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2024 (3) TMI 305 - ITAT DELHIAssessment u/s 153C - agreement depicting the payment was found and seized during the search & seizure operation was carried out u/s 132 - real beneficiary v/s facilitator - Addition u/s 56 as income from other sources made with the remark since the assessee has not furnished any cogent explanation with respect to the cash received and the same has been received as an advance in respect of the immovable property and the transaction has not materialized as far as the assessee is concerned, the amount is being added to the income of the assessee - HELD THAT:- Since the said property was never owned by the assessee, it was not eligible /entitled to keep the money having been received by way of earnest money & part sale consideration in respect of the said property from the prospective buyer. The assessee has also filed an affidavit before the ld. CIT(A) stating that after having received of the aforesaid payment as an advance, the said payment was handed over to one of the Owner i.e. Mr. Aseem Doomra, as Mr. Narender Kapoor was in Auckland (Newzealand).The assessee was not the real beneficiary and he had acted like a facilitator only. Since the money which was received by it from M/s Kritunairu, actually belonged to Mr. Narender Kapoor & Mr. Aseem Doomra, there was no reason for the assessee to record such transaction in its books of account. The contents of the seized document being agreement to sell & purchase were required to be considered in entirety, not in piece meal. Hence, the view formed by the lower authorities to treat the assessee as real beneficiary is arbitrary and cannot be affirmed. Decided in favour of assessee.
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