9911796707
TMI Blog2025 (1) TMI 1353X X X X Extracts X X X X X X X X Extracts X X X X ..... ave the seized material to compile the return, the interest under Section 158BFA (1) of the Income Tax Act, 1961 cannot be charged for late filing of the return as the assessee was prevented from filing the loss return without getting the seized material - HELD THAT:- We are of the opinion that there is no infirmity in the impugned order of the Tribunal holding that the interest should not have been charged interest under Section 158BFA (1) of the Act for the period till the assessee was not provided with the photo copies of the seized materials. The question No. 2 is accordingly answered in favour of the assessee. X X X X Extracts X X X X X X X X Extracts X X X X ..... addition to the extent of 70% in the case of respondent - assessee. 4. In the facts of the case, the Tribunal has decided the question No. 1 as under: "6. We have carefully considered the rival submissions and, perused the material on record along with the order of the tax authorities below. We noted that the AO has computed the unaccounted income as under and made the addition of Rs. 2,06,75,974/- in the case of the assessee: "Thus, the working of unaccounted receipts would be as under:- Unaccounted collections from members 143687000 Less:-Collection from members as reflected In the books of account M/s. Shiv Ganga Builders P. Ltd. 53730521 M/s. Shivganga Realty Pvt. Ltd. 13630521 67373421 76313579 Less:-Unaccounted p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vganga Builders at the rate of 30% and 70% and accordingly the CIT(A) sustained the addition to the extent of 30% i.e. Rs. 17,40,337/-. The CIT(A) has given clear-cut finding that at the time of assessment the assessee had filed the affidavits of farmers in which the farmers have duly confirmed the selling price of the land and the rates given in the seized document i.e. Annexure A/12. The AO, in our opinion, was bound to accept the cost of the land as shown in the seized document. In our opinion, the AO was not correct in deducting the cost of the land only to the extent he estimated the payments made to the farmers on the basis of Annexure A/88, A/105, A/100 and A/110 when the cost of land as worked out from annexure A/12 was at Rs.9,53,8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ce the profit to Rs.12,61,124/-, 30% thereof will come to Rs. 3,78,517/-. Thus, the addition of Rs. 17,40,337/- will stand reduced to Rs. 3,78,517/-. The assessee since has returned the undisclosed income at Rs. 10,00,000/- . Therefore, the addition made cannot be below Rs. 10,00,000/- and accordingly the AO is directed to reduce the undisclosed income to Rs. 10,00,000/- and addition to that extent stands sustained from the Shilpgram Scheme in the case of the assessee. Thus, the ground of the assessee is also partly allowed. The rest of the grounds since not pressed stand dismissed in the appeal of the assessee." 5. Respectfully following the aforesaid order of the Tribunal, we dismiss the ground taken by the Revenue and also partly ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ent findings of fact arrived at by the CIT (Appeals) and Tribunal, we decline to answer the question being a question of fact confirming the order passed by the Tribunal. These appeals are accordingly dismissed." 6. In view of above findings of facts arrived at by the Tribunal, in our opinion, we decline to answer the question being a question of fact confirming the order passed by the Tribunal. 7. So far as the question No. 2 is concerned, the Tribunal has held as under:- "18. Ground No.6 relates to charging of interest u/s. 158BFA (1) of the Act. Charging of interest is mandatory but the only plea of the learned AR is that the direction should be given to the AO to charge interest after giving reasonable time for filing the return fro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the case, we are of the opinion that there is no infirmity in the impugned order of the Tribunal holding that the interest should not have been charged interest under Section 158BFA (1) of the Act for the period till the assessee was not provided with the photo copies of the seized materials. The question No. 2 is accordingly answered in favour of the assessee and against the revenue. The appeal, therefore, being devoid of any merits is accordingly dismissed. ORDER IN TAX APPEAL NO. 256 OF 2009 Learned Senior Standing Counsel Ms. Maithili Mehta for the appellant submitted that the tax effect in this appeal is less than Rs.2 crores and as per the Circular No.9 of 2024 dated 17.09.2024 this Tax Appeal would not be maintainable. In view o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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