TaxTMI 
TaxTMI 
2016 (11) TMI 1162
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....ion of Rs. 30,55,000/-, on account of alleged unexplained investment in co-owned Flat No.203 in building named RNA Azure at Bandra, Mumbai, by way of unrecorded cash payments, over and above the document price, for the reasons mentioned in his Order. He ought not to have ignored ITAT, Mumbai Bench decision in the case of Vendor, submitted during the course of hearing before him. Therefore, it is prayed to cancel the addition of Rs. 30,55,000/-. 3. The issue arising in the present appeal is against the addition made of Rs. 30,55,000/- on account of alleged unexplained investment in Flat No.203 in RNA Azure at Bandra, Mumbai. 4. Briefly, in the facts of the case, search and seizure operations under section 132 of the Act were conducted in ....
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....ats were Rs. 2.56 crores and that no on-money was paid. The statement of Shri Satish Kulkarni was stated to be made erroneously on account of pressure of search. The assessee further pointed out that with a view to settle its case and in order to buy peace of mind, M/s. Ashoka Buildcon Ltd. had considered the allotted on-money against the purchase of flats in its application before the Settlement Commission. The Assessing Officer did not accept the contention of assessee. He further noted that the assessee had not denied purchasing the said flat in his own name and had also included on-money in the application made before the Settlement Commission, which in turn, is an admission of having paid on-money component in cash. The on-money was th....
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....er pointed out that identical issue of addition on the basis of said document arose before Mumbai Bench of Tribunal in M/s. A.A. Estate Pvt. Ltd. Vs. ACIT in ITA No.2438/Mum/2013, relating to assessment year 2008-09. The Tribunal vide order dated 05.02.2014 took note of the Annexure -AB1, in which the details in respect of flat numbers 201, 202 and 203 were mentioned i.e. the same document as been relied upon by the Assessing Officer in the case of assessee. The learned Authorized Representative for the assessee referred to the decision of Tribunal in para 9, where it has been noted that during the course of search and seizure proceedings at the premises of the said assessee and subsequent to search, no corresponding incriminating material ....
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....e rival contentions and perused the record. Pursuant to search and seizure operations on M/s. Ashoka Buildcon Ltd., certain documents were seized which reflected cash payments in respect of transaction of sale of flats. The said document being Annexure-AB1 contained details of three flats i.e. flat numbers 201, 202 and 203 in RNA Azure at Bandra, Mumbai . The scanned copy of seized paper is available under para 2.1.5 at page 7 of the appellate order. The perusal of the said document reflects that flat No.201 is in respect of one Asha, flat No.202 is in respect of SDP and in respect of flat No.203, not finalized. The said document reflects the total cost of individual flats, the agreement value and the amount for parking. The assessee before....
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....ow funds from the undisclosed income of M/s. Ashoka Buildcon Ltd. before the Settlement Commission, Mumbai including the investment made by other flat owners has been accepted. The Assessing Officer notes that where the on-money of Rs. 56,10,000/- on account of purchase of flat has already been offered in the application moved before the Settlement Commission by M/s. Ashoka Buildcon Ltd. and where the copy of Settlement Commission order was verified, it was held that there was no merit in the addition of Rs. 56,10,000/-. At this juncture itself, it may be pointed out that the assessee before us and Shri Satish D. Parekh (HUF) had jointly purchased the said flat and the total cash consideration was Rs. 56,10,000/- out of which 50% has been a....