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TMI Blog2022 (11) TMI 239X X X X Extracts X X X X X X X X Extracts X X X X ..... allowed for statistical purposes. Penalty levied under section 271(1)(c) - HELD THAT:- Since we have already restored the addition in dispute made in assessment proceedings above to the file of the Learned Assessing Officer, therefore, the penalty levied in respect of the addition cannot survive; accordingly same is also restored to the file of AO for deciding afresh after adjudicating on the issue of addition in quantum proceedings. The grounds of the appeal of the assessee accordingly allowed for statistical purposes. - I.T.A No.529/Mum/2022 And I.T.A No.531/Mum/2022 - - - Dated:- 28-10-2022 - Shri.Ri Om Prakashri. Kant, Accountant Member And Smt. Kavitha Rajagopal, Judicial Member For the Appellant : Shri Gaurav Kabra For the Respondent : Smt. USha Gaikwad, Sr.AR ORDER PER OM PRAKASHRI. KANT (AM): These appeals by the assessee are directed against two separate orders both dated 23/02/2022, passed by the Learned Commissioner of Income-tax (Appeals)-54, Mumbai [in Shri.ort the Ld. CIT(A)] for Assessment Year 2006-07. The appeal bearing ITA No. 529/Mum/2022 pertains to assessment, where quantum addition has been made, whereas the appeal ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o believe that income escaped assessment. The reassessment under section 147 of the Act was completed on 25/03/2014 wherein the Assessing Officer treated 20% of the sale of ₹ 1,52,94,320/-as on-money received and accordingly undisclosed income of ₹ 30, 58, 864/-was added to the business income assessed vide order under section 143(3) dated 19/11/2008. On further appeal, the Ld. CIT(A) upheld the undisclosed income added by the Assessing Officer. 4. Aggrieved, the assessee is before the Income Tax Appellate Tribunal (ITAT)[in Shri.ort the Tribunal] raising grounds as reproduced above. 5. The ground No. 1 of the appeal challenging the validity of the assessment was not pressed by the Learned Learned Counsel of the assessee, accordingly same is dismissed as infructuous. 6. The ground No..5 being general in nature, therefore, same is also dismissed as infructuous. 7. The grounds No. 2 to 4 of the appeal relate to addition of on-money on sale of land. 8. We have heard rival submissions of the parties on the issue in dispute and perused the relevant material on record. During the course of search Action, the director of the assessee company, Shri. Sam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... during the course of the search also indicated that on-money received was utilised to make payment of ₹ 6,00,77,175/-for purchase of land. In view of the submissions it was prayed that on-money at the rate of the 10% could only be added to the income of the assessee after taking into consideration the expenses incurred. The Ld. CIT(A), however, held that statement recorded under section 132(4) of the Act constitutes an important piece of the evidence. In support, he relied on the decision of the Hon ble Delhi High Court in the case of CIT Vs Kuwar Fibres P Ltd (2017) 77 taxmann.com 345 (Delhi) and decision of Hon ble Kerala High Court in the case of Medical land Vs CIT(Appeals), Kochi (2014) 45 taxmann.com 488 (Kerela). He declined the prayer of the assessee of considering 10% of on-money as unaccounted income on the ground that no working of unaccounted expenses recorded in seized document for arriving at profit of 10% was submitted. 9. On perusal of the order of the Ld. CIT(A), we find that though in para 6.3.1 of the impugned order he has mentioned that there are ample evidence of taking on-money on sale of land which were seized during the course of the search, howe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 1720 26,654 Nil 10 1749, 1934 68,900 Nil 11 Nagaon Parhur 2,01,960 Nil 12 1735 Parhur 37,100 Nil 13 1992 109,800 Nil 14 1760 21,975 Nil 15 1774 11,000 Nil 16 1756, 1767, 1941 18,575 Nil 17 1756, 1761,1763,1940 12, 700 11,96,500 18 306 32,900 Nil 19 1932 7,000 Nil 20 1754, 1680 55,000 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... heque against my PAN ATDPM6349L I didn't receive any commission in cash. Column 4 of the above table represents the cash consideration paid for land dealings by M/s Samira Habitats India Limited to the respective farmer/ farmers In cash?? ' Statement of Smt Asha Janardan Hale:- Q5. Please state the amount of commission you have got for facilitating M/s Samira Habitats India Limited in the land dealings at Nagaon. Please also state that there is any amount of cash paid by M/s Samira Habitats India Limited to land owners/ farmers during the purchase of land. If so, also state the quantum of payment made by M/s Samira Habitats India Limited to the concerned land owners/brokers. Ans: Sir, I confirm that I have facilitated M/s Samira Habitats India Limited in the land dealing at Nagaon Sahan village. The details of the gut numbers and the commission for the same are depicted as under:- Sr. No. Gut No. Approx. Commission and the rate (Amount in Rs.) Approx. value of Consideration paid in of cash (Amount in Rs.) 1 1688 44,413 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aon. The details of the gut numbers and the commission for the same are depicted as under:- Sr. No. Gut No. Approx. Commission and the rate (Amount in 1 Rs.) Approx. value of consideration paid in of cash(Amount in Rs.) 1 1931 9,982 Nil 2 2041, 2048 50,000 18,00,000 3 1938, 1894 12,660 4,20,000 4 2073 6,438 2,20,000 5 1893 3,360 3,70,000 6 1720 26,654 Nil 7 1899 66,220 7,20,000 8 1770, 1773 70,000 Nil 9 1992 1,09,800 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Amount in Rs.) Amount paid to farmers/owners FinancialYear 1 20 11,04,000 35,05,000 29,53,000 2008-09 2 22 3,40,000 10,80,000 9,10,000 2008-09 3 24 4,22,000 13,40,000 11,29,000 2008-09 4 26 18,50,000 58,73,000 49,48,000 2008-09 5 28/1 6,90,000 2191,000 18,46,000 2008-09 6 28/2 90,000 2,86,000 2,41,000 2008-09 7 18 2,50,000 7,95,000 6,70,000 2008-09 8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 3 2008-09 3,06,74,475 4 2009-10 29,15,700 5 2010-11 86,70,000 6 2011-12 43,00,000 7 2012-13 28,22,000 Total 6,00,77,175 Ans: Sir, I confirm that the above mentioned amount to the tune of Rs. 6,00,77,175/-have been paid in cash to the farmers/owners. 10. In the seized documents also reference of payment of ₹ 6, 00, 77, 175/- for purchase of the lands. Thus, in the light of statements of the brokers and seized documents, it cannot be denied that on-money was paid while purchase of land by the assessee. We find that identical issue of addition of on-money in assessments under section 153A for search period i.e AY 2007-08 onward has been restored back to the file of the Assessing Officer by the Tribunal wide order dated 19/07/2022, therefore, in the Facts and circumstances of the case, we feel it appropriate to resto ..... X X X X Extracts X X X X X X X X Extracts X X X X
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