9911796707
TMI Blog2023 (1) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... d out at the premises of the assessee and its site office on 09.09.2010. After examination of the documents seized, notice u/s 142(1)A of the Act was issued to the assessee on 23.02.2012 calling for the return of income and in response to which, assessee filed return of income for A.Y. 2011-12 declaring income at Rs.24,27,270/-. Thereafter, the case was taken up for scrutiny and consequently the assessment was framed on 31.03.2013 u/s 143(3) determining the total income at Rs.2,72,74,270/-. 4. Aggrieved by the order of AO, assessee carried the matter before CIT(A) who vide order dated 30.03.2015 in Appeal No.192/13-14 granted partial relief to the assessee. Aggrieved by the order of CIT(A), assessee is now in appeal before the Tribunal and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ounded and unsupported by any entry in the books of account or any other cogent material on record or any unexplained asset found or seized and therefore the same deserves to be deleted. 4. The appellant craves leave to add, modify and/ or delete any grounds of appeal." 5. Through the aforesaid grounds, assessee is challenging the addition of Rs. 51,39,000/- and Rs. 66,31,000/-. 6. With respect to the addition of Rs 51,39,000/-, AO noted that during the course of search, page no. 74A of Annexure A-1 was impounded from the site office of the assessee. The aforesaid document revealed Rs.1,27,97,000/- was received by the assessee from Dev Priya Group and others as deposits. The AO issued the show-cause notice to the assessee asking him t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the assessee for construction linked plan payment systems. AO noted that assessee did not provide any documentary evidence about the terms and conditions on which the properties were allotted and later on cancelled. AO noted that since no flats were allotted to the persons named in the list except for the 3 persons, the amount shown in the list was unaccounted income of the assessee. He, thereafter, after giving the credit for the amount received from 3 persons, made addition of Rs.77,31,000/- as unaccounted income of the assessee. 8. Aggrieved by the aforesaid additions made by AO, Assessee carried the matter before CIT(A). With respect to the addition of Rs.72,73,000/-, CIT(A) for the reasons cited in the order restricted the addition to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ils of the cheque of the amount refunded are also reflected therein and those details were also given to AO. He further submitted that the presumption u/s 292C that the document belongs to the assessee and the contents thereof is true is a rebuttable presumption, as held by various High Courts, and the presumption has been rebutted by the fact of the observation of the AO in the assessment order, wherein he notes that the person mentioned in the annexure have denied any relation with those entries or stated that they have got the money back/refunded. He further submitted that AO did not confront the assessee with the outcome of the enquiry or investigation carried from Dev Priya group, Manish, Nahar Singhji. He further submitted that no une ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ble and, therefore, AO made the additions of the amounts reflected in those documents. Before us, Ld AR has placed on record the explanations that were submitted by the assessee before the authorities explaining the contents. The perusal of the same would reveal that assessee has inter alia given the details of the amount received, the receipt number and the details of the amount which were refunded including the cheque number and date. The explanation and the details given by the assessee has not been shown to be untrue or contrary to the facts stated before the authorities. In such a situation, we are of the view that assessee has discharged the onus cast upon it. As far as the presumption u/s 292C is concerned, we are of the view that th ..... X X X X Extracts X X X X X X X X Extracts X X X X
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