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2014 (8) TMI 903 - HC - Income TaxAdditions in the hands of purchaser (Assessee) – cash was found from the lockers of the vendors - vendors stated that the same as receipt of "on-money" for the sale of the property in question - Held that:- "on-money" was received by them from the assessee - the AO has not made any attempt to verify the accounts of the assessees - whether any search was conducted at the business premises of the assessees is not clear from the record - huge amount was found from the bank lockers of the vendors, who made the statement that the same was received from the assessee as "on-money" - It is a common practice that the property is registered on the circle rate and remaining money is paid as "on-money" - in the absence of any evidence/document, it cannot be applied by closing of the eye - There must be evidence on record to prove that "on-money" was received from the assessees - Assessees have purchased the property from the vendors - The vendors were not having sufficient source of income to accumulate the huge amount, which was recovered from the lockers alongwith the bank slips of Punjab National Bank - The AO has not examined the accounts especially withdrawal of the assessees in a proper manner – the matter needs deep investigation – thus, the matter is remitted back to the Tribunal for fresh adjudication – Decided in favour of Revenue.
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