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TMI Blog2016 (6) TMI 520X X X X Extracts X X X X X X X X Extracts X X X X ..... 50, Defence Colony, New Delhi. As the entire construction cost and amount of ₹ 21 lacs paid to the owner of the said property have been duly reflected in the books of accounts of the assessee. Therefore, Ld. CIT(A) has rightly held that AO was not justified in making the addition of ₹ 91 lacs as income from undisclosed sources and accordingly deleted the addition. - I.T.A. Nos. 1405 & 1407/DEL/2009 - - - Dated:- 28-4-2016 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI J.S. REDDY, ACCOUNTANT MEMBER For The Department : SH. A.K. Saroha, CIT(DR) For The Assessee : Sh. Vinod Aggarwal, CA ORDER PER H.S. SIDHU : JM The Department has filed these Appeals against the separate impugned Orders both dated 23.1.200 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oprietorship concerns have undertaken various projects in Defence Colony and surrounding localities. During the course of search, certain incriminating documents / papers were found and seized. Since the premises of the assessee was covered u/s. 132 of the I.T. Act, notices u/s. 153A of the I.T. Act were issued for six assessment years on 6.11.2006 and served on the assessee. In response thereto, the assessee furnished the return of income on 30.8.2007 showing the total income of ₹ 1,54,270. The assessee filed the original return on 4.11.2003 showing the total income at ₹ 1,54,270/-. The assessee did not offer any additional income in the return filed in response to the notice u/s. 153A of the I.T. Act. Thereafter, notice u/s. 1 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the owner Sh. Hanwantbir Singh and the copy of construction account of the property No. C-550, Defence Colony, New Delhi in the books of M/s IG Builders and Promoters Pvt. Ltd. The assessee has not purchased this property directly from the owner but has only entered into collaboration agreement for construction of said property and thereby became the owner of 2nd floor and terrace on the 2nd floor of the said property C-550, Defence Colony, New Delhi. As the entire construction cost and amount of ₹ 21 lacs paid to the owner of the said property have been duly reflected in the books of accounts of the assessee. Therefore, Ld. CIT(A) has rightly held that AO was not justified in making the addition of ₹ 91 lacs as income from un ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... well as the proprietorship concerns have undertaken various projects in Defence Colony and surrounding localities. During the course of search, certain incriminating documents / papers were found and seized. Since the premises of the assessee was covered u/s. 132 of the I.T. Act, notices u/s. 153A of the I.T. Act were issued for six assessment years on 6.11.2006 and served on the assessee. In response thereto, the assessee filed the return of income on 13.12.2006 showing the total income of ₹ 1,04,52,360/-. The returned income included the sum of ₹ 85,00,000/- being the disclosure made at the time of search. The disclosure has been included in the total income which has resulted in increase of the reserves. The disclosure was on ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of A-7 contains entries in lacs and hence in the same manner of interpretation should be made to interpret the reverse side of the same page. This view could have been sustained on the happening of two possibilities. First, if there was indeed a link between the entries made in the front side and the back side of page 8. Second, if at all the payment or even the receipt on the reverse side of page 8 could be deciphered as being unaccounted payment or receipt with reference to the assessee s regular books of accounts and with reference to the seized documents. The front side of page 8 is as regards a property at D-431, Defence Colony. The assessee has not undertaken any development work on D-431, Defence Colony as per its work in progress ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rounds of appeal filed by the Revenue. 14.2 On the other hand, Ld. Counsel of the Assessee relied upon the order of the Ld. CIT(A) and stated that Ld. CIT(A) has passed a well reasoned order which does not need any interference and the same may be upheld. 15. We have heard both the parties and perused the records, especially the Orders of the revenue authorities, we find that on this issue AO s has included the entire set of entries totaling ₹ 82.50 lacs in page 11 of A-7 as the assessee s income from undisclosed sources for AY 2006-07 on the basis that the entire set of transaction is unrecorded and there was no evidence to substantiate that the relevant deal did not materialize. However, the facts earlier stated indicate that ..... X X X X Extracts X X X X X X X X Extracts X X X X
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