the sides and also perused the relevant material available on record. As submitted by the learned representatives of both the sides, the solitary issue involved in this appeal of the assessee relating to the addition made on account of unexplained investment made in the shares of M/s. M.S. Projects Pvt. Ltd. is interlinked with the issue of addition made under section 68 in the case of M/s. M.S. Projects Pvt. Ltd. on account of unexplained share application money which includes the amount in question added in the case of the assessee. As further submitted by them, the outcome in the case of M/s. M.S. Projects Pvt. Ltd. will have a direct bearing on the issue involved in this appeal of the assessee and since the matter involved in the case of M/s. M.S. Projects Pvt. Ltd. has been restored by the Tribunal to the file of the A.O. vide its order of even date passed in the issue involved in the