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2021 (9) TMI 70 - ITAT MUMBAIAddition u/s 69 - unexplained investment - on money payment made by the assessee for purchase of shop - HELD THAT:- On-money payments while selling its shop and flats. AO in the case of M/s. Runwal Homes Pt. Ltd., had applied the same rate for all the shops and flats sold and arrived at the addition figure to be added as undisclosed income in the hands of M/s. Runwal Homes Pvt. Ltd. Tribunal in the case of M/s. Runwal Homes Pvt. Ltd.[2017 (12) TMI 1216 - ITAT MUMBAI] had restricted the said addition only to the extent of incriminating material available during the course of search and deleted the estimation made on account of extrapolation of rate per sq. ft. Entire addition in the assessee's case has been made on the basis of mere statement of Shri Subhodh Runwal and there is absolutely no material involved which is not linked with the on money payment made by the assessee for purchase of shop - even in the same statement of Shri Subhodh Runwal, he had categorically stated that he even disagreed with the department that he had received cash from all sale of shops and flats made by M/s. Runwal Homes Pvt. Ltd. With regard to the estimated addition on account of extrapolation of rate per square feet uniformly for all sale of flats/shops, we find that the same has been already deleted by this Tribunal in the case of M/s. Runwal Homes Pvt. Ltd., vide its order dated 20/12/2017 referred supra. There is absolutely no case for sustenance of the very same estimated addition in the hands of the assessee towards unexplained investment made for purchase of shop. It is for the Revenue to bring on record evidences that assessee had indeed made on-money payments over and above the agreement value. Reliance in this regard is placed on the celebrated decision in the case of K.P. Varghese [1981 (9) TMI 1 - SUPREME COURT] - we have no hesitation in directing the ld. AO to delete the addition made in the sum u/s. 69 of the Act in the hands of the assessee.
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