TMI Blog2018 (5) TMI 1164X X X X Extracts X X X X X X X X Extracts X X X X ..... e had extracted its share of profit. The Tribunal therefore, accepted the assessees' contention that the loose documents did not refer to the actual receipt of onmoney since the documents itself carried a title “PROJECTIONS” and further that the Assessing Officer had nothing to discard the assessees' theory that these land deals did not eventually materialise. Essentially the Tribunal having referred to the materials on record and come to factual conclusion, in our opinion, no question of law arises. Addition made in respect of unaccounted income in the form of on-money from sale of shops at Himalaya mall - ITAT deleted the addition - Held that:- The assessee pointed out that many of these shops were not tenanted thereby suggesting th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8 18-04-2018 For The RESPONDENT : MR SN SOPARKAR, SR COUNSEL WITH MR KIRTIKANT THAKER (2055) For The RESPONDENT : MR. ARCHIT P JANI (7304) ORAL ORDER ( PER : HONOURABLE MR. JUSTICE AKIL KURESHI) 1. These tax appeals arise out of common orders passed by the Assessing Officer, CIT(Appeals) and the Tribunal. The Revenue has challenged the judgment of Income Tax Appellate Tribunal dated 28. 6. 2017. 2. Tax appeal can be broadly classified into two sets. In first set of tax appeals, Tax Appeal No. 331/2018 being the representative tax appeal, the Revenue has proposed the following question of law: Whether the Income Tax Appellate Tribunal is right in law and on facts in deleting the addition made in respect of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e documents which were in handwritten. Major difference being that typed copies contained a description PROJECTIONS . 6. From the basis of documents seized from the premises of the assessees as well as from the premises of Dasrath Patni, the Assessing Officer undertook the task of ascertaining the assessees' cash transactions in such land deals. The assessees were confronted with two principal aspects. First was that in many of these loose documents, there was reference to 'RP' , 'PD' and 'KM'. The assessees explained that 'RP' referred to Rohit P. Modi, 'PD' referred to one P. Dubey and 'KM' referred to one K. Mehta. The assessees also conveyed to the Assessing Officer that the transa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9 sq ft. Remaining area had remained unsold. Out of total carpet area sold by the assessee, the seized documents showed onmoney receipts in sale of 1,14,761 sq. ft. The assessees admitted such cash transactions. However with respect to the balance area of 49,818 sq. ft. , the assessees claimed that no onmoney was received in sale thereof. The Assessing Officer ignoring the assessees' objections made the additions on par with the sale of the remaining commercial area in the said mall. CIT(Appeals) deleted the said additions. The Tribunal confirmed the view of the CIT(Appeals). This is the second issue the Revenue seeks to raise in these appeals. 9. With respect to the first issue we may notice that the Assessing Officer mainly proceed ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the proposed sellers of the land that eventually the land deals fell through. 11. As noted, the assessees themselves did not dispute their involvement in the land deals referred to in the documents found from the premises of Dasrath Patni nor did they disown the reference to two persons 'PD' and 'KM'. In fact, they pointed out that these two dummies whose names would be used for registration of documents since they had status of agriculturist and in the State of Gujarat, agricultural lands could be brought only by an agriculturist. Thereafter however, the assessees sought to bifurcate two sets of deals. One where the land deals were completed and sales executed. In such set of cases, the assessees accepted receipt of o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e second issue, we may recall, pertains to the Assessing Officer making addition of projected onmoney receipts by the assessee in sale of 49,929 sq. ft. of carpet area of Himalaya mall. The Assessing Officer had projected the onmoney received by the assessee and duly admitted during the course of assessment proceedings for the remaining carpet area of commercial property in the Himalaya mall on the basis of documents found during search. The assessees' defence was that not necessarily in all sales, premium would be available. 49,929 sq. ft. carpet area represented the shops which did not command prime location. These shops were sold to the family members and in some cases to outsiders without charging any premium. The assessees pointed ..... X X X X Extracts X X X X X X X X Extracts X X X X
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