9911796707
TMI Blog2015 (8) TMI 1426X X X X Extracts X X X X X X X X Extracts X X X X ..... evenue is aggrieved for deletion of addition of Rs. 5,76,000/- on account of unexplained expenditure u/s.69C of the IT Act. 4. Facts in brief are that there was a search u/s.132 on 5-3-2009 in the case of Jai Groups, its employees and close associates. During the course of search it was found that this group had purchased huge agricultural land in the suburb of Bombay, Thane, Panvel, Alibaug and Pune. The land has been purchased in the name of various companies of this group. The AO made addition in the hands of the assessee by observing that assessee has purchased the land as per MOU dated 18-8-2007 during the year under consideration where Part-B payment is unaccounted payments amounts to Rs. 5,76,000/-. The AO added the same u/s.69C of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e basis of other papers, even though the same were referred in the order The other documents relied upon by the Id.AO are not related to the appellant as explained in our earlier submissions, also no addition is made by the Ld.AO on the basis of those papers. 5. The contention of the department was that the figures appearing in the last two columns of the papers are cash payments whereas the contention of the assessee was that the figures are nothing but projected [und requirement for future acquisition of land. It is the contention of the Ld.AO that the amounts appearing in the column Part B of the paper are cash payments whereas the contention of the appellant is that the figures are nothing but budgeted figures for conversion of agri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Nothing contrary to the Affidavit of Atul Pawar has been brought on record. 4. It was observed that the Revenue authorities have not brought a single statement of record of the vendors of land in different villages. None of the sellers has been examined to substantiate the claim of the Revenue that extra cash has actually changed hands (page 45 para 24) The Ld. AO has not brought on record any corroborative evidences from vendors from whom the lands were purchased. None of the sellers has been examined to substantiate the claim of the ld. AO that extra cash actually changed hands. 5. It was observed that the entire additions have been made merely on the strength of loose papers found during the course of the search n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the same by submitting an affidavit by Mr Atul Pawar. The AO. has not brought on record any thing to prove to the contrary. He has also not brought on record any corroborative evidences from vendors from whom the lands were purchased. None of the sellers examined to show that extra cash has actually changed 1iands. The entire additions have been made only on the basis of loose papers which is not supported by any documentary and independent evidences. The income of the appellant from its main business activity is also very nominal. No evidence has been brought on record by the AO to show that the cash is being received from some other sources to facilitate the alleged cash expenditure. Thus in view of the above, it is seen that the case of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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