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2016 (7) TMI 828 - ITAT BANGALORE

2016 (7) TMI 828 - ITAT BANGALORE - TMI - Addition on unexplained money received by the appellant u/s 69A - Held that:- When the sale deed was executed in the present year, it is not acceptable that the balance amount was received by the assessee in the assessment year 2006-07, particularly when no cogent evidence in respect of his claim was produced before us or before any of the authorities below. Therefore, we hold that the amount of ₹ 34,37,500/- should also be taxed in the present yea .....

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by the ld. CIT(A). We would also like to observe that if the assessee has disclosed income in the assessment year 2006-07 of ₹ 34,37,500/- which is being taxed in the present year and if the assessee can establish that both are same, then such income should not be taxed in the assessment year 2006-07 and if the tax has been paid by the assessee in that year, credit for the same be allowed in the present year against the addition being upheld by us of ₹ 34,37,500/- from the date of pa .....

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alore dated 23-12-2013 for the assessment years : 2004-05. 2. The grounds raised by the assessee in its appeal are as under; 1. The orders of the authorities below in so far as they are against the appellant, are opposed to law, equity, weight of evidence, probabilities, facts and circumstances of the case 2. The learned CIT[A] is not justified in sustaining an addition of ₹ 8,75,000/- out of the original addition of ₹ 77,50,000/- made as the alleged unexplained money received by the .....

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humbly prays that the appeal may be allowed and Justice rendered and the appellant may be awarded costs in prosecuting the appeal and also order for the refund of the institution fees as part of the costs . 3. The grounds raised by the revenue in its appeal are as under; 1. The order of the ld. CIT(A) is clearly opposed to law as far as the findings are perverse, contrary to the facts and circumstances of the case and hence not sustainable. 2. The CIT(A) erred in not considering the cash payment .....

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e initial receipt of ₹ 34,37,500/- on 17/02/2003 on signing the agreement but the amount offered to tax in his individual assessment is only ₹ 68,75,000/-. In these circumstances, the CI(A) ought to have sustained addition of ₹ 38,37,500/- . 4. The brief facts, till the stage of passing of the present assessment order, are noted by the ld. CIT(A) in paras 3, 3.1 & 3.2 of his order and these paras are re-produced hereunder for the sake of ready reference; 3. Unexplained mone .....

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n his reply dated 20/07/2011 stated that, s a result of the search operation, a total amount of ₹ 124 Lakhs had been brought to tax in his hands and in the hands of M/s Bangalore Sites and Estates inasmuch as he had offered a sum of ₹ 68,75,000/- at ₹ 34,37,500/- each for the assessment years 2003-04 and 2004-05 and M/s Bangalore Sites and Estates had offered a sum of ₹ 56,00,000/-for tax. As, in the opinion, the amount of ₹ 7,50,000/- figuring in the seized materia .....

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postal order and that, if the amount of ₹ 12.50 Lakhs received through the postal order is deducted from ₹ 90.00Lakhs the amount of ₹ 77.50 Lakhs stood answered as having been received by him in cash. Therefore, according to the appellant, the sum of ₹ 1.24 Crores offered to tax in all included the sum of ₹ 77.50 Lakhs sought to be brought to tax in the reassessment order following the CIT s order u/s 263 of the Act. 3.2 However, according to the AO, the appellant .....

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IT(A) sustained part of addition of ₹ 8.75 Lakhs out of total addition made by the AO of ₹ 77.50 Lakhs and deleted the balance addition of ₹ 68.75 Lakhs. 6. Now the assessee is in appeal before us for the part addition sustained by the ld. CIT(A) and the revenue is in appeal for the relief granted by the ld. CIT(A). 6.1 It was submitted by the ld. AR of the assessee that on pages 24 & 25 of the paper book are the seized papers on the basis of which the present addition was .....

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nts are mentioned against the name of the assessee being ₹ 77.50 Lakhs in cash and ₹ 12.50 Lakhs by pay order. The total of these two amounts comes to ₹ 90.00 Lakhs and it was the submission of the Ld. AR of the assessee that total of these two amounts is already included in the total amount of ₹ 124 Lakhs noted in page no.24 of the paper book. Further, he has drawn our attention to page no.38 to 41 of the paper book where a remand report submitted by the AO before the ld .....

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t the assessee s contention is correct. It was the submission of the ld. AR of the assessee that in the light of these facts of the present case, the amount of ₹ 77.50 Lakhs noted on page-25 of the paper book which is already included in the amount of ₹ 124.00 Lakhs noted at page-25 of the paper book and this amount is already offered to tax by the assessee although, in two assessment years i.e partly in the present assessment year and partly in the assessment year 2007-08. At this j .....

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agreed to this proposition. 7. Regarding the part addition of ₹ 8.75 lakhs confirmed by the ld. CIT(A) he submitted that it is noted by the AO at page 2 of the remand report that as per page no.92 of the seized material available at page no.24 of the paper book, total payment ₹ 124.00 Lakhs was received by the assessee against sale of land and the payment made through cheque of ₹ 2,25 Lakhs was to the firm and the same was offered to tax by that firm. It was submitted that the .....

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he file of the AO for a fresh decision. 9. We have considered the rival submissions. We find that as per page no.24 of the paper book, out of the total sale consideration of ₹ 4,57,50,000/-, the amount stated to have been received by the assessee is ₹ 124.00 Lakhs and this amount of ₹ 124.00 Lakhs includes the amount of ₹ 90.00 Lakhs break-up of which is available on page 25 of the paper book which comprises of ₹ 77.50 Lakhs in cash and ₹ 12.50 Lakhs by way of .....

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