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TMI Blog2016 (8) TMI 460X X X X Extracts X X X X X X X X Extracts X X X X ..... during the search at the premises of Aerens group. 2. Heard and considered the arguments advanced by the parties in view of orders of the authorities below, material available on record and the decisions relied upon. 3. The relevant facts are that search & seizure operation was conducted on 17.8.2011 in Aerens group of cases and similar operation was also conducted at the premises of the assessee on 10.2.2012. In response to notice issued under sec. 153A of the Act, the assessee furnished return of income at Rs. 20,41,814 which comprised of income from salary, house property, business and profession, capital gain and other sources. In the assessment framed, the Assessing Officer made an addition of Rs. 3,21,00,000 as undisclosed investmen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rect to say on the part of the authorities below that during the course of search proceedings at the premises of the assessee, the assessee had admitted having made cash payment of Rs. 3,21,00,000. It is also incorrect on the part of the Learned CIT(Appeals) to say that during post search proceedings vide letter dated 21.2.2012, the authorized representative admitted having made the said cash payment. The assessee on the other hand since beginning has been thoroughly denying alleged cash payment. In his statement recorded on 10.2.2012, the assessee had denied the alleged investment and again vide letter dated 02.03.2012 has confirmed cheque payment only. The Learned CIT(Appeals) has also erred in holding that Rs. 100 stamp paper of agreemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... alleged cash investment of Rs. 3,21,00,000 made by the assessee in the project Indrapuram Habitant Centre. Since no incriminating material was found at the premises of the assessee and no assessment was pending on the date of search, hence no assessment can be framed under sec. 153A of the Act against the assessee and the assessment, if any, on the basis of material found at the premises of the person searched can be framed against the assessee only under sec. 153C of the Act. 5. The Learned AR submitted that in the present case, original assessment was completed under sec. 143(3) of the Act on the total income of Rs. 20,41,810 vide order dated 13.11.2007 and thus no assessment was pending on the date of search i.e. 10.02.2012 at the prem ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vide cheque dated 20.9.2005 to Aerens Group. The assessee thus cannot be allowed to rely upon the details found in the hard disc at the premises of Aerens Group in part only. 7. The Learned AR rejoined with the submission that the said letter dated 21.2.2012 written on behalf of the assessee only says that to buy peace of mind the assessee is ready to admit the payment to Aerens Group to the extent reflected in the books of account. It does not mean that the assessee had offered any admission regarding the alleged cash payment. He submitted further that again in the letter dated 02.03.2012 which is written on subsequent date the assessee has reiterated that he had paid amount of Rs. 3 crores vide cheque dated 20.9.2005 to the Aerens Group ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... omar appearing in the said hard disc has admitted payment of cash amount, cannot be a basis for arriving at a definite conclusion, in absence of corroborative evidence in support, that the assessee had also paid the amount of Rs. 3,21,00,000 in cash. The Hon'ble jurisdictional High Court of Delhi in the case of CIT vs. Prem Prakash Nagpal (supra) wherein Assessing Officer had made certain additions under sec. 69 of the Act on the basis of the documents found during search at a place of third party which indicated that assessee had purchased a plot by paying consideration in cash, it was held by the Hon'ble High Court that the Assessing Officer could not prove by evidence that said documents belonged to the assessee and that any on money ..... X X X X Extracts X X X X X X X X Extracts X X X X
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