TMI Blog2020 (5) TMI 71X X X X Extracts X X X X X X X X Extracts X X X X ..... awan Vijay Jadhav or Vijay Construction Pvt. Ltd. Said document is in fact the document found in the course of survey of M/s. Vijay Construction Pvt. Ltd. M/s. Vijay Construction Pvt. Ltd. has given an explanation in respect of the said document. AO in respect of M/s. Vijay Construction has accepted explanation given by the assessee therein. Now, it would be farfetched for the A.O in the case of assessee herein to take a stand that the amount belongs to the assessee just because the assessee s name is mentioned in the seized document. Confirmation letters have been produced in respect of amount being the advance received from Ashish Barter Pvt. Ltd. and the gift from the mother of Shri Pawan Vijay Jadhav. This being so, we are of the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /- having been paid to said M/s, Vijay Construction during the period from 3-8-2008 to 3-1-2009. The said page also showed interest payment payable from January to March 2009 so also for the period from April 2009 to November 2009. On the basis of the said documents found in the course of survey in the case of M/s. Vijay Construction, the A.O had made an addition of ₹ 10,64,622/- for A.Y. 2009-10 and an addition of ₹ 22,51,784/- for A.Y. 2011-11 representing interest as mentioned in the said documents found. It was his submission that the assessment order came to be passed on 10-2-2014 in respect of both the assessment years. It was his submission that the assessment order for A.Y. 2009-10 was the subject matter of revision u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ; 1,05,00,000/-. The explanation is extracted herein below for brevity. ₹ 1,05,00,000/- - This amount is inclusive of ₹ 75 lacs received as Advance against Sus property from Ashish Barter Pvt. Ltd. Through Ram Kaka and ₹ 30 lacs Gift received from Lata Vijay Jadhav (my mother) received through Ram Kaka Copy of confirmation letter from Ashish Barter and from M/s. Lata Jadhav are enclosed herewith. 4. It was his further submission that the amount of ₹ 1,05,00,000/- represented the amount of ₹ 75,00,000/- received as advance from M/s. Ashish Barter Pvt. Ltd., through the assessee who is the uncle of Shri Pawan Vijay Jadhav, who was a partner in M/s. Vijay Construction. The learned A.R drew our attention ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on that in the course of survey, a document has been found which was showed the name of the assessee and an amount of ₹ 1,05,00,000/- has been received by M/s. Vijay Construction from the assessee herein and interest payment details were also there in the said paper which referred to the assessee only. It was his submission that the addition made by the A.O and as confirmed by the learned CIT(A) in respect of the interest as found in the documents seized in the course of survey in the case of Vijay Construction wherein the assessee s name has been mentioned was liable to be confirmed. It was his further submission that the enhancement as made by the learned CIT(A) of the amount of ₹ 1,05,00,000 for A.Y. 2009-10 which represen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the amount of ₹ 1,05,00,000/- belongs to the assessee just because the assessee s name is mentioned in the seized document. We also note the fact that confirmation letters have been produced in respect of amount of ₹ 75,00,000/- being the advance received from Ashish Barter Pvt. Ltd. and the gift of ₹ 30,00,000/- from the mother of Shri Pawan Vijay Jadhav. This being so, we are of the opinion that the enhancement done by the learned CIT(A) in respect of the amount of ₹ 1,05,00,000/- in the hands of the assessee is unsustainable and is deleted. 7. As we have already held that the amount of ₹ 1,05,00,000/- is the undisclosed income in the hands of the assessee. The said amount does not in any way relate to t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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