TMI Blog2023 (8) TMI 641X X X X Extracts X X X X X X X X Extracts X X X X ..... ion mentioned in the sale deed is the only amount which is received by cheque but he has no explanation regarding mentioning of transactions and payment of cash to the purchaser to the sellers including the assessee in cash. At the cost repetition, we may point out during the assessment proceeding the assessee did not appear before the AO and AO passed ex parte order u/s 147/ 144 of the Act on the basis of material available, particularly report of Investigation Wing supported by excel sheet recovered from the Assistant Manager of Accounts Ms. Dadlani of the purchaser entity. In our considered opinion the ld CIT(A) was not correct and right in granting relief to the assessee ignoring the vital self speaking evidence showing cash payme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Advisory Services Pvt Ltd and M/s Merino Realtors Pvt Ltd were actually purchaser, hence the same yardsticks could not be applied in the case of the instant assessee being seller. 4. Whether the Ld CIT(A) erred in not appreciating the fact that the seized documents have evidentiary values. From the seized documents, it is revealed that the amount stated therein to be paid by DD/Cheque exactly matched with the amount entered into the registered sale deed(s) which further emphasizes that the cash transactions mentioned in the seized documents took place and should therefore be taken as to be part of sale consideration for computation of long term capital gains. 3. The ld CIT DR submitted that the ld CIT(A) has erred in deletion of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Manager (Accounts), NITCO because she was well aware of the transaction between the assessee and the purchaser companies M/s. M/s. Saturn Advisory Services Pvt. Ltd and M/s. Merino Realtors Pvt. Ltd. The ld CIT DR further submitted that the Investigation Wing of the Directorate of Income Tax informed the AO that the assessee has sold his share in land situated at Maidan Garhi worth of Rs. 10,92,46,024/- out of which 50% share of total consideration was pertaining to the assessee having 50% of share in the property sold. The ld DR submitted that the capital gain arising out transfer of land which is a capital asset as per section 2(14) of the Income Tax Act, 1961 (for short the Act) has escaped assessment therefore, reassessment proceedings ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmitted that the ld CIT(A) has granted relief to the assessee by considering the fact and circumstances in right perspective therefore, appeal of the revenue may kindly be dismissed. 6. On careful consideration of the above submission, first of all, we note that AO initiated the reassessment proceedings u/s 147 of the Act by issuing notice u/s 148 of the Act on 22.03.2013 after recording the reason in pursuance to the information received from the Investigation Wing of Directorate of Income Tax vide communication dated 15.03.2013 that the assessee has sold his share of land situated at Maidan Garhi worth of Rs. 10,92,46,024/- and assessee was having 50% of share in the said property sold. We further note that undisputedly the property s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ails of sellers, purchasers, details of property sold and sale consideration, paid through cheque and in cash and except cash amount all the other details and figures are exactly matching with the sale deeds then the factum of cash payment of consideration cannot be washed away on the basis of the irrelevant material. The ld CIT(A), while granting relief to the assessee, also taken into consideration as incorrect fact that no statement of Ms. Zaver Cyprus Dadlani and on the other hand, in para 11.9 noted the fact of recording of statement not only of Ms. Dadlani but also of Mr. Atul Sud thus, his conclusion based on incorrect appreciation of facts cannot be termed a sustainable being perverse and contrary to the facts of the case. Therefore ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the said excel sheet to Director General, DRI, listing 36 properties and including the sale of property under consideration in the present case. The excel sheet containing details of sellers/buyers and payment (both in demand draft and cash mode). The total amount paid for acquisition was approximately 56.29 crores, which included DD components amounting to Rs. 14.43 crores and cash components amounting to Rs. 41.86 crores. The investigation Wing of Mumbai informed director General of Income Tax (Investigation), New Delhi informed the said transaction and receipt of cash consideration by the sellers including the present assessee. 9. In the present case, we in agreement with the contention AO as well as CIT DR that the said excel sheet ..... X X X X Extracts X X X X X X X X Extracts X X X X
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