9911796707
TMI Blog2015 (8) TMI 1210X X X X Extracts X X X X X X X X Extracts X X X X ..... . This appeal by the Revenue under Section 260-A of the Income Tax Act, 1961 ('Act') is directed against the order dated 29th January 2014 passed by the Income Tax Appellate Tribunal ('ITAT') dismissing the Revenue's appeal ITA No. 2063/Del/2013 for the Assessment Year ('AY') 2006-07. 2. The background facts are that a search and seizure operation under Section 132 of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... zed document (Annexure A-29 page 66) did not belong to it as no plots of land were purchased by the Assessee from the parties mentioned in those papers. The Assessee had merely paid an advance amount of Rs. 30,04,559 to those parties on behalf of Inmon Buildcon (P) Limited ('Inmon') and the said advance amount was refunded in the subsequent years. It was contended that the seized document ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Proceedings under Section 148 of the Act in relation to the alleged cash transaction of Rs. 4,80,97,125 referred to in the said seized document (Annexure A-29 page 66) had been initiated by the Department against Inmon. (iii) The contents of Annexure A- 29 page 66 related to property transactions of Inmon as was found in the inquiry in the proceedings initiated for enhancement under Section 251( ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rsuant to the proceedings under Section 147/143 (3) of the Act were initiated against Inmon in relation to the alleged cash payment of Rs. 4,80,97,125 for AY 2006-07, by an order dated 31st March 2014 the AO has finalised the assessment of Inmon for AY 2006-07 by adding the above cash amount of Rs. 4,80,97,125 in its hands. It was noted therein that in Inmon's balance sheet as on 31st March 20 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Act, and having in those proceedings added the entire cash amount aforementioned in the hands of Inmon, must pursue those proceedings to their logical end. There is no factual or legal basis for seeking to add the same cash amount in the hands of both Inmon and the Respondent Assessee for the same AY. Further, nothing has been placed before the Court by the Revenue to doubt the correctness of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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