LATE SMT. SHARDA DEVI VYAS THROUGH LEGAL HEIR SHRI VISHNU PRAKASH VYAS, Indore V. The ITO 4(2), Indore

ITA 459/IND/2014

• Counselvise Citation: [2016] 131 COUNSELVISE.COM (IT) 5598 (ITAT-INDORE)
• Duration Of Justice: 2 year(s) 5 month(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 10-11-2016
• Appeal Filed By: Assessee
• Order Result: Partly Allowed
• Bench Allotted: DB
• Next Hearing Date: 19-10-2016
• Assessment Year: 2006-2007
• Appeal Filed On: 10-06-2014
• Result in Favour of: Partly Allowed
• Court: TRIBUNAL
• Department Lawyers: MOHMD JAVED
• Assessee Lawyers: GIRISH AGARWAL
• Section: 44AD; 143(3)

Judgement Text

, , IN THE INCOME TAX APPELLATE TRIBUNAL, INDORE BENCH, INDORE .., .., BEFORE SHRI D.T. GARASIA, JUDICIAL MEMBER AND SHRI O.P. MEENA, ACCOUNTANT MEMBER LATE SMT. SHARDA DEVI VYAS L/H SHRI VISHNU PRAKASH VYAS 60 INDIRA GANDHI NAGAR , R T O ROAD INDORE VS. INCOME TAX OFFICER 4(2) INDORE / / / / APPELLANT / / / / RESPONDENT .../ PAN:AAOPV 0987H / / / / APPELLANT BY SHRI GIRISH AGARWAL CA / / / / RESPONDENT BY SHRI MOHMD. JAVED, SR. (DR) / // / DATE OF HEARING 19.10.2016 / // / DATE OF PRONOUNCEMENT 10.11.2016 / / / / O R D E R PER O.P. MEENA, ACCOUTANT MEMEBR. 1. THIS APPEAL IS, FILED BY THE ASSESSEE, AGAINST THE ORDER OF LD. CIT (A)-II INDORE DTD. 28.02.2014 FOR THE ASSESSMENT YE AR 200-07. 2. THOUGH THE ASSESSEE HAS TAKEN AS MONEY AS SIX GROU NDS OF APPEAL BUT IN SUBSTANCE GRIEVANCE IS RELATES TO SUS TAINING .../ .../ .../ .../ I.T.A. NO.459/IND/2014 / / / / ASSESSMENT YEAR:2006-07 LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 2 OF 11 ADDITION OF RS. 17 LAKHS HOLDING TO BE IN COMPLIANC E OF DIRECTIONS OF HONBLE TRIBUNAL, INDORE BENCH ORDER, IGNORING T HE SUBMISSIONS OF THE ASSESSEE AND NOTARISED AFFIDAVIT DTD. 22.02.2010 OF THE ASSESSEE. HENCE, THESE ARE BEING CONSIDERED AS ONE CONSOLIDATED GROUND. 3. SUCCINCTLY, THE FACTS AS CULLED OUT FROM THE ORDER OF LOWER AUTHORITIES ARE THAT THE ASSESSEE, FILED HER RETURN OF INCOME ON 31.07.2006 DECLARING TOTAL INCOME AT RS. 1,59,200/- WHICH WAS ASSESSED UNDER SECTION 143(3) ON 29.12.2008 BY MAKI NG ADDITION OF RS. 17 LAKHS. THE ASSESSEE FILED APPEAL BEFORE L D. CIT (A) II, INDORE WHO CONFIRMED THE ADDITION. AGGRIEVED , THE ASSESSEE FILED APPEAL BEFORE TRIBUNAL, WHO SET-ASIDE THE ASSESSMEN T TO THE FILE OF THE A.O. WITH FOLLOWING OBSERVATION: THUS THERE APPEARS TO BE CLEAR CONTRADICTION BETWEE N THE ASSERTION OF THE ASSESSEE THAT DEPOSIT IN THE BANK ACCOUNT WAS OUT OF SALE PROCEEDS OF THE BOOKS WHEREAS AS PER