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ITAT confirmed addition made on account of unaccounted money
ITAT confirmed addition made on account of unaccounted money
Sh Ashwani Kumar filed return of income at Rs. 1.14 lakhs. AO found that there were deposits of Rs 70 lakhs in assessee’s bank account. Assessee submitted that he had received Rs 65 lakhs from two buyers for sale of his property, but the sale was not finalised. AO held that assessee had introduced unaccounted money and shown the entire transaction through sham agreement. AO made addition. CIT(A) confirmed addition. ITAT upheld addition.-500398
1. Sh Ashwani Kumar filed return of income at Rs. 1.14 lakhs.
2. The case was selected for scrutiny on the basis of AIR information that there were deposits of Rs 70 lakhs in assessee’s bank account.
3. Assessee submitted that he had entered into an agreement of sale for his immovable property twice, and bothe the times the buyer did not appear for finalisation of sale.
4. A sum of Rs 65 lakhs was received as advance from the two buyers.
5. Asseesee did not produce the two buyers before the AO.
6. AO held that assessee had introduced unaccounted money and shown the entire transaction through sham agreement.
7. AO made addition of the entire amount.
8. CIT(A) dismissed assessee’s appeal.
ITAT held as under:
9. The burden was upon assessee to prove the source of the advance money received on account of Agreement of Sale but burden upon assessee has not been discharged.
10. Even for the balance amount of Rs.5,40,000/-, no explanation was filed before the authorities below.
11. In the absence of any evidence or material on record, we do not find any infirmity in the orders of the authorities below in making and confirming the addition.
Case Reference - Shri Ashwani Kumar. Vs The ITO.
IN THE INCOME TAX APPELLATE TRIBUNAL DIVISION BENCH,CHANDIGARH
BEFORE SHRI BHAVNESH SAINI, JUDICIAL MEMBER
AND Ms.RANO JAIN, ACCOUNTANT MEMBER
ITA No. 231/CHD/2014
(Assessment Year: 2009-10)
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