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2023 (10) TMI 366 - ITAT HYDERABADUnaccounted/ undisclosed income - certain material was seized during the search and seizure operation conducted in the assessee’s case - assessee had reiterated its claim that the plot owners had paid cash directly to Shri P. Damodar as part of sale consideration, and the assessee had acted as mediator without funds being routed through him - assessee further contended that the amount paid to P. Damodhar and others did not belong to him and therefore, the question of taxing it as undisclosed income should not arise - HELD THAT:- It is worth noting that the assessee has been a regular filer of income tax returns for the past three years and has declared income exceeding Rs. 10 lakhs for the relevant assessment years prior to the current one, which supports the assessee's claim that the undisclosed income of Rs. 10 lakhs can be explained from past accumulations or savings and we do not find assessee’s contention as an after thought. Since the assessee failed to provide sufficient evidence before the Assessing Officer and he had only raised the plea before the ld. CIT(A), hence to balance the interest of parties and end the litigation, we allow the relief of Rs. 6 lakhs to assessee and confirm the remaining amount of Rs. 4 lakhs. Considering the submissions made by the assessee, the absence of evidence indicating that Rs. 10 lakhs belonged to the assessee, and the assessee's contention that he is a regular tax filer for the preceding years, we are of the opinion that an amount of Rs. 6,00,000/- on estimate basis is available to the assessee to explain out of the addition of Rs. 10,00,000/- and the amount of Rs. 4,00,000/- remained unexplained. Hence, the addition of Rs. 4,00,000/- is upheld. Thus, the ground of the assessee is partly allowed.
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