TaxTMI 
TaxTMI 
2015 (4) TMI 636
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....erial with the Income Tax Appellate Tribunal to hold that the addition made of Rs. 1,35,00,000/- representing sale consideration and sustained by the Commissioner of Income Tax (Appeals) was sustainable in law or on facts? (d) Without prejudice to the aforesaid, whether on proper construcion of the documents seized as Annexure - A1/60, could the Income Tax Appellate Tribunal validly and legally hold that the assessee had received any on money, and in the event it was so held that the assessee had received such an on money on the basis of one loose sheet (page 122 of Annexure A1/60), after having so held, has not the Tribunal acted arbitrarily in not having allowed a deduction of loss of Rs. 17,93,217/- on the basis of same document? ....
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....cord. Based on the submissions made and all the available materials, the CIT (Appeals) accepted the assessee's contentions in regard to certain amounts and at the same time sustained the addition to the extent it pertained to Rs. 7,69,98,484/-. This included a sum of Rs. 1,35,00,000/- and a further figure of Rs. 49,64,904/-. This also included a sum of Rs. 17,93,217/-. The Tribunal on further appeal directed deletion of all amounts except these three amounts, i.e., Rs. 1,35,00,000/-, Rs. 49,64,904/- and Rs. 17,93,217/-. 4. It is argued on behalf of the assessee that the order of the Tribunal affirming the sum of Rs. 1,35,00,000/- is manifestly erroneous. To say so, learned senior counsel relied upon pages 484 and 483 of the paper book whic....
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.... computer of Sh. Anupam Nagalia This file contains a copy of a letter from Sh. Pankaj Pal G.M. (Marketing) of the appellant to the investors of Vatika World. There is no mention of any specific sales instance. Thus, no addition is possible on account of this document. b) Sale of Flat No.110 to Sh. Rajesh Bhatia & Smt. Poonam Bhatia This sales instance has been pointed out by the A.O. on the basis of seized document at page no.122 of annexure A-1/60. This paper was referred to in respect of discussion in the case of "Vatika Triangle" as well. Since, this document shows sale of flat in "Vatika Triangle" and purchase in "Vatika Triangle" as it was not indicating the sale by appellant but, by these investors. This paper also indicates sale o....
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....ived at his findings. It is to be noted that the impugned order has made a factual analysis of each of the amounts which was directed to be added by the CIT (Appeals) (who in turn had not sustained the entire larger sum of Rs. 45,89,68,630/-). The Tribunal dealt with the question of addition of both the sums of Rs. 1,35,00,000/- as well as Rs. 49,64,904/- in the following terms: "33. We have duly considered the rival contentions and gone through the record carefully. The first document considered by the learned Assessing Officer harbouring a belief that the assessee has received on money while making the booking of the flats which was not disclosed in the regular books of account is, page No.122 of Annexure A1/60. Basically, these are the ....
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....ka Triangle on account of value of enhanced stock or at Vatika World. Considering the findings of the Learned CIT (Appeals), we do not see any reason to interfere in it. Addition of Rs. 1,35,00,000/- is confirmed. 34. The next documents referred by the Assessing Officer are page Nos.28, 15 and 30 of Annexure A-9 which were found from the residence of Shri Anupam Nagalia. According to the learned Assessing Officer, on page 28, a mention of 6000, new sites @ Rs. 2600 is mentioned. Similarly, on page 15 of Annexure A-9, he concluded that Mr. Tiwari, New Project Joint Name, 4000 sq. ft. is mentioned. On the basis of these pages, learned Assessing Officer has concluded that flat Nos.405 and 411 were sold to Shri Tiwari for an amount of Rs. 78,5....
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....e flats sold by the assessee in Vatika World. It does not deal with a specific sale instances. However, on this paper, no where rates are written nor any cash component or cheque component is written. Therefore, this document cannot lead to the conclusion that the assessee has understated the sales consideration in the booking of the space at Vatika World. We do not find any merit in the ground of appeal raised by the revenue whereas grounds of appeal raised by the assessee bearing Nos.2 to 2.5 are partly allowed. The order of Learned CIT (Appeals) sustaining additions at Rs. 1,35,00,000 and Rs. 49,64,904 is confirmed whereas the addition of Rs. 15,50,000 is deleted." 9. As stated earlier, the Tribunal took note of each of the adverse find....