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2023 (6) TMI 568 - ITAT DELHICorrect head of income - addition made treating the agricultural income as “income from other source” - HELD THAT:- This issue has been deleted by the ITAT in assessee’ s own case [2022 (3) TMI 899 - ITAT DELHI]. In the absence of any change in the factual matrix, we hereby delete the addition made by the AO. Unexplained purchase of property - Addition on the basis of MoU - Based on MOU found during search for purchase of property no. 9/11 , Nehru Place, Delhi, the AO made addition - HELD THAT:- As MOU relates to A.Y. 2006-07 and not for A.Y. 2007-08 - AY 2006-07 is not covered in the block of six years, since the date of search was 12.02.2013 - AO considered the MOU in A.Y. 2007-08 on the basis of assumption that the MOU to be completed by 19. 06.2006 (A.Y. 2007 -08) - The said MOU was never been finally completed due to dispute between the parties.Case was filed in the Court of Addl. District Magistrate, Saket for execution of agreement to sell and MOU stands cancelled by the Court and hence the same stands null and void. The property in question has not been acquired. Hence, we hold that no amount can be taxed on this ground. Income from Partnership Firm - AO may examine whether the same has already been declared in the regular return of income. Commission Income - CIT(A) confirmed addition made on commission income @ 1.4% on a gross basis. as pleaded that no provision for expenses incurred for earning such income has not been given by the revenue. It cannot be said that the assessee incurred absolutely no expenses for earning such income - HELD THAT:- Keeping in view, the sub- commission payments and other expenses, we determine 1% as the net commission income earned. The assessee gets relief of 0.4% on the commission income determined. Unexplained cash and Jewellery - cash found during the search - location of the cash found - HELD THAT:- No statement of the assessee with regard to the cash found has been recorded u/s 132 (4) and statement recorded of the father of the assessee on day of search itself revealed that the amount pertains to the father and other family members. There was a clear demarcation of the dwelling premises pertaining to the father of the assessee who was a retired Government employee and also earning income from agricultural operations. The issue of income from agricultural operations has already been dealt above. Hence location of the cash found, the statement of father recorded on the date of search, we hold that no addition is called for on account of cash in the hands of the assessee. Jewellery has been separately valued in different names of three family member. The panchnama drawn has also clearly mentioned the fact of ownership of the jewellery with various people. Hence, the addition ought not to have been made in the hands of the assessee and hence, the same is ordered to be deleted. Appeals of the assessee are allowed.
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