2018 (4) TMI 1636

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..... ties in the same area. Firstly neither the AO nor the CIT (A) had compared the rates of M/s. Sambhav Infrastructure Pvt. Ltd or any other constructed properties which was sold during the same time in the same area. Even after making the additions in case of M/s. Sambhav Infrastructure Pvt. Ltd with the aid of the confessional statements made by the representative, neither the AO nor the CIT (Appeals) co-related the sale with that of the assessee by establishing that the sales were during the same period in relation to the properties which offered similar advantages. In fact, their contention was that this demonstrated a uniform trend or a pattern in the industry of cash transactions. The reference to the material collected from the website .....

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..... lite area of city of Ahmedabad. He therefore, made addition to the tune of ₹ 32.56 crores (rounded off). 3. Assessee carried the matter in appeal before the Commissioner. Commissioner (Appeals) confirmed the addition placing heavy reliance on the following three factors: (i) Above noted loose documents contained reference to constructed areas and rate of sale; (ii) The assessment proceedings concerning the builders M/s. Sambhav Infrastructure Pvt. Ltd in which the assessee had admitted to have received sizeable on-money during sale of flats in the same vicinity; (iii) From survey and the material collected by the Assessing Officer from the website which, according to him indicated prevailing market rates. 4. The issue was carr .....

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..... ven rates for the constructed properties in the same area. Firstly neither the Assessing Officer nor the CIT (Appeals) had compared the rates of M/s. Sambhav Infrastructure Pvt. Ltd or any other constructed properties which was sold during the same time in the same area. Even after making the additions in case of M/s. Sambhav Infrastructure Pvt. Ltd with the aid of the confessional statements made by the representative, neither the Assessing Officer nor the CIT (Appeals) co-related the sale with that of the assessee by establishing that the sales were during the same period in relation to the properties which offered similar advantages. In fact, their contention was that this demonstrated a uniform trend or a pattern in the industry of cash .....

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