ACIT 22(3), NAVI MUMBAI vs. MILIND V DESHMUKH, NAVI MUMBAI

सुनवाई क� तार�ख / Date of Hearing : 28/12/2016 23/01/2017 आदेश क� तार�ख /Date of Order: आदेश / O R D E R Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 30/03/2012 of the Ld. First Appellate Authority, Mumbai. The first ground raised pertains to reducing the addition made in the assessment order as unexplained investment in MIDC plot from Rs.97,51,641/- to Rs.2,28,511/-.

2. During hearing of this appeal, the ld. DR, Shri T. A. Khan, defended the addition made in the assessment order by advancing arguments which is identical to the ground raised. On the other hand, Shri Devendra Jain, ld. counsel for the assessee, defended the conclusion arrived at in the impugned order. 2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee purchased a plot in MIDC for Rs.97,51,641/-. As per the Revenue, this plot was not mentioned in the fixed assets of the assessee. The assessee was asked to explain the details of purchases of immovable/movable properties along with supporting evidence. As per the Revenue, no such details were furnished, therefore, the amount of Rs.97,51,641/- was treated as investment made out of undisclosed sources and added to the total income. Before the Ld. Commissioner of Income Tax (Appeal), the assessee explained that the plot in MIDC was purchased from loans taken from Domvibali Nagari Sahkari Bank, MIDC Branch, Airoli, An agreement was entered into on 12/10/2006 by paying lease premium paid to MIDC. The assessee also submitted the copy of the account, which appears in the aforementioned bank proof of payment of tax, wherein, the amount of Rs. 1,48,107/- was paid prior to taking of allotment of plot. It is also noticed that the fixed assets/plot was purchased from MIDC for Rs.89 lakh and stamp duty of Rs.6,23,030/- was paid for the lease dated 28/10/2006 together with the stamp of Rs.100 totaling Rs.95,23,130/- against the fixed assets reflected at Rs.97,51,641/-. The differential amount of Rs.2,28,511/-(Rs.97,51,641 - 95,23,130). Thus, we find no infirmity in the order of the Ld. Commissioner of Income Tax (Appeal). His stand is affirmed.

3. The next ground pertains to deleting the addition of Rs.8,27,500/- added as unexplained cash credit u/s 68 of the Act. The ld. DR defended the addition, whereas, the ld. counsel for the assessee defended the conclusion arrived at in the impugned order. We find that the ld. Assessing Officer observed that the assessee accepted fresh loans amounting to Rs.8,23,500/- from three parties. The addition was made on the ground, the assessee did not furnished evidence/confirmation from the parties. However, the assessee filed the necessary details/evidences before the Ld. Commissioner of Income Tax (Appeal) with respect to the genuineness of the transaction and these documents were sent to the file of the Assessing Officer to examine the genuineness of the claim. No adverse comment was made by the Assessing Officer. There is a direction by the CIT(A) to the Assessing Officer to verify the claim of the assessee and genuineness of the amounts. The onus laid upon the assessee was duly discharged but the ld. Assessing Officer did not furnish the adverse comments with respect to the claim of the assessee, thus, we find no infirmity in the conclusion of the Ld. Commissioner of Income Tax (Appeal) in deleting the addition made u/s 68 of the Act. Finally, the appeal of the Revenue is dismissed. This Order was pronounced in the open court in the presence of ld. representatives of both sides at the conclusion of the hearing on 28/12/2016. Sd/- Sd/-

(Ramit Kochar) (Joginder Singh) लेखा सद�य / ACCOUNTANT MEMBER �या�यक सद�य /JUDICIAL MEMBER मुंबई Mumbai; �दनांक Dated : 23/01/2017 f{x~{tÜ? P.S //.�न.स. आदेश क� ��त�ल�प अ�े�षत/Copy of the Order forwarded to : 1. अपीलाथ� / The Appellant (Respective assessee) 2. ��यथ� / The Respondent. 3. आयकर आयु�त(अपील) / The CIT, Mumbai. 4. आयकर आयु�त / CIT(A)- , Mumbai, 5. �वभागीय ��त�न�ध, आयकर अपील�य अ�धकरण, मुंबई / DR, ITAT, Mumbai 6. गाड� फाईल / Guard file. आदेशानुसार/ BY ORDER, स�या�पत ��त //True Copy//