9911796707
TMI Blog2021 (11) TMI 1002X X X X Extracts X X X X X X X X Extracts X X X X ..... e ingredients of section 69A of the Act made the addition u/s. 69A of the Act, hence we are in concurrence with the finding of the Ld. Commissioner qua non-application of the provisions of section 69A to the issue in hand, consequently no interference is warranted qua conclusion drawn by the Ld. Commissioner. Department has also raised a grievance that the Ld. Commissioner erred in directing the AO to estimate the profit @ 15% on unaccounted sale receipts, when the provisions of section 69 of the Act clearly applicable to the facts of the present case - Commissioner while deciding non-applicability of the provisions of section 69A of the Act to the case of the Assessee, directed the AO to estimate profit @15% on unaccounted sale receip ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) erred in holding that provisions of sec. 69A of the Income-tax Act, 1961, is not applicable to the case in spite of the fact that the assessee received cash/money(on-money) outside the books of account. 3. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in directing the AO to estimate profit @15% of the unaccounted sale receipts of ₹ 2,49,70,000/- when provisions of sec. 69A of the Act are clearly applicable to the facts of the case. 4. On the facts and in the circumstances of the case, the Ld. CIT(A) erred in not accepting the fact that the provisions of sec. 69A of the Act are applicable to the addition made on account of unrecorded sale receipts-(on- money receipts) as the assessee is found to b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... explanation about the nature and source of acquisition of money, the money may be deemed to be the income of the Assessee for such financial year. In the present case, no money was found at the time of survey u/sec. 133A of the Act. Whet was found was only certain information suggesting that the appellant sold the flats at a higher rate than what was recorded in the sale deed. Moreover, the assessing officer himself gave a finding that the transaction is one that of sale of flats. Such being the case, I am unable to comprehend as to how the assessing officer invoked the provisions of section 69A of the Act. I am of the opinion that the provisions of section 69A of the Act are not applicable in the case of the appellant and the assessing of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ovisions of section 69A of the Act to the case of the Assessee, directed the AO to estimate profit @15% on unaccounted sale receipts. We are of the considered opinion that the ld. Commissioner though decided that section 69A of the act is not applicable to the facts of the case, however used his own wisdom by considering the peculiar facts and circumstances while following the decision of Hon'ble Gujarat High Court in the case of Jay Builder Vs. ACIT in Tax Appeal No. 255/2012, dated 11/12/2012 by estimating profit @15% on unaccounted sale receipts. The direction of the Ld. Commissioner is based on the judgement of Hon'ble High Court and even otherwise in favour of the Revenue Department and against the Assessee, therefore, on overa ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
