9911796707
TMI Blog2019 (1) TMI 1812X X X X Extracts X X X X X X X X Extracts X X X X ..... s 148 which has ultimately resulted in addition of ₹ 560,000 u/s 69 as confirmed by Ld CIT-A , is invalid and unlawful, as apparent from cursory look to said reasons same are not only vague and farfetched but also same nowhere provides any live nexus or rational connection in the belief formed which is evident from glaring fact that said reasons completely leave it to guesses as to how stated search and seizure operation at Arens Group has resulted in allegation of cash payment against the assessee and what is the basis of the same, sans which substratum of reasons collapse thus resulting in making the entire proceedings as nullity. 2. That reopening made u/s 148 by Ld AO on basis of undated reasons recorded u/s 148 which has ultimately resulted in addition of ₹ 560,000 u/s 69 as confirmed by Ld CIT-A , is invalid and unlawful, as only provision which could have been used in extant facts was section 153C and not section 148 due to which entire proceedings become nullity. 3. That reopening made u/s 148 by Ld AO on basis of undated reasons recorded u/s 148 which has ultimately resulted in addition of ₹ 560,000 u/s 69 as confirmed by Ld CIT-A , is invalid and unl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion of said investments, survey operation was conducted on 10.02.2012 on seven investors group out of 23 investors. Few Investors accepted the payment of unaccounted cash for booking/purchases of the property in the various projects of AEZ Group. In the information extracted from the hard disks, it is observed that the assessee, Shri Deepak Gupta also booked ground Floor Unit of Area 300 on 15.03.2007 in Raj Nagar Project, by payment of cheque of ₹ 25,000/- and cash of ₹ 5,60,000/-, total amounting to ₹ 5,85,000/-. In view of above information, the Assessing Officer reopened the assessment proceedings in the case of the assessee by way of issue of notice under Section 148 of the Act. The Assessing Officer issued notice under Section 142(1), dated 28.11.2013 along with questionnaire. There was no compliance by the assessee. Thereafter, a show-cause notice for for completion of the ex-parte assessment under Section 144 of the Act was issued on 04.03.2014 and served upon the assessee. In response, the Authorized Representative of the assessee attended and filed submission before the Assessing Officer. Learned Authorized Representative of the assessee submitted that t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... roup. In the said case, entries of cash as well as cheque were found to be recorded on such sheets extracted from the hard disc. The Tribunal following the decision in the case of other Investors deleted the addition of unexplained investment under Section 69 of the Act. The paras of order of Tribunal mentioning the facts of material found from AEZ Group are as under: "5. Further, both the Assessing Officer as well as the Ld. CIT-(A) has noted that the fact of cash investment was recorded in two documents found during the course of search action at the 'AEZ Group'. Those two documents are as under: (i) Excel file named "down payment booking details.xls printed from the hard disk found during search on 17/08/2011 from the corporate office of the AEZ group at 301/303, Bakshi house, Nehru Place, New Delhi (ii) Excel file named "down payment booking details.xls retrieved from the hard disk found and seized as Annexure A-27 from the corporate office of AEZ group 6. The Ld. CIT-(A) has mentioned that in both these 'Excel files' name of the assessee as purchaser, covered area, sale price, cheque amount and cash amount received by the seller are recorded. 7. The Ld. CIT-(A) in para ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts found during search at a place of third party which indicated that assessee had purchased a plot by paying consideration in cash, it was held by the Hon'ble High Court that the Assessing Officer could not prove by evidence that said documents belonged to the assessee and thafany on money transaction had taken place. The documents at the best only showed tentative/projected purchase consideration held the Hon'ble High Court. Again, in the case of CIT vs. Alpha Impact Pvt. Ltd. (supra), the Hon'ble Bombay High Court has been pleased to hold that addition to assessee's income in respect of additional sales consideration received in sale of land merely on the basis of Email recovered during the course of search action at the premises of another person and there being no independent material available supporting such additions, was not justified. Besides, we also find substance in the contention of the Learned AR that assessment under sec. 153 A of the Act in absence of incriminating material found during the course of search at the premises of the assessee and in absence of abatement of assessment on the date of search, cannot be made in the present case as per the above cit ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
