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2021 (9) TMI 507 - AT - Income TaxUnaccounted income - Addition on-money received by the assessee for sale of plots & villas of Blue Marino project - HELD THAT:- Respectfully following the view taken by the coordinate bench of ITAT in the assessee’s own case [2020 (1) TMI 1033 - ITAT VISAKHAPATNAM] we hold that there is no case for assessment of unaccounted income on account of on money received on sale of villas. Accordingly, we, uphold the order of the Ld.CIT(A) and delete the addition made by the AO. Bogus contract payment stated to be made to Mr.KSN Murthy - Addition based on statement recorded u/s 131 - HELD THAT:- The sums were credited in the bank account for the purpose of executing the sub contract works. It is also fact that Dinakar Sai Constructions is executing the sub-contract works and Sri KSN Murty is a managing partner of Dinakar Sai Constructions. Though the AO made an effort to establish that the assessee firm made the payments to Dinakar Sai Constructions and received the amounts back by way of self cheques, the AO, failed to collect the information regarding the exact sub contract works carried on by Dinakar Sai Constructions and the expenditure incurred for such civil contracts. AO also did not bring any material to show that the expenditure was claimed twice through sub contract works and by the assessee themselves debiting the expenditure separately to the P&L account. There was no evidence found by the AO, except the statement recorded u/s 131 of the Act, inspite of conducting the survey in the business premises of Sri Dinakar Sai Constructions. AO also did not allow cross examination inspite of specific request made by the assessee. In the absence of any positive evidence to show that the expenditure was not incurred or debited twice, we do not find any reason to interfere with the order of the CIT(A) and the same is upheld. The appeal of the revenue is dismissed.
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