2022 (11) TMI 473 - AT - Income Tax
Unaccounted cash - On-money received - receipt of the payment after the cancellation of the booking of flat - digital data which was seized during the course of search clearly established the Planned (1) cheque and Planned (2) received as an unaccounted cash - HELD THAT:- It is pertinent to note that the assessee has given the details related to payment of Rs. 43,26,000/- which was never doubted by the Revenue as the said payment was made through cheque. The cancellation of the flat was during the search period for which after the search the assessee was paid the exact amount through cheque by J. P. Iscon Ltd.
The assessee has pointed various documents including the agreement to sale wherein it was clearly set out that the flat was booked for Rs. 68,26,000/- but due to certain reasons there was cancellation of flat. The Ledger Account of J. P. Iscon Ltd. from 01.04.2010 to 31.03.2017 from assessee’s books of accounts showing complete details of mode of payments/received and amount paid/received back was given by the assessee during the assessment proceeding.
Merely finding the name of the transaction in the excel sheet during the search cannot held the assessee responsible for cash which was never tracked down by the Assessing Officer from assessee’s books of accounts. The assessee has denied any payment of cash portion during the assessment proceeding. AO has never pointed out from the accounts of the assessee that Rs. 14,00,000/- were paid to J. P. Iscon Ltd. in cash, thus, AO as well as CIT(A) was not right in making this addition. The appeal of the assessee is allowed.