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[2007] 294 ITR 95 [2006] 156 TAXMAN 424 (PUNJ. & HAR.) HIGH COURT OF PUNJAB AND HARYANA Ishwar Chand Bansal* v. Commissioner of Income-tax-I , Chandigarh ADARSH KUMAR GOEL AND RAJESH BINDAL, JJ. IT APPEAL NO. 170 OF 2005 (O&M) JULY 11, 2006 Section 69 of the Income-tax Act, 1961 - Unexplained investments - Assessment year 1991-92 - Pursuant to a search conducted at business premises of certain concerns on 19-5-1992, certain documents were seized, which showed that assessee along with other co-owners had constructed and sold shops in form of shopping complex - It was found that property on which shopping complex was constructed was was purchased by co-owners on 26-11-1987 and certain sum was invested on construction of shops during assessment year 1991-92 and for next two assessment years - Assessee had surrendered certain sum for assessment year 1992-93 against investment in construction, but he made no such surrender for assessment year 1991-92 - Assessing Officer further found that though assessee made an investment during financial year 1990-91 relevant to assessment year 1991-92, yet no withdrawal was made from capital account - Assessee explained that said investment was funded out of advance money received in cash, from prospective buyers who had booked shops in shopping complex and had received certain sum in assessment year 1991-92 through a property dealer through whom shops were booked - Assessing Officer, however, rejected said contention as no details, etc., were furnished by assessee and made addition by treating said investment as unexplained - On appeal, assessee contended that surrender made by assessee in subsequent year should be related back to investment made in previous year - Commissioner accepted said contention and deleted addition - On further appeal, Tribunal, however, held that if source of investment made in financial year 1990-91 relevant to assessment year 1991-92 was not explained, addition of said amount could only be made in assessment year 1991-92 and further it held that no evidence, whatsoever, had been produced by assessee to show that assessee had, in fact, received any advance on sale of shops, which was invested…

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