Law:

Section:

Section 69A of the Income-tax Act, 1961 - Unexplained moneys - Assessment year 2002-03 - Where assessee's explanation in regard to certain sum was that he had received that amount from a builder under an agreement for development of property entered into with said builder and also produced development agreement as well as letters/correspondence written by builder in support of said explanation, but builder was not summoned to find out whether there was any such agreement, matter was to be remitted for fresh adjudication [Matter remanded] Certain amount was found deposited in the bank account of the assessee. The explanation of the assessee qua this amount was that he had entered into an agreement for development of property and under the said agreement, he had received that sum from the developer. However, the development agreement fell through and was cancelled subsequently, as a result the assessee paid back the amount by means of bank drafts. The assessee also submitted the documents to support his plea in the form of development agreement, copies of the bank drafts and certain letters/correspondence written by builder. The Assessing Officer, however, did not accept the aforesaid version of the assessee and made the additions under section 69A which were deleted by the Commissioner (Appeals) but were restored by the Tribunal. Held that before the Assessing Officer, or for that matter, the Tribunal discarded the evidence produced by the assessee, in the facts of this case, it was incumbent upon the Assessing Officer to have at least summoned builder to find out whether there was any such agreement signed on the letters in question written by him or not. As a result the impugned order passed by the Tribunal as well as the Assessing Officer was set aside and the case was remitted back to the Assessing Officer to enquire into the matter afresh by summoning the builder. CASES REFERRED TO Jawahar Lal Oswal v. Asstt. CIT [1999] 71 ITD 324 (Chandigarh). Dr. Rakesh Gupta, Ms. Poonam Ahuja and Johnson Bara for the Appellant. Ms. P.L. Bansal, Ruchir Bhatia and Deepak Anand for the Respondent. JUDGMENT 1. Admit, on the following substantial questions of law :…

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