STATEM ENT OF AFFAIR FILED BEFORE THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS), WHICH HAS BEEN REPRODUCED BY HIM AT PAGE 6 OF HIS A PPELLATE ORDER, THERE WAS INTRODUCTION OF RS. 17 LAKHS AS AD DITIONAL CAPITAL. THE ASSESSEE HAS ALSO SHOWN UTILISATION OF HER CAPI TAL MAINLY IN DEPOSITS AMOUNTING TO RS. 14,25,000/- AS WELL AS CA SH IN HAND RS. 14,26,463/-. WE ALSO OBSERVE THAT IN TERMS OF PROVI SIONS OF SECTION 44AF OF THE ACT, THE ASSESSEE CANNOT BE ASKED TO PR ODUCE THE LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 3 OF 11 BOOKS OF ACCOUNTS BUT AT THE VERY SAME TIME IF IT I S FOUND THAT HUGE CASH HAS BEEN DEPOSITED IN THE BANK, AT LEAST PRIMA RY EVIDENCE OF RECEIPTS OF SUCH AMOUNT OF CASH OUT OF SALE PROCEED S IN THE TRADING ACCOUNT IS REQUIRED TO BE SHOWN. IT APPEARS THAT TH E LOWER AUTHORITIES HAVE NOT CONSIDERED THE A `S SUBMISSION REGARDING NON- MAINTENANCE OF BOOKS OF ACCOUNTS IN TERMS OF S ECTION 44AD OF THE ACT AND DEPOSIT OF CASH OUT OF SALE PROCEEDS WH ICH REQUIRED TO BE EXAMINED AFRESH IN VIEW OF OUR ABOVE OBSERVATION . 4. THE AO OBSERVED THAT THE ASSESSEE HAS REITERATED THAT INCOME WAS SHOWN UNDER SECTION 44AF AND AMOUNT OF CASH DEP OSITS IN THE BANK ACCOUNT IS OUT OF SALE PROCEEDS OF BOOKS. NEVERTHELESS, THE ASSESSEE HAS NOT SHOWN ANY PURCHASE DURING THE YEAR. HOWEVER, THE ASSESSEE HAS SHOWN OPENING STOCK AT BE GINNING OF THAT YEAR AT RS. 13, 25,650/- AND SALES DURING THE YEAR SHOWN AT RS. 15, 00,250/- AND CLOSING STOCK SHOWN AT RS. 27, 250/-. THE ASSESSEE CLAIMED SALARY EXPENSES OF RS. 78000/- AND RENT OF RS. 20,400/- IN P&L A/C. THE AO NOTED THAT THE ASSESSEE HAS NOT SHOWN ANY SALE BILL TO SUBSTANTIATE THE SALE NOR AN Y EXPENSES VOUCHERS PRODUCED FOR TRAVELLING TO INDORE AND HARI DWAR. IT WAS ALSO OBSERVED THAT THE ASSESSEE HAS FILED TWO BOOKS , WHICH WERE PRINTED IN 2001, AND 1100 COPIES EACH WERE PRINTED FROM M/S. CARTON AND PRINTERS, INDORE. THE SALE VALUE OF AT R S. 75 AND RS. 175/- SHOWN ACCORDING TO WHICH SALE VALUE COMES TO RS. LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 4 OF 11 2,75,000/-. THUS OPENING STOCK OF RS. 13, 25,650/ - IS ALSO NOT SUBSTANTIATED BY THE ASSESSEE, NOR ANY COGENT PROOF OF SALE OF RS. 15, 00,250/- IS FILED. HENCE, THE CLAIM OF CASH DEP OSITS IN BANK ACCOUNT WAS NOT ACCEPTED. BEING, NOT SATISFIED, TH E ASSESSEE FILED AN APPEAL BEFORE THE LD. CIT (A). THE LD. CIT (A) A LSO NOTED THAT THE LEARNED COUNSEL FOR THE ASSESSEE HAS NOT FILED ANY EVIDENCE TO PROVE RECEIPTS OF SUCH HUGE AMOUNT OF CASH CREDITED IN CAPITAL