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TMI Blog2018 (12) TMI 599X X X X Extracts X X X X X X X X Extracts X X X X ..... by the AO and ld. CIT(A) and weighted average rate submitted by the appellant, we are of the considered opinion that the assessee has not disputed the rate adopted by the ld. CIT(A) for ground and first floor of ₹ 30,042/-, which is must less than the weighted price of first floor as of ₹ 50,251.77 and little higher than the weighted price of first floor of ₹ 29,288.33 as submitted by the assessee and which has not been seriously objected or opposed by the ld. DR. Therefore, the adoption of rate by ld. CIT(A) for ground and first floor of ₹ 30,042/- per sq. mt. is confirmed. For rate of second floor CIT(A) has adopted rate of ₹ 30,042/- for second floor and as per assesee the weighted rate for this floor is ₹ 17,703.97. Keeping in view these facts and figures submitted by both the parties and by taking a balancing and reasonable approach and view, we find it appropriate to take average rate of these two which is approximately ₹ 24,000/- per sq. mt. and AO is directed to recalculate the addition for second and third floors sale of shops and offices accordingly. For fourth and fifth floor, CIT(A) has adopted similar rate of ₹ 22,0 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2. The Honorable CIT (A) IV Ahmedabad has erred in law and on facts in upholding the contention made by the Assessing officer that Appellant Company has received on-money in respect of sale of all shops and offices based on loose paper found during the course of search proceedings. 3. The Honorable CIT (A) IV, Ahmedabad has erred in law as on facts in upholding the estimation of sales price of shops situated at Ground, 1st and 2nd Floor at ₹ 30,042/- per sq. meter and ₹ 22,000 in respect of offices situated at 3rd, 4th, and 5th Floor for the purpose of estimating the unaccounted receipts of the project Cosmo Complex . 4. It is humbly prayed that the reliefs as prayed for hereinabove and such other relief as may be justified by the facts and circumstances of the case and as may meet the ends of justice should be granted. 4. We have heard the arguments of both sides and carefully perused the relevant material placed on the record of the Tribunal. The ld. Assessee s Representative (AR) submitted that there was no incriminating material found during the course of search and seizure operation held on 15.09.2010 for AY 2004-05, 2005-06 2007-08 in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... no incriminating material found during the course of search and seizure operation in the hands of assessee for AY 2004-05. Hence, respectfully following the ratio of the decision rendered by Hon ble Jurisdiction High Court of Gujarat in various cases including judgment in the case of Soumya Construction (supra), therefore, we hold that the AO is not entitled and empowered to make any addition in the assessment order framed u/s. 153A r/w s. 143(3) of the Act for AY 2004-05 in absence of any incriminating material therefore, the addition made by the AO and reduced by the ld. CIT(A) is not sustainable and thus, we direct the AO to delete the entire addition made in absence of incriminating material for AY 2004-05. 8. Since, facts and circumstances of AY 2005-06 and 2007-08 are identical and similar to the facts of AY 2004-05 therefore, our conclusion drawn for AY 2004-05 would apply mutatis mutandis to other two years i.e., for AY 2005-06 2007-08. Consequently, additions made by the AO and reduced by the ld. CIT(A) are not sustainable for these two years and we direct the AO to delete the entire addition made in said two years. Accordingly, grounds of the assessee for all three ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that CIT (A) has erred in law and on facts in upholding the rejection of books of accounts u/s. 145 of the Income Tax Act, 1961 by the Assessing officer. The ld. AR further submitted that CIT (A) has erred in law and on facts in upholding the contention made by the Assessing officer that Appellant Company has received on-money in respect of sale of all shops and offices based on loose paper found during the course of search proceedings. It is also submitted that ld. CIT (A) has erred in law as on facts in upholding the estimation of sales price of shops situated at Ground, 1st and 2nd Floor at ₹ 30,042/- per sq. meter and ₹ 22,000 in respect of offices situated at 3rd, 4th, and 5th Floor for the purpose of estimating the unaccounted receipts of the project Cosmo Complex . 12. The ld. AR vehemently pointed out that weighted average rates for ground floor, first floor, second floor, third floor, fourth floor, fifth floor was of ₹ 50251.77, ₹ 29,288.33, ₹ 17,703.97, ₹ 10,975.65, ₹ 11,056.58 and ₹ 11,545.41 per sq. mts. respectively, whereas the rate adopted by the ld. CIT(A) was ₹ 30,042/- for ground, first and second ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ll six floors, which cannot be accepted blindly but have persuasive value for estimation of floor wise rate of shops and offices sold by the assessee and for estimation of on money received by the assessee from sale of shops and offices on all six floors. Keeping into consideration totality of the facts and circumstances of the case, the general principle and guidance for valuation of rate of multi-story building from ground to top floor, rate adopted by the AO and ld. CIT(A) and weighted average rate submitted by the appellant, we are of the considered opinion that the assessee has not disputed the rate adopted by the ld. CIT(A) for ground and first floor of ₹ 30,042/-, which is must less than the weighted price of first floor as of ₹ 50,251.77 and little higher than the weighted price of first floor of ₹ 29,288.33 as submitted by the assessee and which has not been seriously objected or opposed by the ld. DR. Therefore, the adoption of rate by ld. CIT(A) for ground and first floor of ₹ 30,042/- per sq. mt. is confirmed. 15. So far as rate of second floor is concerned, the ld CIT(A) has adopted rate of ₹ 30,042/- for second floor and as per assesee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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