2006 (8) TMI 617

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....ing question has been proposed for admission of this appeal: "Whether on the facts and in the circumstances of the case, the Appellate Tribunal is justified in holding that addition made by the A.O. u/s. 69 of the Act as well as according to the instructions issued u/s. 144A of the IT Act in respect of 'on-money' payment collected by the builder to the extent of Rs. 4,78,500/- is ....

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....to the builder. He was also of further view that generally "On Money" is paid before booking of flat or at the time of first payment of booking. The assessee having made the first payment of Rs. 1,00,000 on 10.2.1992, the AO has estimated the amount of "On Money" and added the same to the total income of the assessee during the Assessment Year under consideration. Thus, we find that the impugned a....