ACCOUNT. ACCORDINGLY, HE CONFIRMED THE FINDING OF T HE A.O. 5. BEING, AGGRIEVED THE ASSESSEE FILED THIS APPEAL BEF ORE THE TRIBUNAL. THE LD. AR SUBMITTED THAT LATE SMT. SHARD A DEVI WAS A PIOUS AND RELIGIOUS WOMAN APART FROM BEING AN AUTHO R AND PUBLISHER OF SEVERAL BOOKS ON RELIGIOUS SUBJECTS. S HE CARRIED ON HER BUSINESS OF PUBLISHING AND SELLING OF RELIGIOUS BOOKS UNDER THE NAME OF M/S. SHARDA PUSTAK MANDIR. SHE HAD REGU LARLY FILED HER RETURN OF INCOME. SHE SUBMITTED TRADING AND PRO FIT AND LOSS ACCOUNT AS WELL AS BALANCE SHEET FOR PROPRIETARY CO NCERN OF M/S. SHARDA PUSTAK MANDIR AND STATEMENT OF AFFAIRS OF PE RSONAL ACCOUNT IN FIRST ROUND OF ASSESSMENT. SHE HAS SHOWN RS. 17 LAKHS AS WITHDRAWAL IN THE BALANCE SHEET FROM THE C APITAL ACCOUNT OF PROPRIETOR CONCERN M/S. SHARDA PUSTAK MA NDIR AND CORRESPONDINGLY SHOWN AS ADDITION TO CAPITAL IN THE INDIVIDUAL LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 5 OF 11 STATEMENT OF AFFAIRS. THE LD. AR SUBMITTED THAT CAP ITAL OF PROPRIETARY CONCERN STOOD AT RS. 16,35,550/- AS ON 31.03.2005 WHICH REDUCED TO RS. 60,300/- AS ON 31.03.2006 ( RE FER TO PAPER BOOK PAGE 58) MAINLY ON ACCOUNT OF WITHDRAWAL FROM BUSINESS CONCERN. THE LD. AR TOOK US THROUGH PAGE NO. 49 OF PAPER BOOK, WHICH IS A CONSOLIDATED STATEMENT OF THE ASSESSEE P REPARED BY CONSOLIDATING THE INDIVIDUAL `S STATEMENT OF AFFAIR S AND PROPRIETARY CONCERN`S BALANCE SHEET. THE LD. AR ALS O REFERRED THE AFFIDAVIT OF THE ASSESSEE FILED ON 22.02.2010 BEFOR E THE TRIBUNAL WHEREIN SHE HAD DESCRIBED THE DETAILS OF AUTHORSHIP , PUBLICATION AND SALE OF BOOKS. SHE ALSO LISTED IN PARA NO. 2 OF NAME OF TWO BOOKS AS SPECIMEN NAMELY SHRI GOLAKDHAM DARSHAN PAR T-2 AND SHRIMAD BHAGWAT DARSHAN PART-3. THE LD. AR THUS CON TENDED THAT THESE BOOKS DEMONSTRATED THE FACTS NARRATED IN THE AFFIDAVIT. THE LD. AR SUBMITTED THAT THE ASSESSEE HAS BEEN CAR RYING AS THE STOCK OF BOOKS, WHICH HAS BEEN SHOWN IN PRECEDING Y EAR DETAIL OF WHICH ARE FILED AT PAGE NO. 32 OF PAPER BOOK. THE L D. AR ALSO FILED A COMPARATIVE CHART OF OPENING STOCK AND SALE AND C LOSING STOCK AS UNDER: LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 6 OF 11 A.Y. OPENING STOCK SALES CLOSING STOCK GROSS PROFIT GP RATE NP RATE 05-06 24,10,650 12,65,250 13,25,650 12,65,250 14.25 % 7.80% 06-07 13,25,650 15,00,250 27,250 15,00,250 13.45% 6 .80% 6. FROM THE ABOVE CHART, THE LD. AR SUBMITTED THAT THE ASSESSEE HAS OFFERED TO TAX INCOME RATE HIGHER THAN THE PROVISIO NS OF SECTION 44AF OF THE ACT I.E. 5%. CONSIDERING THE PROVISIONS , THE ASSESSEE