Held that since Paul Brothers\u00a0 could not hand over possession of his land to the assessee due to ongoing legal disputes, the assessee, on signing of the memorandum of understanding, had made only an advance payment with an agreement to pay the remaining consideration after final settlement of the disputes. The amount was paid by Suresh Kumar Agarwal,\u00a0\u00a0 Yogendra Kumar Agarwal, Deepak Kumar Sanwaria\u00a0 and Vivek Agarwal\u00a0 out of their personal sources, which they had admitted to being additional income in their respective returns of income filed in various assessment years. The payment made by Yogendra Kumar\u00a0 Agarwal\u00a0 was added in his hands on substantive basis per assessment order framed under section\u00a0153A. The payment could not be once again considered in the hands of the assessee-company. Therefore, the order of the Commissioner (Appeals) in confirming the addition on account of unexplained cash credit could not be sustained as the amount stood offered to tax in the payers’ individual assessments. Accordingly, the order of the Commissioner (Appeals) was set aside with direction to the Assessing Officer to delete the addition..(AY. 2011-12 to 2014-15)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 69C : Unexplained expenditure-Expenses paid regarding purchase of land prior to withdrawal from bank-Addition as alleged payment out side the books of account-Pending litigation-Advances paid was shown as current liabilities-Addition is not justified.[S.69,69B, 153A] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-50026","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-d0S","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50026","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=50026"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50026\/revisions"}],"predecessor-version":[{"id":53693,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/50026\/revisions\/53693"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=50026"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=50026"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=50026"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}