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TMI Blog2022 (3) TMI 251X X X X Extracts X X X X X X X X Extracts X X X X ..... lleged 'on-money' based on comparison of rate of sale price per square feet of two different shops sold at two different times. 03. Grounds of appeal:- "1. The learned CIT(A) erred in confirming the addition of Rs. 3,59,855/- under the pretext of suppressed receipts on account of alleged 'on-money', wherein the Stamp duty value is lower than the amount declared under sale, the addition has been made without any evidence on record or conclusive proof, and merely based on conjectures and surmises, such addition is made. Hence the addition may be deleted. 2. The learned CIT(A) erred in not appreciating that the sale of Shop No. 7 has been done after a period of 8.5 months(approx) and the difference in price was due to various fac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdinate Bench in case of Diamond Investment and Properties, made the above addition. Accordingly, the assessment order was passed Under section 143(3) of the Act on 26th November, 2015 determining the total income of assessee at Rs. 1,05,85,962/- making the above addition of Rs. 3,59,855/-. 07. The assessee preferred the appeal before the learned CIT (A), who confirmed the above addition and therefore, assessee is in appeal before us. 08. The learned Authorised Representative assailed the above order and stated that merely because there is a difference between the considerations of 2 shops sold at two different times, no addition could be made in the hands of the assessee. The learned Authorised Representative further submitted that the l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... les of approximately Rs. 4,21,00,000/- and has earned profit of Rs. 52 crores, the Assessing Officer could not find any defect in the books of account or any other evidence about 'on-money' earned on sale of units . Therefore, the addition made by the learned Authorised Representative was without any basis. Further, reliance on the decision of co-ordinate Bench in case of Diamond Investment and Properties is also devoid of any merit because in that case sales of the property were made to related parties. In the impugned case, the sales are made to unrelated parties. Even otherwise, merely because of the reason of difference in the sale price of two different properties on two different times having differing locational advantages, in absenc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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