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2015 (1) TMI 1215 - ITAT PUNEValidity of proceedings u/s. 158BD - Held that:- although 2 plots owned by M/s. Manoj Marketing Pvt. Ltd. and M/s. Vasumati Marketing Pvt. Ltd. (both having equal share in the 2 plots) were sold to M/s. Rishiraj Builders and Developers, however, we find no addition has been made in the hands of M/s. Vasumati Marketing Pvt. Ltd. No corroborative material whatsoever was found showing any on -money received by M/s. Manoj Marketing Pvt. Ltd. No MOU, no receipt, no signature of the assessee in token of receipt of any on -money was found during the course of search from the premises of M/s. Rishiraj Builders and Developers. Although according to the affidavit/statement of Shri Y.P. Trivedi that payments were made by Shri Shastri who is office manager, however, it is a fact that statement of Shri Shastri was never recorded. Further, even the cheque payments made to the assessee and cheque payments as per the seized documents also do not tally. We find the AO has not acted on the basis of the figures appearing in the seized papers at ₹ 57,75,370/ - or the affidavit of Shri Y.P. Trivedi ₹ 57,75,000/ -but he has proceeded on the basis of certain other entries amounting to ₹ 33 lakhs. In view of the above and in view of the detailed reasonings given by Ld. CIT(A) and following the decision of the Pune Bench of the Tribunal in the case of Shri Jitendra M. Thakkar (2011 (2) TMI 1397 - ITAT PUNE), we find no infirmity in the order of the Ld. CIT(A) deleting the addition - Decided in favour of assessee.
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