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TMI Blog2025 (2) TMI 979X X X X Extracts X X X X X X X X Extracts X X X X ..... n account or through banking channel from foreign remittances. The assessee in order to substantiate source of payment has placed on record bank statement and loan disbursement details. Hence, to make addition of difference between actual payment and registered value as on money is unwarranted and without any basis, when the entire amount is paid from declared sources through banking channels. The Revenue has not substantiated assessee's any undisclosed source of income in India for payment of alleged on money. Decided in favour of assessee. Addition on the basis of directions of the DRP - HELD THAT:- As per Sub-section (13), once the DRP issues directions, the AO shall in conformity with the directions, complete the assessment without pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 11.04.2017. The Navratna Group is engaged in development of various real estate projects. During the course of search a laptop was seized from one Murlidhar M Trivedi. On examination on the same one excel sheet was found. As per the excel sheet various details of real estate project Kalhaar Blues & Greens (KBG) was found. The details included, unit number, area of the unit, sale price of land, construction cost, amount received from purchaser, etc. It is alleged that details of on-money received on sale of units at KBG was also found. The assessee purchased a unit at KBG in joint name with Shri Mukul Shankar Bhargava. According to the Assessing Officer (AO), the assessee paid on-money amounting to Rs. 9,06,000/- i.e. the difference between ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat in the draft assessment order, the AO had not made any such addition, therefore, no objection was raised by the assessee against said addition. Since Rs. 5,20,000/- was not a subject matter of dispute before the DRP, the aforesaid payment could not have been considered by the DRP for enhancement. 2.2. The ld. Counsel for the assessee stated at Bar that he is not pressing ground no. 1 of appeal challenging validity of notice issued u/s. 148 of the Act. 3. Per contra, Shri Vijay B Vasanta representing the department vehemently defended the impugned order and directions of the DRP. The ld. DR submitted that the assessee has taken fresh arguments before the Tribunal. In proceedings before the AO and the DRP, the consistent stand of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /F, Sanand Virangam Sanand, for a total consideration of Rs. 1,15,14,000/-. For purchase of aforesaid property, the assessee had taken a loan of Rs. 81,63,000/- from HDFC Bank and the balance amount is transmitted from Singapore. These facts have not been disputed by the Revenue. The allegation of payment of on-money stem from incriminating material found during the course of search in the case of a builder. The AO while alleging payment of on money by the assessee to the builder has taken the difference of actual payment made by the assessee to the builder and the registered value of the property. Holding such difference as on money is bizarre. The assessee has made payment for purchase of property from declared and proved sources. All the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee towards purchase of property during the relevant F.Y. (IV) To verify the genuineness of the loan transactions as claimed by the assessee as the substantial source of funds for purchase of immovable property (v) To verify, from the documents placed on record, if the factual claim of the payments made during the year amounting to Rs. 18,77,059/- represents the earnings of the assessee abroad, and the same is linkable (through documentary trail of transaction) to the payments made by the assessee for purchase of the immovable property under consideration (vi) To verify if the assessee's claim, that the alleged cash payment of Rs. 9,06,000/- proposed as a variation to returned on come being unexplained money pertains to a dif ..... X X X X Extracts X X X X X X X X Extracts X X X X
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