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TMI Blog2022 (2) TMI 1059X X X X Extracts X X X X X X X X Extracts X X X X ..... erms of our aforesaid observations vacate the addition made by the AO during the year under consideration. - Decided in favour of assessee. - ITA Nos.265 And 266/RPR/2016 - - - Dated:- 21-2-2022 - Shri Ravish Sood, Judicial Member And Shri Jamlappa D Battull, Accountant Member For the Assessee : Shri Prafulla Pendse, A.R For the Revenue : Shri P.K Mishra, CIT D.R ORDER PER RAVISH SOOD, JM: The captioned appeals filed by the assessee are directed against the respective orders passed by the CIT (Appeals)-I, Raipur dated 01.03.2016, which in turn arises from the respective orders passed by the A.O under Sec. 153A r.w.s.143(3) of the Income-tax Act, 1961 (in short the Act ) dated 28.03.2014 for assessment years 2010-11 2011-12. As common issues are involved in the captioned appeals, therefore, the same are being taken up and disposed off together by way of a consolidated order. We shall first take up the appeal filed by the assessee for the assessment year 2010-11 wherein the assessee has assailed the impugned order on the following grounds of appeal before us : 1. That the order of the Ld. CIT(A) is bad in law as well as on facts. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... refunded to him during the period relevant to assessment year 2011-12. However, the assessee distanced himself both from the contents of the aforementioned agreement (supra) as well as the ledger account of M. Ahuja Project India Pvt. Ltd. appearing in the books of account of M/s. R.S. Infrastructure Pvt. Ltd. Not finding favour with the aforesaid explanation of the assessee, the Assessing Officer rejected the same. It was observed by the Assessing Officer that the name of Shri Manish Pinjani (supra) (as appearing in the agreement ) was, thereafter substituted by that of one Shri Sunil Talariya who incidentally was a partner in M/s. R.S. Fincap, i.e an associate concern of the assessee. Also, the Assessing Officer on a perusal of the seized document observed that an amount of ₹ 1 lac was paid by M/s. R.S. Automobile on 20.01.2010 from its own account to Shri Manish Pinjani (supra). Backed by the aforesaid facts, the Assessing Officer held a conviction that the impugned payment aggregating to ₹ 8,86,000/- (supra.) that was made over the years i.e. F.Y. 2009-10 to F.Y 2011-12 was nothing but the unexplained investment made by the assessee. In the absence of any plausi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... led to the impugned addition in the hands of the assessee. Issue involved in the present appeal hinges around the contents of an incriminating documents marked as LPS-9 (Page 1 to 13) which is an agreement executed between Shri Manish Pinjani and M. Ahuja Project (I) Pvt. Ltd., that was seized in th course of the search proceedings conducted u/s 132(1) of the Act on 21.03.2012 at the business premises of the assessee i.e E-2, Maruti Business Park, G.E Road, Raipur. On a perusal of the aforesaid incriminating material, we find that the same comprises of, viz. (i) an agreement (undated) between Shri Manish Pinjani and M. Ahuja Project (I) Pvt. Ltd. (executed on stamp paper of ₹ 50/-) dated 30.08.2010 a/w the terms and conditions forming part of the said agreement ; (ii) the copy of ledger account of Shri Manish Pinjani, Raipur appearing in the books of account of M/s. R.S. Infrastructure (I) Pvt. Ltd., therein, reflecting the payment aggregating to ₹ 8,86,000/- (supra) made over the years i.e. F.Y. 2009-10 to F.Y. 2011-12. (iii) Copy of ledger account of Shri Manish Pinjani as appearing in the books of M/s. R.S. Automobiles, therein, reflecting the transaction of ad ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... upra) from M. Ahuja Project (I) Pvt. Ltd. 6. Backed by the aforesaid facts, we are of the considered view that the property in question i.e. Plot No.47 (supra) was initially agreed to be purchased by Shri Manish Pinjani, who thereafter, had transferred his interest in the same to Shri Sunil Talariya (supra), wherein the latter had finally transferred all his interests in the said property i.e. rights etc. to Shri Siyawar Saran Tiwari (supra). On a perusal of the aforesaid seized records, we find that Shri Siyawar Saran Tiwari had vide a registered deed, dated 04.04.2014 purchased the property in question from M. Ahuja Project (I) Pvt. Ltd. 7. Admittedly, as per sub-section (4A) of Section 132 and Section 292C of the Act, where any document is found in the possession or control of any person in the course of a search proceedings u/s.132 of the Act, then, in any proceedings under this Act, it may be presumed that, viz (i) such document belong or belongs to such person; (ii) that the contents of such documents are true; and (iii) that the signature and every other part of such document which is purported to be in the handwriting of any particular person are in that person s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... acate the addition of ₹ 1,40,000/- made by the Assessing Officer during the year under consideration. The Ground of appeal No.2 is allowed in terms of our aforesaid observations. 8. Ground Nos. 1, 3 and 4 being general in nature and hence, are dismissed as not pressed. 9. In the result, the appeal of the assessee in ITA No.265/RPR/2016 for the assessment year 2010-11 is allowed in terms of the aforesaid observations. ITA N.266/RPR/2016 A.Y.2011-12 10. As facts and the issues involved in the present appeal remains the same as were there before us in the asssesee s appeal for assessment year 2010-11 in ITA No.265/RPR/2016, therefore, our order therein passed while disposing off the appeal of the assessee for assessment year 2010-11 shall apply mutatis-mutandis for disposing off the present appeal in ITA No.266/RPR/2016 for the assessment year 2011-12. Accordingly, the order passed by the CIT(A) is set-aside and the assessment framed by the AO under section 153A r.w.s.143(3) dated 28.03.2014 is vacated on the same terms. 11. In the result, appeal of the assessee in ITA No.266/RPR/2016 for the assessment year 2011-12 is allowed in terms of our ..... X X X X Extracts X X X X X X X X Extracts X X X X
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