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TMI Blog2024 (12) TMI 1423X X X X Extracts X X X X X X X X Extracts X X X X ..... he hands of the assessee as cash expenditure. We are of considered view that, once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. Once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. The issue regarding addition of unexplained expenditure in the hands of assessee is squarely covered and considered by the order of ld. IBS while disposing the settlement application of Mr. Vikas Oberoil wherein ld. IBS has accepted the explanation on the source of unexplained expenditure. We delete the addition made in the hands of the assessee u/s. 69C for cash payments, treated by the ld. Assessing officer as unexplained expenditure. - Decided in favour of assessee. - Shri Saktijit Dey, Hon ble Vice President And Shri Girish Agrawal, Accountant Member For the Assessee : Shri Vijay Mehta, CA And Shri K.S. Karthikeyan For the Revenue : Shri Kailash C. Kanojiya, CIT DR ORDER PER BENCH: These six appeals filed by assessee are against the orders of Ld. CIT(A)-52, Mumbai vide order nos. i) ITBA/APL/S/250/2024-25/1067940238(1) ii) ITBA/APL/S/250/2024-25/1067940320(1 iii) ITBA/APL/S/250/2024-25/1067940364(1) iv) ITBA/APL/S/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... was extremely time consuming, tedious and difficult since it involved many steps and processes, as narrated above, as well as weeding out duplicate/multiplicate entries and dumb documents/entries and/or other entries which could not be understood/interpreted. Once the representative data D. 27 identified CTE-boses /processed data) from 01.04.2009 onwards was available after removing all duplicates etc. to the extent possible. was analyzed by adopting a differential approach for cash payments and cash receipts. with the objective of arriving at the quantum of total cash transaction on the basis of nature/head of such cash receipt and/or payment as well as its financial-year, for a clearer picture. Analysis of data was done by adopting a differential approach for cash receipts and cash payments with the help of MS Excel Pivot-tables which helped in 'summarizing and classifying the data 10.6 Cash Receipts For cash receipts, all entries were sorted date-wise and duplicates were identified as 'duplicates' while other entries were considered as original Only the entries which were treated as 'original were considered in data summation, while the entries treated as duplic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve analysis of data and seized material done by the Department, assessee submitted before the ld. Assessing Officer that the notings in the seized material were recorded by the junior staff of the searched person in various loose papers or diaries. The searched person, i.e., Oberoi Realty Ltd. and it group entities along with Mr. Vikas Oberoi had filed application before the, the then Settlement Commission, wherein receipt and payment entries reflected in the seized material had been considered for calculating the additional tax in the hands of Mr. Vikas Oberoi. Accordingly, it was submitted that the source of cash expenditure of Rs. 44,76,800/- for AY 2014-15 has already been offered for taxation. 3.3. Ld. Assessing Officer, upon considering this submission by the assessee noted that matter was pending before the Settlement Commission and therefore waiver, as claimed by the assessee cannot be granted until its final disposal. He noted that the impugned assessment order will be amenable to rectification as deemed fit based on ruling of Settlement Commission as and when it becomes available. Ld. Assessing Officer thus, proceeded to complete the assessment by not accepting the conten ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... -18 1,08,72,400 9 2018-19 53,97,500 10 2019-20 1,35,22,200 11 2020-21 29,87,200 Total 14,19,12,100 iii) Details of personal expenditure were furnished by him including that of the assessee company which is tabulated below: Sr. No. A.V. Bindu Oberoi Gayatri Oberoi Santosrt Oberoi Vikas Oberoi BPPL Total 1 2010-11 - 28,85,000 5,00,000 24,01,700 - 57,86,700 2 2011-12 65,65,800 56,09,500 1,16,79,600 2,00,000 2,40,54,900 3 2012-13 50;13,200 15,00,000 34,90.400 3,25.000 1,03,28,600 4 2013-14 17,300 24,76,600 23,84,600 82,24,500 45,98,800 1,77,01,800 5 2014-15 6,6S,700 32,68,400 23,17,000 65,25,400 44,76,800 1,72,56,300 6 2015-16 2,79,000 24,98,000 28,34,800 82,84,800 44,92,500 1,83,89,100 7 2016-17 10,500 4,00,100 46,31,400 90,03,200 15,70,200 1,56,15,400 8 2017-18 40,000 8,17,200 30,38,900 66,12,800 3,63,500 1,08,72,400 9 2018-19 - 1,35,800 17,15,400 27,46,300 8,00,000 53,97,500 10 2019-20 - 12,28,500 19,51,000 36,42,700 67,00,000 1,35,22,200 11 2020-21 - 1,01,900 9,03,000 8,62,300 11,20,000 29,87,200 Total 10,15,500 2,53,90,500 2,73,85,600 6,34,73,700 2,46,46,800 14,19,12,100 iv) In the above table, column BPPL represents the cash payments in respect of the assessee and for items at Sr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d therefore explanation for the cash expenditure does not apply on it to delete the addition made by the ld. Assessing Officer. He thus, sustained the addition so made. Aggrieved, assessee is in appeal before the Tribunal. 5. Before us, ld. Counsel for the assessee reiterated the facts discussed in detail as stated above and therefore not repeated for the sake of brevity. Admittedly, it is a fact on record that the alleged cash expenditure added in the hands of the assessee have been considered by ld. IBS while accepting the application made by Mr. Vikas Oberoi, who is a Director of assessee company, holding 99.01% shares. In the order so passed by the ld. IBS, specific mention of the assessee company is stated in respect of alleged cash expenditure transactions taken from the notings of loose papers, diaries, etc., found and seized in the course of search of Oberoi Realty Group. Also, it is a fact on record that the classification of notings from the seized material to arrive at the alleged cash payments and receipts for making the addition was done by the Department on its own analysis, which was put up before the assessee for explanation as to its nature and source. Commonality ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , the Director and substantial share holder of the assessee company as held in the settlement order. The notings of undisclosed expenditure had been fully explained by furnishing the cash flow statement which has been accepted by the ld. IBS. Thus, we note that cash receipt was offered to tax and out of that cash receipt, cash expenditure was noted. Addition of such cash expenditure in the hands of the assessee would tantamount to double taxation, firstly as cash income in the hands of Mr. Vikas Oberoi in the settlement proceedings and again in the hands of the assessee as cash expenditure. We are of considered view that, once the source of cash is taxed, it cannot be further taxed as unexplained cash expenditure. The issue regarding addition of unexplained expenditure in the hands of assessee is squarely covered and considered by the order of ld. IBS while disposing the settlement application of Mr. Vikas Oberoil wherein ld. IBS has accepted the explanation on the source of unexplained expenditure. 8.1. Considering the facts and circumstance of the case and the discussion made above, we delete the addition made in the hands of the assessee u/s. 69C for cash payments, treated by th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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