9911796707
TMI Blog2015 (9) TMI 1291X X X X Extracts X X X X X X X X Extracts X X X X ..... During the said search proceedings certain documents were found and seized. It was noticed that the documents marked as 1/STD page 6 to 11, 59 to 61, 22/SPD page 3 to 5, 38 to 41 and 57 to 73 pertained to Smt. Veena N Manunath, the assessee herein. 3. The proceedings u/s 153C of the Act was initiated and notice u/s 153C r.w.s 153A of the Act was duly served. The assessee filed return of income on 6.12.2009 declaring income of Rs,399,099/- for the asst. year 2007-08. 4. In response to notices issued u/s 143(2) & 142(1) of the Act, 1961, the assessee did not submit any books of accounts. The assessment was completed on the basis of information available in the absence of production of books of accounts. 5. The AO noticed that the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . Year 2007-08 2008-09 Total Income 11,40,593/- 3,94,821/- 15,35,414/- 8. Based on the above information and observations, income of the year computed as below by the AO: Rs. A. Income from Business/Profession As declared 3,99,099 Add: (i) Sale of flats income offered for the period 01.04.06 to 31.03.07 (A.Y 2007-08) 11,40,593 Total Taxable Income 15,39,692 9. During the course of hearing with learned CIT(A), the assessee filed letter dated 21.12.2009 along with calculations addressed to the AO in which it was claimed that these were pending works relating to the project "Soundarya Nivas" to the extent of Rs. 1200,000/- for which payments are yet to be made and thus it was not considered in t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... arned DR submitted as under : (a) the assessee had not submitted any bifurcation of professional income and income from sale of flat at the time of hearing with the Assessing Officer. (b) The assessee not filed any books of accounts even on repeated request by the AO. (c) The learned CIT(A) had considered the additional cost based on the photograph submitted by the assessee. It is not proper evidence to estimate the pending works. (d) The addition of income by the AO was based on the submission made by the assessee's husband Shri PN Manjunath, which was binding on her because of deposition u/s 131 of the Act, which was filed by her. 15. We have considered the submissions of the learned DR. We find that additional cost on incomplete pro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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