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2023 (9) TMI 750 - ITAT AHMEDABADAddition u/s 69C - unexplained source of income incurred towards purchase of the land - as submitted assessee had not paid a single penny in cash and the entire share of the transaction was routed through the bank accounts and the entire share of "on money" was admitted to be paid by the co-owners - HELD THAT:- As search action against Mr. Baldevbhai Patel was not based for reopening of assessee’s case and assessee as well as co-owners i.e. Shri Baldevbhai Patel and Saileshbhai Patel had admitted that the share of three purchasers was 60:20:20 respectively was there as Shri Baldevbhai Patel and Sailseshbhai Patel and Shri Manish Ramanbhai Patel i.e. assessee. The additional amount paid in cash on money was admittedly paid by the other two-owners and not by the assessee as per the reply filed by the assessee during the assessment proceedings. In fact, the assessee’s portion of share only 20% i.e. of 1,77,000/- and CIT(A) has categorically observed that both co-owners has challenged the ratio of land holdings amongst co-owners who challenged addition of on money on the ground that money received earned on sale of land were utilized by said co-owners for making money payment of land. This explanation was not taken into consideration by the Assessing Officer as well as by the ld. CIT(A) and thus in fact charging/making 20% addition was not justified and therefore the appeal of the assessee is allowed.
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