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TMI Blog2021 (10) TMI 6X X X X Extracts X X X X X X X X Extracts X X X X ..... ent from the fact that it filed Nil return of income. It was not possible to bring such amount of cash from Spain to India otherwise than through banking channels. The Ld. CIT(A) has clinched the issue in right perspective. Finding no reason to interfere in the same, we dismiss the appeal. - I.T.A. No.6476/Mum/2018 (Assessment Year: 2013-14) - - - Dated:- 1-9-2021 - HON BLE SHRI MAHAVIR SINGH, VP AND HON BLE SHRI MANOJ KUMAR AGGARWAL, AM Assessee by: Shri Vipul Joshi-Ld. AR Revenue by: Ms. Usha Gaikwad-Ld. Sr.DR ORDER Manoj Kumar Aggarwal (Accountant Member) 1. Aforesaid appeal by revenue for Assessment Year (AY) 2013-14 arises out of the order of learned Commissioner of Income-Tax (Appeals)-58, Mumbai [CIT(A) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... has been passed by Hon'ble Settlement Commission in the group of cases including the receiver (Yojana Infratech) of on-money payment by assessee, in which the quantum and nature of transaction (on-money) has been agreed by the group of companies (including Yojana Infratech)? 4. Whether on the facts and circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the provisions of section 132(4A) of the IT Act can only be applied in case of assessments u/s 153A or 153C of the IT Act, and not in assessments made under other sections of the Act? 5. Whether on the facts and circumstances of the case and in law, Ld. CIT(A) has erred in holding that the provisions of section 132(4A) of the Act will not apply in case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... onfronted, the assessee denied having paid any on-money to the builder and submitted that all the payment for purchase of flats was through banks. The details of the payment were also submitted to Ld. AO. However, going by the information contained in the pen-drive and admissions made during search operations, Ld. AO added the amount of ₹ 195.20 Lacs to the income of the assessee. 4. The assessee assailed the action of Ld.AO, inter-alia, by submitting that all the payments were made through banking channels only. The Ld. CIT(A), after due consideration of material facts, observed that the presumption of Sec.132(4A) would apply to searched person and not to a third person. To make addition on this basis, additional material evidenci ..... X X X X Extracts X X X X X X X X Extracts X X X X
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