9911796707
TMI Blog2022 (11) TMI 473X X X X Extracts X X X X X X X X Extracts X X X X ..... s pointed various documents including the agreement to sale wherein it was clearly set out that the flat was booked for Rs. 68,26,000/- but due to certain reasons there was cancellation of flat. The Ledger Account of J. P. Iscon Ltd. from 01.04.2010 to 31.03.2017 from assessee s books of accounts showing complete details of mode of payments/received and amount paid/received back was given by the assessee during the assessment proceeding. Merely finding the name of the transaction in the excel sheet during the search cannot held the assessee responsible for cash which was never tracked down by the Assessing Officer from assessee s books of accounts. The assessee has denied any payment of cash portion during the assessment proceeding. AO h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent on 25.02.2016 at various premises of J. P. Iscon Group and related assessees, wherein incriminating documents/materials, evidence were seized in respect of on-money received from various customers of the projects developed by J. P. Iscon Pvt. Ltd. and its group concerns. During the course of search the computer excel sheet with planted (1) cheque and Planed (2) in excel containing details of various projects have been found in the form of digital data from computer of Kalindi S Shah, Marketing Manager of the company. The digital data which was seized during the course of search mentioned as Platinum Final Booking Chart 28.03.2015 clearly established the Planned (1) cheque and Planned (2) received as an unaccounted cash. On verificatio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the assessee s entire sum of Rs. 43,26,000/- on 21.04.2016 by A/c payee cheque. The sum of Rs. 43,26,000/- paid for booking of flat was duly accounted in the books of assessee as investment. The sum was returned by the party was duly credited in assessee s Bank of Baroda Account which was duly accounted in the books of the assessee. During the search of the premises of J. P. Iscon Ltd. i.e. on 25.02.2016 subsequent to the search, J. P. Iscon Ltd. issued refund letter of Rs. 43,26,000/- on 19.04.2016. The Ld. A.R. submitted that the details of the payment and the receipt of the payment after the cancellation of the booking was duly reflected in the books of the assessee. There is not necessity of calling the same as on-money transaction ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee s books of accounts showing complete details of mode of payments/received and amount paid/received back was given by the assessee during the assessment proceeding. Merely finding the name of the transaction in the excel sheet during the search cannot held the assessee responsible for cash of Rs. 14,00,000/- which was never tracked down by the Assessing Officer from assessee s books of accounts. The assessee has denied any payment of cash portion during the assessment proceeding. The Assessing Officer has never pointed out from the accounts of the assessee that Rs. 14,00,000/- were paid to J. P. Iscon Ltd. in cash, thus, the Assessing Officer as well as CIT(A) was not right in making this addition. The appeal of the assessee is allowed. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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