9911796707
TMI Blog2018 (4) TMI 407X X X X Extracts X X X X X X X X Extracts X X X X ..... s declared income of ₹ 10 lacs in A.Y. 2009-10 and ₹ 20 lacs in A.Y.2010-11 in respect of such receipt which is also assessed by the AO, therefore, the addition made by the AO and partly confirmed by the ld. CIT(A) is deleted. - Decided in favour of assessee - D. B. Income Tax Appeal No. 44-45 /2018 - - - Dated:- 2-4-2018 - K. S. Jhaveri And Vijay Kumar Vyas, JJ. For the Appellant : Mr. Prateek Kedawat for Mr. R.B. Mathur JUDGMENT By way of these appeals, the appellant has challenged the judgment and order of the Tribunal whereby the Tribunal has allowed the appeal of the assessee and dismissed the appeals of the department. Counsel for the appellant has framed the following substantial questions of law:- ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed the materials available on record. In this case, it is noted the AO made the addition of ₹ 2,48,25,300/- on account of seized material found during the course of search which has been reduced by the ld. CIT(A) by ₹ 10.00 lacs and balance was sustained. It is noted from the seized documents available at paper book pages 51 to 56 that on these papers, certain details like flat no, amount received through cheques, amount received in cash, the name of the persons from whom the amount is received etc. are mentioned. On these papers available at Annexure A-2/19 and Annexure A-6/20-24, the statement of the assessee u/s 132(4) were recorded. In statement dated 28.01.2009, in reply to question no. 14 (PB 41), the assessee with refere ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acs in A.Y.2009-10 and ₹ 20 lacs in A.Y. 2010-11 on this account. Thus the assessee has offered ₹ 30 lacs which gives a profit rate of 12.08%. It is also a settled law that total receipt cannot be income. Further, if Revenue s contention is accepted that these receipts pertains to the business of various Group Concerns then these cannot be taxed in the hands of assessee. During and after the search, assessee states that these receipts are of extra or additional work done by him to certain purchaser of flats. These receipts have to be taxed in the hands of assessee by Revenue then total receipts cannot be added to the total income. Only profit margin has to be taxed. Therefore, we are of the view that entire amount cannot be adde ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
