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TMI Blog2017 (12) TMI 1363X X X X Extracts X X X X X X X X Extracts X X X X ..... o these factual conclusions, the Court is of the opinion that no question of law arises; the appeal is, therefore, dismissed. - ITA 1164/2017, CM APPL.46236/2017 - - - Dated:- 19-12-2017 - S. Ravindra Bhat And A. K. Chawla, JJ. For the Appellant : Mr. Zoheb Hossain, Sr. Standing Counsel For the Respondent : None ORDER S. Ravindra Bhat, J. ( Oral ) 1. The question of law sought to be urged by the revenue in its appeal under Section 260A of the Income Tax Act, 1961 is with respect to the alleged error in setting aside the additions made by the Assessing Officer ( AO ) in the course of a search assessment under Section 158BC of the Income Tax Act, 1961. 2. The appellate Commissioner who considered the findings, made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... mitted the matter with respect to the assessment vis-a-vis the property and the amounts added. 5. The CIT (A) restricted the additions to a minimal amount and held as follows: - 6. I have carefully considered the facts of the case, based on the directions of the Hon ble ITAT, remand report and rejoinders submitted by the appellant. On careful consideration, I find that on the first issue relating to investment in the property at F-18, Lajpat Nagar-I, New Delhi, the Hon ble ITAT New Delhi vide their order dated 19.09.2008 had directed the AO to ascertain how much amount has been contributed by the assessee for the cost of construction of the house and then compute the undisclosed investment in the house in the hands of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... undeclared sales, therefore, keeping in view the above specific and categorically clear direction, it is evident that the AO was directed to verify the figures relating to amounts introduced for opening various bank accounts of the three benami firms by the appellant. Under the circumstances, the Ld. AO was requited to verify the figures from the bank statements in respect of the above 3 benami firms. In view of this, the additions made by the Ld. AO in respect of amounts over and above the amounts introduced by the appellant in the bank while opening up bank accounts are to be deleted. The Ld. Counsel has furnished bank statements before the AO and before this authority. On careful consideration the amounts shown by the appellant in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he rule of consistency - having regard to the orders made in the case of Satish Kumar Chandna, the assessee s brother and business partner/associates. The findings of the ITAT in this regard are as follows: - 25. In fact, identical addition of ₹ 45,00,000/- had been set aside in the case of brother of assessee Sh. Satish Kumar Chandna wherein too the Assessing Officer after consideration the reply of the assessee dated 10.02.2010 (pages 321 to 323 of paper book) and direction of the Tribunal of (extracted above in para 4.2) held in order dated 07.05.2010 (pages 296 of paper book) as under: - 9 Initial capital contribution in benami business units: The observations of ITAT vide order dated 19.09.2008 on these issues are ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15723 Bank of Madurai 16.08.1994 By Cash 5,000/- 106314 Allahabad Bank 04.05.1995 By Cash 2,500/- 9.3 Therefore, by following the direction of the ITAT vide order dated 19.09.2008 the initial capital contribution of the assessee in the benami concerns taken at ₹ 15,500/-. 26. In light of the aforesaid binding directions of the Tribunal and, the order of assessment in the case of brother of the appellant, addition made of ₹ 70,49,757/- directed to be deleted and is restricted to ₹ 12,000/- (as directed by the Tribunal) w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eged investment, which too is based on no basis. It was also submitted that the entire addition made was based on hypothetical and surmise full consideration based on no valid material and was merely conjectural. 28. Also there is no basis to allege that the assessee had made any investment purportedly as a capital contribution. It is a matter of record that the assessee was supplying the Grey Cloth and was making payment only on the receipt of the sale proceeds and that too at time even much later which is evident from the copy of the bank accounts which shows as soon as the sales were effected, monies were withdrawn either in case or by making the payments by cheque to the suppliers. This is verifiable from the bank statement which i ..... X X X X Extracts X X X X X X X X Extracts X X X X
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