WAS NOT REQUIRED TO MAINTAIN BOOKS OF ACCOUNTS AS R EQUIRED U/S. 44AA AS SHE FULFILLED ALL THE CONDITIONS LAID DOWN THEREIN. SHE SOLD HER BOOKS FROM GEETA BHAWAN,A LANDMARK PLACE O F RELIGIOUS BOOKS AND BY TRAVELLING AT VARIOUS PLACES. OWING TO HER OLD AGE, SHE DECIDED TO SELL OF ALL THE BOOKS AND CASH DEPOS ITS OF RS. 17 LAKH IN BANK ACCOUNT PERTAINS TO OUT OF SALE PROCEE DS OF BOOKS AS WELL AS VARIOUS PAST SAVINGS. THIS FACT CONJOINS WI TH THE FACTS THAT SHE HAD INVESTED THE SALE PROCEEDS TO POST OFFICE M ONTHLY INCOME SCHEME FOR RS. 14, 25,000/- TO EARN MONTHLY INTERES T FOR HER OLD AGE LIVELIHOOD. THEREFORE, IT WAS ARGUED THAT THE L D. A.O. HAS FAILED TO CONSIDER MATERIAL ON RECORD INTER ALIA CO NSOLIDATED STATEMENT. AFFIDAVIT OF THE ASSESSEE AND DISTINCTIO N BETWEEN BALANCE SHEET OF BUSINESS CONCERN AND STATEMENT OF AFFAIRS OF THE INDIVIDUAL. THE LD. A.O. HAS ALSO FAILED TO CONSIDE R THE FINDING GIVEN BY THE ITAT IN RELATION TO SECTION 44AF FOR N ON- LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 7 OF 11 MAINTENANCE OF BOOKS OF ACCOUNTS BY THE ASSESSEE. T HE AO CHOSE NOT TO VERIFY THE DETAILS MENTIONED IN THE BOOKS PU BLISHED EVEN THOUGH SPECIFICALLY REQUESTED TO ISSUE SUMMON TO PU BLISHER. THE LD. AR ALSO FILED A CERTIFICATE FROM DR NIKHILESH S HASTRI, PRINTER/PUBLISHER OF M/S. CARTONS & PRINTERS 11 NAN DLAL PURA INDORE, CONFIRMING THE FACTS, ABOUT PRINTING OF BOO KS, BY THE ASSESSEE, ACCORDING TO WHICH 7 BOOKS WERE PUBLISHED ON BEHALF OF THE ASSESSEE DURING THE PERIOD FROM1983 TO 2003.THE REFORE, IT WAS URGED BEFORE US, TO CONSIDER THE SUBMISSIONS OF THE ASSESSEE AND ADDITION BE DELETED. 7. THE LD. AR RELIED ON THE ORDERS OF LOWER AUTHORITI ES. 8. WE HAVE HEARD THE RIVAL SUBMISSIONS AND HAVE GONE T HROUGH THE ORDERS OF THE LOWER AUTHORITIES, AND PERUSED THE MA TERIAL AVAILABLE ON RECORD. WE FIND THAT TRIBUNAL HAS SET- ASIDE THE ISSUE TO THE FILE OF THE A.O. WITH THE OBSERVATION THAT I SSUE OF CASH DEPOSITS MAY BE CONSIDERED IN THE LIGHT OF THE FACT S THAT THE ASSESSEE IS NOT MAINTAINING BOOKS OF ACCOUNTS IN TE RMS OF SECTION 44AF. HOWEVER, THE AO HAS EXAMINED THE SOURCE OF CA SH DEPOSITS ONLY AND DOES NOT ANALYSE THE SALE EFFECTED BY THE ASSESSEE AS NO SALE BILLS PRODUCED. THE TRIBUNAL HAD OBSERVED IN I TS ORDER THAT THE ASSESSEE CANNOT BE ASKED TO MAINTAIN BOOKS OF A CCOUNTS. WE LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 8 OF 11 FIND THAT THE ASSESSEE HAS FILED A COPY OF TRADING AND PROFIT AND LOSS ACCOUNT AND BALANCE SHEET AS ON 31.03.2005 DIS CLOSING