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2018 (11) TMI 941 - AT - Income TaxUnaccounted sales consideration - unaccounted money - Held that:- The generation to make the original assessment and the assessment under section 153A merges into one, only one assessment shall be made separately for each assessment year on the basis of the findings of the search and any other material existing are brought to the record of the assessing officer. In this matter, therefore, AO is justified in considering not only the sale deeds that were found during the search proceedings but also the other material in the shape of statements of the sellers and the slip containing the calculations in respect of sale consideration. We therefore find that the decisions relied upon by the assessee in the cases where the assessments were concluded, have no application to the facts of the case on hand. In respect of the evidence on record, impugned order speaks that AO relied upon the piece of paper containing some calculations and the name “Bishan”, and all these papers were filed alongwith the remand report dated 25th February, 2011 copies of which were furnished to the assessee also. The sums mentioned therein tallied with the contents of the statements as well as the bank statements of the sellers. The statements of the sellers were confirmed by the brokers and the events and facts are confirming each other. Revenue did the best it could do to find out the truth and the assessee denied himself an opportunity to wriggle himself out of the situation and such a conduct only shows that he is no good defence. Thus the authorities below are justified in reaching the conclusion that the sale consideration was ₹ 3,01,96,750/-and the unaccounted money of ₹ 2,58,24,044/- was paid by the assessee in cash to the sellers and such an amount is taxable in the hands of the assessee. - Decided against assessee.
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