9911796707
TMI Blog2021 (9) TMI 70X X X X Extracts X X X X X X X X Extracts X X X X ..... ereinafter referred to as ld. AO). 2. The ground No. 1 raised by the assessee was stated to be not pressed and the same is reckoned as a statement made from the Bar and accordingly dismissed as not pressed. 3. The only issue to be decided in this appeal is as to whether the ld. CIT(A) was justified in confirming the addition made u/s. 69 of the Act as unexplained investment in the sum of Rs. 1,10,71,250/- in the facts and circumstances of the instant case. 4. We have heard rival submissions and perused the materials available on record. We find that assessee is an individual and had filed her return of income for the A.Y. 2015-16 on 28/08/2015 declaring total income of Rs. 26,56,810/-. The return was processed u/s. 143(1) of the Act and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o M/s. Runwal Homes Pvt. Ltd. Accordingly, the assessee was asked to explain as to why an amount of Rs. 1,10,71,250/- should not be treated as undisclosed investment made by the assessee. In response thereto, the assessee submitted that no payment in cash was ever made to said Runwal group and that the findings in the case of Runwal Group is at best be applicable to them and presumption cannot be applied in the case of the assessee. The assessee vide letter dated 26/12/2017 explained before the ld. AO that the shop No. G-35 was purchased vide agreement dated 24/04/2014 from Runwal Group for total consideration of Rs. 1,76,84,750/- and in addition to the above amount, the assessee paid stamp duty, registration charges, service tax, VAT etc., ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... by way of on-money payment for purchase of shop. This action of the ld. AO was upheld by the ld. CIT(A). 4.2. At the outset, we find that the assessee had specifically denied having made any cash payment of Rs. 1,10,71,250/- for purchase of shop in her statement recorded on oath u/s. 131 of the Act during the course of assessment proceedings. This rebuttal has been made in response to question no. 5 posed by the ld. AO at the time of recording statement, which is also reproduced in the assessment order itself. We also find that in para 4.3 of the assessment order, the ld. AO had reproduced the statement taken u/s. 132(4) of the Act from Shri Subhodh Runwal on 21/11/2014. In the said statement, in question No. 15 thereon, the ld. AO had ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t. Ltd., as their undisclosed income for the A.Y. 2015-16 towards on-money receipts in cash for sale of flats/shops. At the cost of repetition, we would like to state that Shri Subhodh Runwal had categorically stated that he had not received on money from all the unit buyers and it was only in some cases he had accepted the cash. The list of unit holders from whom the cash was accepted has been reproduced in the assessment order as well as in the Tribunal order of M/s. Runwal Homes Pvt. Ltd., in ITA No. 5621/Mum/2017 for A.Y. 2015-16 dated 20/12/2017. We find that the ld. AO had arrived at the figure of Rs. 1,10,71,250/- on the basis of estimating the on-money payment at Rs. 26,000 for sq. Ft per shop as was done in some cases as tabulated ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... order dated 20/12/2017 referred supra. There is absolutely no case for sustenance of the very same estimated addition in the hands of the assessee in the sum of Rs. 1,10,71,250/- towards unexplained investment made for purchase of shop. In any case, it is for the Revenue to bring on record evidences that assessee had indeed made on-money payments over and above the agreement value. Reliance in this regard is placed on the celebrated decision of the Hon'ble Supreme Court in the case of K.P. Varghese vs ITO reported in 131 ITR 597. In view of the aforesaid observations and respectfully following the decision of the Hon'ble Supreme Court referred to supra and the Co-ordinate Bench decision of this Tribunal in the case of M/s. Runwal Ho ..... X X X X Extracts X X X X X X X X Extracts X X X X
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