CLOSING STOCK OF BOOKS AT RS. 13,25,650/-. (REFER T O PAGE NO. 32 OF PAPER BOOK). THIS STOCK WAS SHOWN IN THE RETURN OF INCOME FILED ON 18.08.2005 FOR THE ASSESSMENT YEAR 2005-06. SIMI LARLY, THE CLOSING STOCK AS ON 31.03.2006 WAS SHOWN AT RS. 2 7,250/- IN THE RETURN OF INCOME FILED ON 31.07.2006 FOR THE AS SESSMENT YEAR 2006-07, I.E. YEAR UNDER CONSIDERATION. THE OPENING STOCK AS ON 01.04.2005 WAS GOT REDUCED TO RS. 27,250/- AS ON 31 .03.2006, MEANING THEREBY THAT THE ASSESSEE HAS AFFECTED SALE S AND IN FACT THE ASSESSEE HAS ALL ALONG CLAIMING THE SOURCE OF CASH DEPOSITS IN THE BANK ACCOUNT IS OUT OF SALE PROCEEDS OF RS. 15,00,250/- EFFECTED DURING THE YEAR. HOWEVER, IT IS IRONY THAT THE LD. A.O. DOUBTS THE SALES MADE DURING THE YEAR BUT AT THE SA ME TIME CONSIDERING THE NET PROFIT SHOWN BY THE ASSESSEE A ND ASSESSING THE BASED ON HER RETURN OF INCOME AND SALES AS CLAI MED BY THE ASSESSEE. IT IS NOT DISPUTED THAT THE ASSESSEE IS N OT MAINTAINING BOOKS OF ACCOUNTS, AS SHE IS NOT LIABLE TO MAINTAIN BOOKS OF ACCOUNTS AS PER PROVISIONS OF SECTION 44AF. THEREFO RE, HOW SHE CAN BE ASKED TO PRODUCE THE BOOKS OF ACCOUNTS OR SA LE BILLS WHEN SHE DENIED TO HAVE NOT MAINTAINED THE BOOKS OF ACCO UNTS. SHE LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 9 OF 11 HAS CLAIMED THAT ALL SALE ARE MADE IN CASH THROUGH TRAVELLING AND VISING TO RELIGIOUS PLACES. IN VIEW OF SUCH SITUATI ON, WE HAVE NO ALTERNATIVE BUT TO BELIEVE THE SALES SHOWN BY HER I N THE RETURN OF INCOME. WE ALSO OBSERVE THAT THE ASSESSEE HAD ONLY ONE BANK ACCOUNT WITH BANK OF RAJASTHAN LTD., WHICH HAS BEEN DISCLOSED IN HER RETURN OF INCOME. THERE IS NO OTHER BANK ACC OUNT NOR THE AO HAS FIND OUT ANY NEW BANK ACCOUNT, THEREFORE, TH E ONLY ACCOUNT IN WHICH THE SALE PROCEEDS WERE DEPOSITED I S WITH BANK OF RAJASTHAN LTD. THERE IS ONLY ENTRY IN THIS BANK ACCOUNT IS CASH DEPOSITS OF RS. 17 LAKH ON TWO DIFFERENT DATES AND THERE ARE NO OTHER MAJOR DEPOSIT APPEARING IN SAID BANK ACCOUNT. THEREFORE, WE HAVE TO ADOPT HOLISTIC VIEW AND HAVE TO GIVE ALL OW CREDIT OF OPENING STOCK AND CORRESPONDING SALES. THE CLOSING STOCK OF BOOKS HAS BEEN REDUCED TO RS. 27,250/- AT THE YEAR- END MEANS THAT THE ASSESSEE HAS SOLD OUT THE OPENING STOCK. T HE ASSESSEE HAS SUPPORTED HER CONTENTION OF MAKING SALE BY WAY OF AFFIDAVIT DTD. 22.02.2010 FILED DURING THE ORIGINAL APPELLATE PROCEEDING BEFORE THE TRIBUNAL. NOW THE ASSESSEE IS NO MORE. THE LD. A.R. OF ASSESSEE HAS ALSO FILED A CERTIFICATE FROM PUBLISH ER M/S. CARTON & PRINTERS INDORE, WHEREIN IT WAS SUBMITTED