9911796707
TMI Blog2023 (4) TMI 620X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Mr. Mangesh D. Gaikar, asking the assessee to produce the documentary evidence is contrary to their own findings. When the claim of the assessee has been duly corroborated by the statement of Mr. Mangesh D. Gaikar and assessee s father, and Mr. Mangesh D. Gaikar, has been taxed in respect of the aforesaid cash receipt as unaccounted income, we find no basis in upholding addition in the hands of the assessee - Assessing Officer is directed to delete the impugned addition. As a result, grounds raised by the assessee are allowed. - ITA no.532/Mum./2021 - - - Dated:- 6-3-2023 - Shri S. Rifaur Rahman, Accountant Member And Shri Sandeep Singh Karhail, Judicial Member For the Assessee : Shri Virendra Popat For the Revenue : Ms. Smiti Samant ORDER PER SANDEEP SINGH KARHAIL, J.M. The present appeal has been filed by the assessee challenging the impugned order dated 19/02/2021, passed under section 250 of the Income Tax Act, 1961 ( the Act ) by the learned Commissioner of Income Tax (Appeals)-11, Pune [ learned CIT(A) ], for the assessment year 2018-19. 2. In this appeal, the assessee has raised the following grounds: On the facts and in the c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... case of Umesh D. Tanna (father of the assessee) and Mangesh D. Gaikar group on 25/10/2017. The group is engaged in the business of Transfer Development Rights and the real estate market of Kalyan and Dombivali region. The search operations were carried out simultaneously and most of the concerns and individuals are interconnected and have business connections. The residential premise of the assessee was also covered during the search on 25/10/2017. For the year under consideration, the assessee filed his original return of income on 31/10/2018, declaring a total income of Rs.40,800. The return of income filed by the assessee was selected for scrutiny and statutory notices under section 143(2) and section 142(1) were issued and served on the assessee. During the assessment proceedings, on perusal of papers found during search and seized action, it was observed that an amount of Rs.10 lakh was paid by the assessee in cash on 23/10/2017. Accordingly, the assessee was asked to show cause as to why this amount of Rs.10 lakh should not be added to his total income as unexplained income. The Assessing Officer vide order dated 12/12/2019, passed under section 143(3) of the Act in absence ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... age 58 of Bundle No. 1 (erroneously mentioned as Page No. 5 by the AO in the assessment order). The income in the case of Umesh D. Tanna for AY 2012-13 to 2018-19 has been determined by estimating 'On-Money of 50% and applying a Gross Profit of 17.5%. From the Settlement Commission's Order in the case of Umesh D. Tanna, it is evident that the transaction of Rs. 10,00,000/- as mentioned in the aforesaid seized annexure does not form part of the 'On-Money' quantification done by the Hon. Settlement Commission. I, therefore, hold that the sum of Rs. 10,00,000/- as found in the seized annexure paid by the appellant assesse is unexplained and is liable for addition as income from other sources. The second ground of appeal, is therefore, dismissed. Being aggrieved, the assessee is in appeal before us. 5. During the hearing, the learned Authorised Representative ( learned AR ) by referring to the documents forming part of the paper book submitted that the document on the basis of which addition has been made in the hands of the assessee refers to the sum of Rs.10 lakh received from the assessee. In the statement recorded on oath, the assessee had specifically state ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... usal of the said submission on page no.15 of the paper book, we find that the assessee s father claimed that payments pertain to Mr. Mangesh D. Gaikar and the signatures have been taken from the persons from whom the payments were received. We find that in the affidavit sworn on 25/01/2021, the father of the assessee again reiterated the aforesaid submissions. We further find that during the assessment proceedings in the case of Mr. Mangesh D. Gaikar for the assessment year 2018-19, the Assessing Officer vide show cause notice dated 04/12/2019, forming part of the paper book from pages no.86-109, specifically refer to the aforesaid document and asked Mr. Mangesh D. Gaikar to explain the complete details, inter-alia, of the aforesaid transaction of Rs.10 lakh received from the assessee and how it was accounted in the books of accounts. From the submission dated 16/12/2019, forming part of the paper book from pages no.110-112, we find that Mr. Mangesh D. Gaikar, inter-alia, made the following submissions:- Lower part of Page No.58 pertains to amount received by Shamal Gaikar during the period 27.09.2017 to 23.10.2017 totaling to Rs. 25,00,000/-. M/s Kalyan Development Corporatio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
