2017 (6) TMI 585

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....developer. The details of filing of returns of income, returned incomes and dates of assessment etc. can be summarised as under: AY. ROI filed on Returned income Assessment Date Assessed income 2007-08 27.10.2007   36,65,970/-     29/03/2014 73,37,860/- 04.03.2013 36,65,970/- 2008-09 30.09.2008     84,85,680/-   29.03.2014 1,31,67,390/- 04.03.2013 80,40,730/-   2. The brief facts of the case are that Rohan group of entities along with directors, family members and related parties were subject to search and seizure operations u/s. 132 of the Act on 26/05/2011, that the assessees was als....

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....oject of the assessee and the independent project carried out by HMM, that the declaration made by HMM u/s. 132 (4) could not be taken to relates the projects of the assessee. After considering the submission of the assessee and taking note of the cash and jewellery found at the office premises, the AO made an addition of Rs. 36. 71 lakhs under the head on money received during the year under consideration. 3. Aggrieved by the order of the AO, the assessee preferred an appeal before the First Appellate Authority(FAA). Before her, the assessee challenged the validity of the order passed u/s. 153A of the Act and relied upon certain case laws. After considering the elaborate submissions of the assessee, the FAA held that original return ....

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....hat the perusal of the statements of the employees reflected that no specific mention of receipt of on money, that the impugned assessment was not based on any incriminating material pertaining to the assessee seized during the search, that the addition made on account of on money was not emanating from the material found and seized during the search action. Finally, she deleted the addition made by the AO. 4. During the course of hearing before us, the Departmental Representative stated that the employees of the assessee had accepted the fact that on money at the rate of 30% of the registered value was accepted by the company. As stated earlier, none appeared on behalf of the assessee. 5. We have perused the available material. We fi....