THAT TH E ASSESSEE WHO WAS RENOWNED AUTHOR OF RELIGIOUS BOOKS HAD WRIT TEN VARIOUS LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 10 OF 11 RELIGIOUS BOOKS AND HAS GOT PUBLISHED THROUGH THEM AS MONEY AS 9 BOOKS FROM THE PERIOD FROM 1981 TO 2003. THE LETT ER ALSO CONTAINS NAME OF BOOKS WRITTEN AND PUBLISHED. THERE FORE, WHEN THE ASSESSEE HAS SHOWN THE CLOSING STOCK WITH RETUR N OF INCOME BASED ON THE RETURN OF INCOME OF ASSESSMENT YEAR 20 05-06, THEN THIS EVIDENCE CANNOT BE IGNORED IN TOTALITY. THE LD . A.O. HAS ALSO NOT BROUGHT ANY EVIDENCE TO DISREGARD THIS CLAIM OF THE ASSESSEE EXCEPT ASKING TO PRODUCE BOOKS OF ACCOUNTS WHEN THE ASSESSEE IS NOT MAINTAINING ANY BOOKS OF ACCOUNTS. IN VIEW OF T HESE FACTS AND CIRCUMSTANCES, WE ARE OF THE CONSIDERED VIEW THAT T HE ASSESSEE MIGHT HAVE BEEN DISPOSED-OFF THE OPENING STOCK AS O N 01.04.2005 DURING THE YEAR, THEREFORE, CREDIT OF OPENING STOCK OR SALES AFFECTED DURING THE YEAR HAVE TO BE GIVEN. BE THAT AS MAY BE, WE HAVE TO BELIEVE THAT THERE WAS SALES MADE DURING TH E YEAR. THIS VIEW IS ALSO FORTIFIED WITH THE FACTS THAT THE ASSE SSEE HAS SHOWN SALES WITH RETURN OF INCOME FOR THE YEAR UNDER CONS IDERATION. THE ASSESSEE HAS BEEN ARGUING THAT SOURCE OF CASH DEPOS ITS IS OUT OF SALE PROCEEDS AND IT HAS BEEN DONE BY HER AT INDORE AND BY TRAVELLING TO HARIDWAR. THE TWO COPIES OF SPECIMEN OF BOOKS PUBLISHED BY HER ALSO FILED BY THE LD. A.R. SHOWING THAT SHE HAD BEEN EARNING HER LIVELIHOOD BY SELLING THE RELIGIOU S BOOKS ONLY. LATE SMT. SHARDA DEVI TROUGH L/S SHRI VISHNU PRAKAS H VYAS/ ITANO. 459/IND/2014/A.Y. 06-07/ PAGE 11 OF 11 CONSIDERING THE TOTALITY OF FACTS AND CIRCUMSTANCES , AND THE FACTS THAT THE ASSESSEE IS NO MORE, WE HAVE TO CONSIDER H ER AFFIDAVIT AS BASIS OF HER ASSERTION OF FACTS AND RETURN OF INCOM E FILED WITH DEPARTMENT AS EVIDENCE, THEREFORE, WE HAVE TO GIVE CREDIT OF OPENING STOCK AND SALES SHOWN BY HER. ACCORDINGLY, THE SOURCE OF CASH DEPOSITS TO THE EXTENT SALES OF RS. 15,00,250/ - OUT OF RS. 17 LAKHS IS ALLOWED TO SET OFF OUT OF SALE PROCEEDS AN D REMAINING BALANCE AMOUNT OF RS. 2 LAKH IS TREATED AS UNEXPLAINED/UNDISCLOSED INCOME IN THE HANDS OF THE ASSESSEE. THEREFORE, ADDITION OF RS. 15 LAKH IS DELETED AND R S. 2 LAKH IS UPHELD. THIS GROUNDS OF APPEAL IS THEREFORE, PARTL Y ALLOWED. 9. IN THE RESULT, THE APPEAL OF THE ASSESSEE IS PARTL Y ALLOWED. 10. THE ORDER PRONOUNCED IN THE OPEN COURT ON 10.11.20 16 SD/- (..) (D.T.GARASIA) JUDICIAL MEMBER SD/- (..) (O.P.MEENA) ACCOUNTANT MEMBER P $ / DATED : 10 TH NOVEMBER, 2016.OPM