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2021 (6) TMI 727 - AT - Income TaxAddition on account of alleged on-money cash receipt - HELD THAT:- From the above details of stamp duty value and actual sale amount, it is evident that no flat has been sold by the assessee on less than the stamp duty value so as to raise any suspicion about receipt of on-money of sale of flats. All the flats are sold at above stamp duty/market value which itself shows that is it not conclusively proved that the assessee has received any on-money. In view of the fact that original statement of director on the basis of which the AO made addition has been retracted and original statement does not hold good and in view of the fact that flats have been sold at the price much above stamp duty value, we hold that the seized material and the statement of Shri Pradeep Gupta do not conclusively prove that on-money has been received by the assessee on sale of flats. In the circumstances, the appeal of the assessee is allowed in terms of our aforesaid observations and the Assessing Officer is directed to delete the addition made on account of alleged on-money cash receipt. Unaccounted income received from sale of flats over and above registered value - HELD THAT:- As observed that the flats have been sold by the assessee at a price much higher than the stamp duty value and thus, the order passed by us while disposing off the appeal of the assessee for A.Y. 2013-14 shall apply mutatis mutandis for disposing the present appeal for A.Y. 2014-15. Accordingly, the addition made in the present appeal is also deleted. Ground No. 3 is allowed. Unexplained portion of cash investment in immovable property u/s. 69B - HELD THAT:- Addition was also made on the basis of original statement of director of company Shri Pradeep Gupta, which does not hold good after the same has been retracted by the director for the reasons given by us in our earlier paragraphs while disposing off the appeal for A.Y. 2013-14. Hence, the addition is deleted. Ground No. 4 is allowed.
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