TMI Blog2016 (5) TMI 235X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer by estimating the profit on "on money" receipts @ 25% while the assessee has already offered tax on the admitted unaccounted receipts from its Greenwood Project amounting to ₹ 300 lakhs. Under these facts and circumstances of the case, the authorities below are not justified in making the addition in question and confirming the same; and therefore, the addition in question is directed to be deleted. - Decided in favour of assessee - ITA No. 2918/Ahd/2011 - - - Dated:- 19-2-2016 - Shri Shailendra K. Yadav, Judicial Member And Shri N. K. Billaiya, Accountant Member For the Petitioner : Shri Milin Mehta, AR For the Respondent : Shri R.I Patel, CIT-DR ORDER Per Shailendra K. Yadav, Judicial ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... als) erred in fact and in law in charging interest u/s 234C of the Act. 8. The learned Commissioner of Income Tax (Appeals) erred in fact and in law in initiating penalty proceedings u/s 271AAA of the Act. 9. Your Appellant craves the right to add to or alter, amend, substitute, delete or modify all or any of the above grounds of appeal. 2. The brief facts of the case are that the assessee is engaged in the business of construction and development in the field of real estate. The assessee has developed a housing project named Greenwood in the city of Baroda. The said project comprises of 26 Bungalows and the entire project consists of high end residential units. A search u/s 132 of the Act was carried out in the Amod Grou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in making the addition of ₹ 20,33,000/- to the total income of the assessee by estimating the profits @ 25% on on-money receipts while the assessee has disclosed an amount of ₹ 300 lakhs on account of on-money receipts in respect of Greenwood Project. He accordingly pleaded that the addition in question may be deleted. On the other hand, ld. Departmental Representative supported the order of the authorities below. 2.2 After going through the rival contentions and material on record, we find that a search action u/s 132 was carried out in Amod Group cases on 11.02.2009. The assessee admitted unaccounted receipts from its Greenwood Project amounting to ₹ 300 lakhs which was offered to tax. It was on the basis of page no.1 ..... X X X X Extracts X X X X X X X X Extracts X X X X
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