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TMI Blog2015 (5) TMI 785X X X X Extracts X X X X X X X X Extracts X X X X ..... money comes to ₹ 1,71,10,000/-. Therefore, the total addition in the hands of the appellant comes to ₹ 3,48,10,000/-. Hence, we confirm the addition in the hands of the appellant only to the extent of ₹ 3,48,10,000/-. Hence, there is no warrant for a separate addition in hands of appellant. - Decided partly in favour of assesse. - ITA No. 204/Del/2013 - - - Dated:- 15-5-2015 - SHRI G.C. GUPTA AND SHRI INTURI RAMA RAO, JJ. For the Appellant : Shri Ashwani Kumar, CA For the Respondent : Shri Vikram Sahay, Sr. DR ORDER PER INTURI RAMA RAO, AM: 1. This is an appeal filed by the assessee for the AY 2008-09 against the order of Commissioner of Income Tax (Appeals)-XXIV, New Delhi dated 23.10.2012 in Appeal No. 384/10-11/358 raising the following grounds of appeal: (1) That the order dated 23-10-2012 passed u/s 250 of the Income Tax Act, 1961 by the Learned Commissioner of Income Tax (Appeals) XXIV, New Delhi is against law and facts on the file in as much as he was not justified to uphold the action of the Learned Deputy Commissioner of Income Tax, Circle 26(1), New Delhi in making an addition of ₹ 4,24,65,1501- on account of al ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... her shares (58,000 shares out of a total holding of 1,05,000 shares) and not any transaction for the sale of the property which in any case she was legally incompetent to do so; (xii) by ignoring the fact that there could not be a major variation in the selling prices of the same shares entered into by the same seller with different parties where the transactions have taken place within close proximity and there has been no change in the underlying facts. 2. The brief facts of the case are that the assessee is an individual. She derives income under heads of income from salary , capital gain and income from other sources. The appellant filed the return of income for the AY 2008-2009 on 29.09.2008, disclosing income of ₹ 5,91,550/-. Against the said return of income, the assessment was completed u/s 143(3) vide order dated 31.12.2010 at a total income of ₹ 4.30,56,700/-. The disparity between the returned and assessed is on account of addition of ₹ 4,24,65,150/- under head capital gains. The factual matrix revolving around the addition is as follows. 2.1 During the course of assessment proceeding, the Ld. Assessing Officer received information that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and had delivered it personally to Sh. Sanjay Parwal. 4.2 The AO also recorded in the assessment order that the Investigation Team of the Department had seized a document serialed page number 52 of Annexure A-1 from the office of HBN Group, wherein, the details of payments made for the property B-53, B-1, Janakpuri, New Delhi had been shown in the name of Smt. Ritu Parwal for a sum of ₹ 1.20 crores on 16.01.2008 through six cheques of ₹ 20 lacs each. This page also depicted payment of ₹ 1.20 crores to Sh. Sanjay Parwal, and ₹ 15 lacs to M/s. Smriti Buildcon Pvt. Ltd. This page also disclosed cash payment of ₹ 1.95 crores upto 31.01.2008. Thus, the AO has noted that the Annexure disclosed identification of total transaction of ₹ 12.95 crores, out of which ₹ 4.50 crores had already been paid. 4.3 The AO noted in the assessment order that statement of Sh. Anil Mahajan, Chief Manager, Real Estate of HBN Group, was recorded on 21.11.2009 by the Search Team, where, in response to Question No. 14, Sh. Mahajan confirmed the following payments: - - Payments Payable (in crores) Paid (in crores) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... confirmed the order of the Assessing Officer, vide para 17 of his order, which reads as under: After careful consideration and appreciation of all the facts and circumstances of the case, I am of the considered opinion that the addition made by the AO to the income of the appellant by enhancing the value of the shares of M/s Smriti Buildcon Pvt. Ltd. sold by her to HBN Group and the consequent Short Term Capital Gain thereon, is fully justified. The AO is directed to pass on this information to the Assessing Officers of the other shareholdersx of M/s Smriti Buildcon Pvt. Ltd., so that similar action can be taken in their cases for AY 2008-09. The AO may also consider passing on the information regarding this trasnaction to appropriate authorities in the DDA as well as in the office of Registrar of Properties, since, this has become a very common method of avoiding payment of stamp duty to the Government Ex-chequer. Information can also be passed on the Registrar of Companies, so that such malpractices, whereby properties are bought and sold through purchase and sale of shares of companies, can be checked, especially in cases of such shell companies, who do not c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acts and circumstances of the case, the CIT(A) was justified in confirming the addition made by the AO on account of alleged understatement of sale consideration of shares held in M/s Smriti Buildcon Pvt. Ltd.. For the detail reason given in the ITA No. 892/Del/2015, we confirmed the basis of addition. However, there was no evidence on record to show that the appellant was paid her share of on money by her husband. Moreover, the appellant in her statement before the Investigating Wing had categorically stated that the entire control over her financial affair vested with her husband i.e. Mr. Sanjay Parwal. In view of the above statement, we confirmed the addition attributable to the appellant s share in the hands of her husband Mr. Sanjay parwal. The relevant portion of the order reads as under:- 22. However, in our considered opinion, the on money of ₹ 8.7 crores was paid in connection with the transfer of entire shareholding in the M/s Smriti Buildcon Pvt. Ltd. Therefore, the on money should be apportioned in the ratio of the shareholding held. Indisputably, the total shareholding in the said company was 2,94,700 shares. The on money paid per share comes t ..... 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