9911796707
TMI Blog2023 (9) TMI 1539X X X X Extracts X X X X X X X X Extracts X X X X ..... d ab initio, barred by limitation, illegal, contrary to the facts and circumstances of the case, liable to be annulled. 2. The ld. AO was not justified in providing sufficient opportunity to the appellant to furnish document or reply in support of the claim and confirming the addition. 3. The ld. AO was not justified in making addition of Rs. 56,00,000/- as income from unexplained investment u/s 69 without considering the facts and circumstances of the case. 4. That the ld. AO was not justified in levying interest of Rs. 20,24,568/- u/s 234B of the Income-tax Act." 2. Heard the learned Representatives of both sides at length and case- records perused. 3. Brief facts leading to present appeal are such that the assessee is an indi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing u/s 132 conducted upon him inventorised as Page No. 38 of LPS-2 and Page No. 58 of LPS-1. The first document (Page No. 38 of LPS-2) has been re- produced by AO on Page No. 4 of assessment-order. The AO observed that this document contained the details of impugned House DV-11 sold by M/s Amrit Homes Pvt. Ltd. to assessee for Rs. 2,53,50,000/- [Rs. 2,55,00,000 (-) discount Rs. 1,50,000]. Further, the document also contains break-up of "cheque-payment" and "cash-component". The second document (Page No. 58 of LPS-1) has been extracted by AO on Page No. 5 of assessment-order which shows "cash as per Binda Sir at 05.11.2013" - Rs. 56,00,000/-". On the basis of these documents, the AO concluded that the assessee paid on- money of Rs. 56,00,00 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ge No. 49 of Paper-Book, and submitted that the following observations made by DRP clearly demonstrate that the seized documents can't be said to be dumb: "5.3 We have considered the entire matter carefully. We are compelled to state that the evidence found by way of loose papers are rather clinching. Firstly, there are no abbreviations used. Nor, are the transactions written in any coded language. Secondly, the transactions mentioned for the account part match perfectly with the declared consideration. The assessee is not denying that. Thirdly, the GST or AMC mentioned in these loose papers are also not in dispute. Fourthly, the persons mentioned in the seized papers, namely Manoj Sabnani and Binda Sir, or, the person from whom the paper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f Rs. 1,97,50,000/- is mentioned and it is also mentioned that the assessee has paid Rs. 70,00,000/- and the balance of Rs. 1,27,50,000/- was agreed to be paid before completion of construction and handing over possession of vila. Therefore, it is very much clear that the registered sale-deed 19.03.2013 was for plot (with under structure-level house) only and the construction was to be done subsequently for which the assessee was required to make independent payments. This also corroborates with the seized document "Page No. 58 of LPS-1" re-produced above which clearly mentions "Percentage completion as on 30.11.2016 - 90%". In fact, this also meets the contention raised by Ld. DR for revenue that the cash-component is always paid before ex ..... X X X X Extracts X X X X X X X X Extracts X X X X
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