TMI Blog2014 (8) TMI 903X X X X Extracts X X X X X X X X Extracts X X X X ..... 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. - Income Tax Appeal No. - 113 of 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d and seized. Their statements were recorded. The Jain Brothers stated that the recovered amount of ₹ 8.5 crores was received on-money for the sale of the property in question, as the deal was for ₹ 16.5 crores. The Jain Brothers specifically stated that out of 16.5 crores, ₹ 8 crores were declared in the sale-deed and remaining amount of ₹ 8.5 crores was received in cash. Similarly, Smt. Veer Bala Agarwal, in her statement stated that total consideration was ₹ 2.25 crores, out of which ₹ 45 lacs were shown in the registered sale-deed and remaining amount of ₹ 1.80 crores was received in cash from Shri Sanjeev Agarwal. On the basis of the statement of the vendors, the A.O. has made the addit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the money found in the lockers contains the slips of Punjab National Bank, Civil Lines, New Delhi, where the assessees have accounts. In these circumstances, it is evident that the vendors have received on-money from the company as well as Shri Sanjeev Agarwal (individual), so the lower authorities have rightly made the addition, but the Tribunal has wrongly deleted the said additions. Lastly, he made a request that the impugned order may kindly be set aside. On the other hand, Shri Sujeet Kumar, the learned counsel for the assessee submits that inspite of the repeated request, the sellers have not been produced for the cross-examination as mentioned by the A.O. in his order. In the absence of any cross-examination no one can rely upo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the assessee is that no opportunity was provided to cross-examine the vendors, who categorically made the statement that on-money was received by them from the assessee. At the same time, it also appears that 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. In the instant case, 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 . But in the absence of any evidence/document, the same cannot be applied b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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