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2021 (5) TMI 149 - AT - Income TaxUnexplained money - non-compliance of the rules of natural justice - assessee is one of the purchasers of Villa Plot in Emaar Hills Township (P) Ltd. and the villa plots were sold at a price higher than what is recorded in the MOU/Allotment letter of Registered Document - HELD THAT:- As relying on SHRI G. MAHESH BABU VERSUS DY. COMMISSIONER OF INCOME-TAX, CENTRAL CIRCLE 7, HYDERABAD AND VICA-VERSA [2015 (12) TMI 986 - ITAT HYDERABAD] issue relating to payment of on-money requires to be examined afresh by Assessing Officer after confronting evidence/material sought to be relied upon to the assessee and seeking his response on them. The Assessing Officer must also disclose to the assessee the material/information on the basis of which he has quantified the onmoney payment - If the Assessing Officer is able to establish on the basis of evidence gathered that the assessee has paid on- money to the extent quantified by him, then he can make the addition under S.69B. On the flip side, if there is no evidence available on record to directly link the assessee towards payment of on-money, then merely on the basis of the fact that some other buyers have accepted payment of on-money, no addition can be made. With the aforesaid observations, we remit the issue to the file of the Assessing Officer with a direction to re-decide the same afresh in accordance with law, after giving reasonable opportunity to the assessee, duly complying with the principles of natural justice - Assessee’s appeal is allowed for statistical purposes.
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