9911796707
TMI Blog2022 (12) TMI 932X X X X Extracts X X X X X X X X Extracts X X X X ..... confirming addition of Rs. 48/- lacs being the amount received in cash on booking of flat N. A/402, Swim Palace from Bhajiawala Group as per their seized diary. 2. The learned CIT(A) grossly erred in assuming "on money" which was actually official booking amount and returned to them when the cheques was given by the party concerned. The learned CIT(A) grossly erred in assuming income of amount received in cash and returned in the subsequent year to the extent of Rs. 27/- lacs. 3. The learned CIT(A) grossly erred in assuming entire receipts as income instead of assuming profit on turnover. 4. The appellant reserves the right to add, alter and withdraw any grounds of appeal. 2. At the outset of hearing, the learned Authorised Represen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee under Section 147 of the Act. Notice under Section 148 was issued on 28/03/2018 requiring the assessee to file return of income. In response to notice under Section 148, the assessee filed return of income on 05/04/2018 showing NIL income. The Assessing Officer issued show cause notice that on verification of books of assessee, the Assessing Officer found that the assessee has not offered the cash amount of Rs. 48 lacs for taxation. The Assessing Officer asked the assessee as to why such cash amount of Rs. 48.00 lacs should not be treated as unexplained credit under Section 68 of the Act. The assessee filed its reply. In the reply, the assessee stated that Bhajiyawala Group paid amount of Rs. 48.00 lacs in cash as they had no accounted m ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and the ld. Sr. DR for the revenue and have gone through the orders of lower authorities carefully. The ld. AR of the assessee submits that the stand of Assessing Officer that the assessee has received cash amount from Bhajiyawala Group against booking of flat, the said amount can be presumed as on money. The Hon'ble Jurisdictional High Court as well as various Benches of the Tribunal has held that on the issue of alleged on money, only profit element may be taxed and not the entire alleged on money amount. The ld. AR submit that the Tribunal in various cases, added 5% to 18% of such on money and not the entire transaction. The ld. AR submits that to avoid the protracted litigation, a reasonable estimation on account of addition of such all ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
