Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2019 (4) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 878 - AT - Income TaxSearch u/s 132 conducted in the premises of Siddhartha Academy - addition based on loose sheet found in search - on-money receipts - HELD THAT:- The loose sheet seized from the premises of Siddhartha Academy is undated and without the signatures of the assessee. The sale deed was registered for a sum of ₹ 24,85,000/- by the assessee and the co-owner independently. No other evidence was found to establish that the consideration was passed on over and above the registered sale consideration. CIT(A) considered the issue in detail and allowed the appeal of the assessee placing reliance on the decision of this Tribunal in the case of Shri Venkatarama Sai Developers [2015 (11) TMI 1608 - ITAT VISAKHAPATNAM]. Since the material was found in the premises of Siddhartha Academy, presumption is available to the department in the case of Siddhartha Academy, but not in the case of the assessee. It is not correct in coming to conclusion that on-money was exchanged between the parties on the basis of material found in the premises of third party and on the statement given by third parties. In the instant case, both the parties, searched party as well as the assessee have denied having exchanged the on money for sale of land. Even after the assessee’s case is covered under search operations u/s 132, the department did not unearth any evidence regarding exchange of cash in sale transaction. Therefore, since the facts are identical and department could not place any other material to controvert the finding given by the CIT(A) and no other decision of any High Court or Apex Court was brought on record controvert the decisions relied up on by the assessee, we do not find any reason to interfere with the order of the CIT(A) and the same is upheld.
|