Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2015 (2) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2015 (2) TMI 943 - AT - Income TaxUnexplained money - sale of plots - Held that:- From the record we found that during the course of survey, the assessee was found to be in receipt of “on money” in respect of sale of industrial plot of land. On the basis of seized material, the A.O. computed the on money received by the assessee amounting to ₹ 1,50,000/- per guntha. The statement of the assessee was also recorded where he agreed for receipt of “on money” which has not been accounted for in the regular books of account. In the statement, the assessee also surrendered cash component of ₹ 1,21,24,500/- as additional income in addition to its regular income shown in the books of account. On the basis of the impounded documents, Proprietor Shri Aslam Chand Khan had agreed that ₹ 1.5 lacs in the above noting indicates the cash component received over and above the registration charges from individuals to whom the land was sold. Even before the ld. CIT(A), full opportunity was given to the assessee, however, nothing was brought on record by the assessee with regard to the actual receipt of on money. The ld. CIT(A) has also dealt with the assessee’s contention regarding projections and not actual, after recording detailed finding and the ld. CIT(A) reached to the conclusion that note book contained the details of actual and it is not projections as claimed by the assessee. The ld. CIT(A) has also dealt with various judicial pronouncements in support of his contention that mere retraction of the statement by filing the affidavit is not an acceptable evidence in the eyes of law. The ld. CIT(A) has dealt with each and every objection of the assessee with regard to the findings recorded by the A.O. and after considering the same, he confirmed the findings recorded by the A.O. to the effect that the assessee has actually received on money which was over and above the amounts in the books of account. No reason to interfere with the findings recorded by the lower authorities with respect to the addition of ₹ 1,21,24,500/- on account of on money received on sale of plots which has not been accounted for in the books of account. - Decided against assessee.
|