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2022 (6) TMI 187 - AT - Income TaxReopening of assessment u/s 147 or assessment u/s. 153C - HELD THAT:- Appellant had not proved the existence of conditions precedent for exercise of jurisdiction u/s. 153C - Therefore, the question of jurisdiction to assess the escaped income under the provisions of section 153C does not arise. Therefore, we hold that the AO was justified in initiating the re-assessment proceedings u/s. 147 of the Act. Thus, the ground of appeal no. 1 and 2 stands dismissed. Unexplained investments in the form of on-money consideration to Marvel Group at the time of booking of a flat in the name of wife of the appellant, Mrs. Vidisha Bajoria - HELD THAT:- The case of the AO is that the appellant had paid on-money consideration at the time of booking of a flat in the name of wife of the appellant, Mrs. Vidisha Bajoria to Marvel Group. As undisputed position that the flat was booked in the name of wife of the appellant and also sale deed was executed only in the name of wife of the appellant, Mrs. Vidisha Bajoria. Without going into the sufficiency or otherwise of the evidence indicating the payment of on-money consideration, we are of the considered opinion that even assuming for a moment that such on-money consideration was paid to Marvel Group, the addition, if any, is warranted only in the hands of the wife of the appellant not in the hands of the appellant-assessee. Therefore, we hold that the addition made on account of unexplained investments for payment of on-money consideration at the time of booking of a flat is not warranted. Accordingly, we direct the Assessing Officer to delete the same. Thus, ground of appeal no. 3 stands allowed.
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