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Issues involved: Appeal by revenue for assessment year 2009-10 regarding deletion of unaccounted cash receipts u/s 71,67,000/- found during search action.
Summary: The High Court of Bombay considered an appeal by the revenue regarding the assessment year 2009-10, focusing on the deletion of unaccounted cash receipts amounting to u/s 71,67,000/- found during a search action. The main question of law was whether the Tribunal was justified in accepting the explanation of the assessee that the cash receipts were booking advances collected from customers and part of the sale consideration declared by the assessee at the time of sale of flats post the search. The Tribunal upheld the finding that the cash receipt was indeed part of the sale consideration for flats sold by the assessee and should be taxed in the year of recording the sale. The revenue contended that the cash amount should be taxed in the year of receipt, not the year of flat sale. The Tribunal noted that the cash entries were related to the sale of flats and formed part of the consideration, with details of buyers and cash receipts found during the search. Based on these undisputed facts, the Tribunal dismissed the revenue's appeal. The High Court, recognizing the Tribunal's decision as based on a concurrent finding of fact, declined to entertain the proposed question of law. Consequently, the appeal was dismissed with no order as to costs.
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