2019 (4) TMI 1235

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..... t be possible. Inter-alia on such grounds, the Tribunal accepted the assessee's contention that the draft agreement was never acted upon by the parties Entire issue is factual. The Tribunal took into account the relevant facts and came to the conclusion that the addition of said sum of ₹ 1.53 crores by the Assessing Officer was not sustainable. No question of law arises in this respect. Addition based on the basis of loose papers found during search - HELD THAT:-While deleting the additions, the Tribunal assessed the material on record there is no evidence about the payment of amount of ₹ 20 lakh by cheque about which the investigation wing/search party has made thorough investigations, then the presumption about the p .....

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..... of unaccounted cash payments made by the assessee as evident from the nothings in the incriminating documents seized from the assessee's premises, without appreciating that since the cheque payments noted in the impugned seized materially with the registered documents, the corresponding unaccounted cash payment also noted in the same seized documents are bound to be true? 2. Question no.1 arises out of the action of the Assessing Officer to make addition of ₹ 1.53 crores as assessee's undisclosed income. The respondent-assessee was subjected to search during which certain documents were seized. One such document was a draft agreement of sale by the assessee which showed the total sale consideration of the immo .....

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..... r on the basis of loose papers found during search. In this respect also, while deleting the additions, the Tribunal assessed the material on record and made the following observations: 7. So far as the addition on the basis of loose paper, copy of which has been placed on page 148 of the paper Book, in relation to payment made to Sh. Mukund Keni is concerned, the notable fact is that it has been mentioned in the lose papers that ₹ 60 lakh was paid by cheque and the other figures mentioned were ₹ 20 lakh by cheque and ₹ 1.50 crore in cash. The stand of the Assessing Officer has been that the amount of ₹ 1.50 crore was paid in cash. However, the Assessing Officer even could not prove the payment of & .....

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