9911796707
TMI Blog2022 (3) TMI 724X X X X Extracts X X X X X X X X Extracts X X X X ..... ers, CIT(A) on examination of their statement held that both the parties stated about the rate of flat booking, payment terms, money paid from time to time both the buyers nowhere asked in the statement that they have made on money payment. The statement of purchaser cannot alone prove that they were having any agreement with the assessee regarding any payment made outside books of accounts. The contention of assessee that both the buyers paid extra money for extra work agreement is also proved by proof of disbursal of bank loans as well as by extra work agreements. CIT(A) further noted that if the extra work doubted by search or survey party, no further investigation was made against those flats owners. The adoption of huge on money withou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the Act as also on the basis of the statement recorded from the partners of the firm under Section 132(4) of the Act wherein they have admitted receipts of money by the group from other real estate projects undertaken by the group? [B] Whether on the facts and in the circumstances of the case and in law, the Hon'ble is justified in not appreciating the fact that the estimation of profit and addition made by the Assessing Officer was on the basis of the evidences found during the course of search/survey proceedings and statements recorded under Section 131 and 132(4) of the Act and hence, the decision of the Appellate Tribunal was contrary to the facts of the case and, therefore, there is perversity in the order of the Appellate Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ies and have gone through the order of Lower Authorities carefully. We have also deliberated on various case laws relied by the Lower Authorities as well as by ld. AR for the assessee, during the course of his submission. The AO made addition by assuming that during the survey, the partner of the firm stated that the project consists of 288 flats and 30 shops and boked 18 shops at 2000 per sq ft upper ground floor in Vaishnodevi Heights. The partner explained the difference in the sale price was due to extra work. The AO on the basis of statement of two flats buyers comparing to booking of the project calculated 'on money' of ₹ 20.81 crore in respect of 288 flats on his following observation: "Shri Manish Katargamwala ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ey' on the project of ₹ 22,83,81,290/- (20,81,09,290 +2,02,72,000). 10. The Ld. CIT(A) after considering the submission of assessee, working of AO and the statement of parties held that there is no documentary evidence to substantiate, the receipt of 'on money'. No documents were recovered from the position of firm during the search or survey proceedings. The AO estimated the figure of on-money on the basis of statements of two buyers namely Shri Anand Gaur and Sudhirbhai Parikh, recorded during the survey. We have further noted that Id.CIT(A) independently examined the statement of both these two flat buyers, the ld.CIT(A) on examination of their statement held that both the parties stated about the rate of flat booking, payme ..... X X X X Extracts X X X X X X X X Extracts X X X X
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