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TMI Blog2025 (1) TMI 98X X X X Extracts X X X X X X X X Extracts X X X X ..... o the assessee by the income tax department and accordingly the assessee insisted for TDS portion of Rs 30 lakhs to be deposited to the account of the Central Government. After constant follow up, the same was duly done by Omaxe Limited and due credit of TDS was indeed given to the assessee. There is no dispute that credit of TDS of Rs 30 lakhs was given to the assessee by the income tax department and hence the statement of the assessee in Question No. 9 and the reply given by the assessee vide letter dated 25-3- 2022 assumes greater importance and had to be accepted as correct because the deductor (i.e. Omaxe Limited) having paid Rs 30 lakhs to income tax department would not come forward to pay the same Rs 30 lakhs to assessee again. Hen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed as not pressed. 3. Out of the suriviving grounds, the only effective issue to be decided in this appeal is as to whether the Learned CITA was justified in confirming the addition of Rs 30,00,000/- under section 69A read with section 115BBE of the Act in the facts and circumstances of the instant case. 4. We have heard the rival submissions and perused the materials available on record. A search and seizure action under section 132(1) of the Act was carried out on the assessee on 14-01-2021. The return of income for the Assessment Year 2021-22 was filed by the assessee on 9- 12-21 declaring total income of Rs 15,41,56,830/-. Notice under Section 143(2) of the Act was issued on 13-12-21. The assessment was framed under section 143(3) of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of interest due till 10th July of Rs. 85.40 lakhs and Rs. 30 lakhs in cash before 10th August 2020. Mr. Mohit replied that he will pay such interest amount before 10th August 2020. This fact was sought to be verified by the Learned AO from the books of accounts of the assessee firm. On perusal of the books of accounts of the assessee firm, it was found that assessee firm received Rs. 85.40 lakhs as interest on loan given to M/s Omaxe Ltd. However, Rs 30 lakhs purported to be received in cash was not reflected in the said books of accounts. Statement of Mr. Mayank Khemka was recorded on oath under Section 131(1A) of the Act on 17-6- 21 and the above mentioned chat was confronted to him. In response to question number 9, Mr. Mayank Khemka re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to Rs 30 lakhs. Accordingly, the Learned AO disbelieved the contention of the statement of Mr. Mayank Khemka and proceeded to treat Rs 30 lakhs to have received in cash on account of interest and added the same under section 69A read with section 115BBE of the Act. This action of the Learned AO was upheld by the Learned CITA. 7. The Learned AR before us drew our attention to provisions of section 69 A of the Act that the said provision could be brought into action only when assessee is found to be the owner of any money, bullion, jewellery, etc. In the instant case, even the WhatsApp chat only stated that assessee was following up for the payment of interest of Rs 85.40 lakhs and Rs 30 lakhs from M/s Omaxe Limited. The Learned AO had concl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... due towards installment and since the TDS portion of Rs 30 lakhs was not deposited by Omaxe Limited, due credit for the same was not given to the assessee by the income tax department and accordingly the assessee insisted for TDS portion of Rs 30 lakhs to be deposited to the account of the Central Government. After constant follow up, the same was duly done by Omaxe Limited and due credit of TDS was indeed given to the assessee. This is clear from the statement of the assessee in response to question No. 9. Further, enquiry was carried out by investigation being with Omaxe Limited wherein Omaxe Limited had given the ledger account of the assessee as appearing in its books. The entire transactions matched item to item and there was no discr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er importance and had to be accepted as correct because the deductor (i.e. Omaxe Limited) having paid Rs 30 lakhs to income tax department would not come forward to pay the same Rs 30 lakhs to assessee again. Hence it could be safely concluded that the alleged sum of Rs 30 lakhs was never paid by Omaxe Limited to the assessee and the said sum was never received by the assessee from Omaxe Limited or from any other party. Accordingly the assessee cannot be held to be the owner of such money of Rs 30 lakhs and hence the provisions of section 69A of the Act per se cannot be pressed into service. Accordingly, we have no hesitation to delete the addition made in the sum of Rs 30 lakhs in the hands of the assessee. The grounds raised by the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X
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