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2022 (11) TMI 239 - AT - Income TaxAddition of on-money on sale of land - addition for undisclosed income for on-money - HELD THAT:- In the seized documents also reference of payment for purchase of the lands. Thus, in the light of statements of the brokers and seized documents, it cannot be denied that on-money was paid while purchase of land by the assessee. We find that identical issue of addition of on-money in assessments under section 153A for search period i.e AY 2007-08 onward has been restored back to the file of the AO by the Tribunal wide order [2022 (7) TMI 1335 - ITAT MUMBAI] therefore, in the Facts and circumstances of the case, we feel it appropriate to restore the issue in dispute involving grounds raised by the assessee to the file of the Learned Assessing Officer for considering the claim of the assessee for making addition for undisclosed income for on-money at the rate of the 10% of the sales after giving set off of the expenses of on-money incurred for purchase of the land. The grounds of the appeal of the assessee accordingly allowed for statistical purposes. Penalty levied under section 271(1)(c) - HELD THAT:- Since we have already restored the addition in dispute made in assessment proceedings above to the file of the Learned Assessing Officer, therefore, the penalty levied in respect of the addition cannot survive; accordingly same is also restored to the file of AO for deciding afresh after adjudicating on the issue of addition in quantum proceedings. The grounds of the appeal of the assessee accordingly allowed for statistical purposes.
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