TMI Blog2021 (8) TMI 121X X X X Extracts X X X X X X X X Extracts X X X X ..... er and above the amount stated in the Builder Buyer Agreement. Field enquiry made by the AO is conclusive evidence that no cash was exchanged between the buyer and the seller. The entire addition has been made on the basis of arithmetical calculation found in the loose sheet of paper. Onus is always on the revenue to bring demonstrative evidences on record to show that cash has changed hands from the buyer to the seller because the sale consideration of the seller is coming from payments made by the buyer and if the buyer categorically stated that they have not paid anything in cash, which enquiry was made by the Assessing Officer himself, the findings of the ld. CIT(A) cannot be faulted with. We, therefore, decline to interfere with t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssment under CASS and accordingly, statutory notices were issued and served upon the assessee. 5. During the course of scrutiny assessment proceedings, the Assessing Officer noticed that the assessee has given an advance of ₹ 1.25 crores to Shri Anil Hoble. The assessee was asked to explain the purpose of such advance. Vide reply dated 24.12.2009, the assessee stated that the advance was given to Shri Anil Hoble for a project at Goa but the same could not be worked out and finally, the amount was refunded in F.Y. 2009 10. The Assessing Officer was of the opinion that the assessee has not been able to prove that it was an advance given for business purposes and, accordingly, added an amount of ₹ 1.25 crores to the income of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Shri Jaspal Singh Amount received by cheques Shri Kamaljit Singh Amount received by cheques Amount received in cash 2006-07 1.3 crores 1.7 crores 2 crores 2007-08 3.7 crores 3.3 crores 9.75 crores 2008-09 4.55 crores 5.75 crores Total 9.55 crores 10.75 crores 11.75 crores 11. As per the collaboration agreement, the ratio was 52: 48. The Assessing Offic ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... vailable. 15. Referring to the statement of Shri Kamaljit Singh, the ld. CIT(A) found that Shri Kamalji Singh has specifically mentioned in his reply that whatever payment is received from M/s Paras Buildtech Pvt Ltd has been deposited in the bank account and no payment except whatever in the bank account has been received. 16. The ld. CIT(A) further observed that the Assessing Officer has made the addition by taking coded document i.e., loose sheet impounded at page 30 of Annexure A 1 as basis. The ld. CIT(A) further observed as under: 13.7 One of the pieces of evidence used by the AO was the statement of i Shri Kamaljeet Singh recorded on 12.12.2009 u/s 133A of the IT Act. In this regard, I agree with the submission of the ap ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd, whatever statement is recorded under section 133A is not given an evidentiary value. The statement obtained under section 133A would not automatically bind upon the assessee. This judgment was later on affirmed by the Hon'ble Supreme Court (352 ITR 480) (SC) 2012 13.8 As regards, scrutiny of Bank account of Shri Jaspal Singh, the assessing officer found that ₹ 2,56,08,650/- was deposited in cash In the said account. Out of this amount, the assessing Officer vide order sheet entry dated 29.12/2009 acknowledged that only cash deposits to the tune of ₹ 27,80,000/- remained unexplained, for which a show cause notice was given to the appellant. Furthermore, the same was explained by the appellant by filing requis ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 18. The ld. CIT(A) finally came to the conclusion that the addition of ₹ 7,60,17,148/- made by the Assessing Officer on this issue is unjustified and without any basis and hence stands deleted. 19. Before us, the ld. DR strongly supported the findings of the Assessing Officer and read the relevant observations made by the Assessing Officer. 20. Per contra the ld. AR reiterated what has been stated before the lower authorities. 21. Facts on record show that field enquiries were conducted by the Assessing Officer by issuing notice u/s 133(6) to various buyers. None of the buyers confirmed that they have paid anything to the assessee over and above the amount stated in the Builder Buyer Agreement. Field enquiry made by the Ass ..... X X X X Extracts X X X X X X X X Extracts X X X X
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