2012 (11) TMI 704

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....44,84,647/- after rejecting the book results as per provisions of section 145(3) of the Act." 3. The brief facts of the case till the assessment stage are noted by Ld. CIT (A) in para 1 & 2 of his order and the relevant paragraphs are reproduced below: "This is regarding addition of Rs. 44,84,6477- as on-money. In the assessment order, the A.O. has stated that the assessee is engaged in the business of land and building organizer and construction work. During the year under consideration, the assessee has shown sales from the project called "Amardham-C". This project was developed from F.Y. 2001-02 to F.Y. 2003-04, During the year 8 flats of built up area of 12,850 Sq. Ft. was shown for sales of Rs. 57,95,3537-. The rate of sale price....

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..... is that the assessee has furnished complete details of sale of flat of "Amardham-C" during the course of assessment proceedings and that these flats which have been sold were part of the closing stock of the last year. The assessee also stated that they had given complete details and explanation regarding page Nos.l to 99 of the loose file inventorized as per Annexure-BF/22 during the assessment proceedings for the A.Y. 1998-99 to A.Y. 2004-05. The assessee also stated that the additions made by the A.O. in the earlier years based on the loose papers have referred to by the A.O. were deleted by the CIT(A)-H,Central Circle-I Ahmedabad vide order dated 05.03.2007 during the appellate proceedings for the period relevant to A.Y. 1998-99 to A.....

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....tion of the present assessment year in the seized material. In assessment year 2005-06, the tribunal has deleted similar addition in assessee's own case by following the Tribunal order for assessment year 2004-05 in which, it was held that in the absence of any cogent evidence, there is no scope for extrapolation. Since, in the present year also, there is no evidence regarding receipt of any on money, addition cannot be made on the basis of seized material relating to earlier year. By respectfully following the Tribunal decision in assessee's own case, we decide the issue in favour of the assessee. This ground of revenue's appeal is rejected. 7. Ground No.2 of the revenue's appeal is as under: "On the facts and in the circumstances of....

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....by virtue of Section 80IB(13) r.w.s. 80IA(7). In view of this, the A.O. came to the conclusion that it is mandatory for the assessee to own the land for deduction to be allowed. (2) This provision made for permitting development of low cost housing projects and its targeted beneficiaries are middle class investors and, therefore, any interpretation which does not scale the benefit to ultimate beneficiary will divide the legislation.   (3) The A.O. stated that even for obtaining provisional of local authority the land owner has to submit complete let out of using project duly signed by the architect and hence it is the owner of the land who is entitled to apply and get the approval of this house project and, therefore, owner only ....