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TMI Blog2024 (4) TMI 1163X X X X Extracts X X X X X X X X Extracts X X X X ..... found containing the handwriting of the assessee, there is no allotment letter in the name of the assessee which would show that the assessee had paid advance towards booking of flat, the amount advanced by way of cheque to J P Iskon group had also been returned back to the assessee etc. all substantiate that the Department had no concrete/corroborative evidence to come to the conclusion that the assessee had in fact made any unaccounted cash payments for purchase of flat. As relying on Kaushik Nanubhai Majithia [ 2024 (3) TMI 1339 - GUJARAT HIGH COURT] erred in sustaining the aforesaid additions made in the hands of the assessee. Decided in favour of assessee. - Smt. Annapurna Gupta, Accountant Member And Shri Siddhartha Nautiyal, Judici ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.2013 showing total income of Rs. 3266840/-. The return was processed under Section 143(1). The case was reopened under Section 147 vide notice under Section 148 dated 31.03.2019 against which return was filed by the assessee on 30.04.2019 declaring total income of Rs. 32,66,840/- as shown in the original return of income. The assessee asked for reasons of reopening against which the Ld. AO vide letter dated 30.05.2019 furnished copy of reasons of reopening to the assessee. The reasons stated that information was received from ACIT, Central Circle-2(4), Ahmedabad along with statement recorded on oath of Ms. Kalindi Shah, Sales Manager in JP Iskon Ltd with respect to search conducted under Section 132 of the Act. Upon perusal of information ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld. Assessing Officer made the following observations: In response to above notices, the assessee submitted the ledger account of J P Iscon Ltd. in the books of New Freezland Proprietary concern of assessee for the period from 01/04/2014 to 31/03/2015. The assessee's contention that he has give loan of Rs. 1890815/- to J P Iscon as per copy of ledger submitted, is not acceptable. As per the information received from ACIT Central Circle 2(4), Ahmedabad, the assessee had booked a flat H-1002 in the Iscon Platinum Scheme and paid Rs. 1965150/- in cash and Rs. 4585350/- by cheque. As per Platinum final Booking chart 28-03-2015( revision-1) The assessee had booked a flat the details available on 18/04/2012 which is also authenticated as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny explanation to the notice issued u/s. 142(1) of the act dated 2.12.2019 except to file the ledger account of J P Iscon Ltd. in his books of accounts. In the submissions, the appellant had argued and objected for the reopening of the assessment only. He neither argued on merits nor filed any information called for. In the absence of any details, the contention of the appellant cannot be acceptable. In view of the above, I do not find any reason to interfere in the order passed by the assessing Officer and hence, the ground No. 1, 3 and 4 are dismissed. 5. Before us, the Counsel for the assessee submitted that the contention of the assessing officer that assessee had advanced/paid cash for booking/purchase of a unit in Iskon Platinum and h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee submitted that the entire amount which had been advanced to J P Iskon group by cheque had been received back by the assessee, as per letter submitted by the assessee during the course of assessment proceedings. Further, the fact of return of the amount so advanced to J P Iskon group to the assessee has also not been disputed by the Department. Therefore, in sum and substance, since the name of the assessee was not appearing in any of the documents on the basis of which the case of the assessee was reopened, there is no handwritten note by the assessee in any of the documents seized, there is no allotment letter in the name of the assessee to show that the assessee had advanced money for purchase of any flat in J P Iskon group, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... under: 1. Having noted the findings of the facts returned by the Commissioner of Income Tax (Appeals) ( CITA , in brief) and the Income Tax Appellate Tribunal ( ITAT , herein after), we may record that, essentially, the proceedings under Section 153C of the Income Tax Act, 1961 (in short, IT Act of 1961 ) were initiated against the Respondent- assessee on the basis of an excel sheet found from the computer of a person, associated with the Company, namely Navratna Organizers and Developers Private Limited (in short as the Developer ), in the premises of whom the search was conducted. 2. The excel sheet, according to the learned Counsel for the Revenue, contained the details of payment made by the assessee to the developer, with respect to wh ..... X X X X Extracts X X X X X X X X Extracts X X X X
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