9911796707
TMI Blog2023 (3) TMI 1309X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer is not justifiable. Thus, Ground No. 2.1(i) is allowed. Addition towards cash found during survey - Whether Cash belong to deceased father? - HELD THAT:- The cash found during survey was properly explained by the assessee during the course of survey as well as at the time of assessment proceedings through cash books where the said amount was included. The books was not rejected by the Assessing Officer and hence, the addition made by the Assessing Officer does not sustain. Hence, Ground No. 2.1(ii) is allowed. - I.T.A. No. 62/Ahd/2022 - - - Dated:- 17-3-2023 - MS. SUCHITRA KAMBLE, JUDICIAL MEMBER For the Appellant : Shri S. N. Divatia, A.R. Shri Samir Vora, A.R. For the Respondent : Shri Sanjay Jain, Sr. D.R. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... It is, therefore, prayed that the additions aggregating to Rs.25,66,563/- upheld by the CIT(A) my kindly be deleted. 3. Return of income was filed under Section 139(1) on 31.10.2017 declaring total income of Rs. 7,78,320/-. Accordingly, notice under Section 143(2) was issued on 27.09.2018 and was sent to the assessee. During the year under consideration the assessee was engaged in the construction industry as builders. The Assessing Officer observed that during the course of survey proceedings Annexure BI-3 was impounded wherein the assessee was found that there was agreement to sale for Flat No. 102 for an amount of 75,11,111/-. The declared sales consideration was Rs. 55,11,111/- which is less than sale agreement. The show-cau ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A.R. submitted that the copy of agreement dated 12.04.2016 which was found is unregistered document and does not evidentiary value. The Ld. A.R. submitted that it was submitted by the witness Jayesh S Patel and no other party or witness had signed it. Therefore, it was a dumb document. Since the entire transaction of sale of flat was not cancelled by the purchaser but only the sale price was varied, there could not be any cancellation agreement. The fall in real estate and it cannot be correlated in any time frame or percentage. The Ld. A.R. further submitted that the sale price of two flats cannot be compared for various reasons such as size, shape, location, view gallery, personal preferences / choice etc. The transaction was completed i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . 55,11,111/- and therefore, the addition of Rs. 20,00,000/- made by the Assessing Officer is not justifiable. Thus, Ground No. 2.1(i) is allowed. 9. As regards Ground No. 2.1(ii) the Ld. A.R. submitted that the cash belong to deceased father of Shri Nilesh Patel which was confirmed, therefore, the addition to that extent was not justifiable. The Ld. D.R. relied upon the assessment order and the order of the CIT(A). 10. Heard both the parties and perused all the relevant material available on record. The cash found during survey was properly explained by the assessee during the course of survey as well as at the time of assessment proceedings through cash books where the said amount was included. The books was not rejected by the Asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
