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TMI Blog2024 (12) TMI 314X X X X Extracts X X X X X X X X Extracts X X X X ..... of the assessee, recorded on oath during search and seized during search being the cash to be received back against purchase bill to be discussed and reconcile with management - HELD THAT:- CIT(A) relied on submissions of assessee that surrender in hands Director of companies made by the assessee regarding seven pages of diary Annexure-1 was due to wrong impression and under coercion, assessee had made surrender on 10/11/2016 at 11.30 A.M. Assessee was not given enough time to consulting Sh. Sandeep Kumar Pandit (only five minutes time was allowed for the same) and statement of Sandeep Pandit who had written pages of Annexure-1 was not recorded. Entries made in seven pages of Annexure-1 were explained as mere projections and not the income. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 961 (hereinafter referred as the Act ) carried out in the case of ABA Group of companies. Various residential and business premises of the directors and group companies were covered under the search and survey operations. Search warrant u/s u/s 132(1) of the Act was issued and executed at the residential premises of Amit Modi at F-28, Preet Vihar, Delhi. ABP Group is one of the renowned names in the field of real estate and is involved in construction of residential group housing/commercial spaces in Noida and Greater Noida. This group is headed by Shri Ram Avatar Ramsarsaria, Jai Kishore Totlani. The projects of the Group are Orange County, Indirapuram (Delivered), Olive County, Vashundhra Ghaziabad (Delivered), Cherry (Possession started) ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tionnaire was issued dated 14/09/2018 and the date of compliance was fixed on 28/09/2018. Again, a notice u/s 142(1) along with questionnaire was issued on 08/10/2018 and the assessee was asked to furnish the details/information ask called for. 6. In response to the said notices, Amit Bansal CA and Authorized Representative (AR) of the assessee appeared from time to time and during the course of hearing filed detailed submissions. On completion of proceedings, assessment proceedings addition of Rs. 4,55,00,000/- on account of undisclosed income. During the search Rs. 15.90 and addition of 15 lac on account of unexplained cash seized vide order dated 31/12/2018 were made by the Ld. AO. 7. Appellant/assessee preferred appeal before Learned CI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... CIT 122 ITR 926. Learned CIT(A) erred in deleting the addition of Rs. 4,55,00,000/- made by A.O. Relying on page no. 2 3 of annexure A-1 seized during search and part of unaccounted cash of Rs. 1,45,00,000/- has been received by the assessee and deposited in its bank account. Learned CIT(A) also erred in holding that the retraction letter filed by the assessee after 110 days of search in view of the ratio of decision in the case of Bannalal Jat Constructions (P.) Ltd. v. ACIT (2019) 106 taxmann.com127/264 taxman 6 (Raj) (HC). Learned CIT(A) erred in holding that the page no. 1, 4 6 of annexure A-1 seized during search alongwith the retraction letter has not been examined by the AO whereas in page no. 35 to 40 of the assessment order for AY ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... purpose. Considering the above facts, the Learned CIT(A) allowed Rs. 50,000/- in hands of assessee and Rs. 1,16,000/- in hands of spouse which are not just, fair and reasonable. The Learned CIT(A) ought to have taken the entire amounts as explained. As such the addition of Rs. 15,16,000/- deserves to be deleted. 12. Learned AO on basis of statement on oath u/s 132(4) of the Act explaining the entries made in seized document Annexure-A(1) referred to 6,00,00,000/- and deposited of Rs. 1.45 lack in bank account No.1010010060000007 of Ratnakar Bank Ltd claiming to have been shown by the surrender amount shown in ITR made addition of Rs. 6.55 lac. 13. Learned CIT(A) relied on submissions of assessee that surrender of Rs. 32,00,00,000/- in hands ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tioned appeal are admittedly mutatis mutandis similar to those discussed and disposed of in ITA Nos.1176 1352/Del/2021 hereinabove, we hold accordingly and allow the appeals of the assessee and dismissed the appeals of the department. ITA No.1354/Del/2021 : JCIT (OSD) vs. Shri Ram Avtar Ramsisaria 17. Learned Department Representative of Department of Revenue submitted that the Learned CIT(A) while deleting the addition of Rs. 6,00,00,000/- made by A.O. by relying on the statement of the assessee, recorded on oath during search and page no. 2 3 of annexure A-1 seized during search being the cash to be received back against purchase bill to be discussed and reconcile with management , in view of the ratio of decision in case of B. Kishore Ku ..... X X X X Extracts X X X X X X X X Extracts X X X X
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