Tribunal upholds CIT(A) decision, rejects Revenue's appeal. Assessee victorious on key issues.

The Tribunal dismissed the Revenue's appeal in its entirety, upholding the decision of the Ld. CIT(A) on all grounds. The Tribunal found the issues regarding non-issuance of notice under Section 143(2) and addition under Section 50C to be in favor of the assessee. Additionally, the Tribunal agreed with the Ld. CIT(A) in deleting the additions related to alleged on-money and black money, citing lack of reliable evidence. The Cross Objections by the assessee were deemed infructuous.

---

---

Issues Involved:
1. Non-issuance of notice under Section 143(2) of the Income Tax Act.
2. Addition under Section 50C of the Income Tax Act.
3. Addition of alleged on-money based on seized documents.
4. Addition of black money related to sale of flat.

Summary:

Issue 1: Non-issuance of notice under Section 143(2)
The assessee argued that the assessment was completed without issuing a notice under Section 143(2) of the Act. The Ld. CIT(A) allowed the appeal, but the Tribunal found this issue moot as the appeal was dismissed on merits.

Issue 2: Addition under Section 50C
The Revenue contended that the Ld. CIT(A) erred in not considering the SRO value as per Section 50C during the registration of sale deeds. The Tribunal upheld the Ld. CIT(A)'s decision, noting that the agreement to sell and advance receipt were dated March 2016, and the value as per Section 50C at that time should be considered. The Tribunal dismissed the Revenue's ground, agreeing with the Ld. CIT(A) that the Fair Market Value at the time of the agreement should be adopted.

Issue 3: Addition of alleged on-money
The Revenue argued that the Ld. AO rightly added Rs. 1,62,60,700/- as on-money based on loose sheets seized during the search. The Tribunal found the loose sheets to be undated and lacking details, making them unreliable. The Tribunal upheld the Ld. CIT(A)'s decision to delete the addition, citing the absence of corroborative evidence.

Issue 4: Addition of black money related to sale of flat
The Ld. AO added Rs. 31,40,000/- as black money received from the sale of a flat based on seized documents. The Tribunal dismissed this ground, referring to its earlier decision on the unreliability of the seized documents and agreeing with the Ld. CIT(A) that the addition was unwarranted.

Conclusion:
The Tribunal dismissed the Revenue's appeal in its entirety and found the Cross Objections by the assessee to be infructuous. The decision of the Ld. CIT(A) was upheld on all grounds.

---