TaxTMI 
TaxTMI 
2018 (6) TMI 1456
X X X X Extracts X X X X
X X X X Extracts X X X X
....se was selected for scrutiny. The assessment was completed on 01.02.2011 u/s 143(3) of the Income-tax Act, 1961 (for short 'the Act') at an income of Rs. 1,68,08,860/-. The Assessing Officer made addition of Rs. 1,67,75,000/- on account of unexplained receipts on booking of space/area and Rs. 1,00,000/- on account of unexplained receipts from Sh. Avinash Kumar Setia. Thereafter, the CIT(A) partly allowed the appeal by allowing relief of Rs. 27,00,000/- and confirmed the rest of the addition of Rs. 1,40,75,000/-. Consequently, the Assessing Officer levied penalty of Rs. 48,18,083/- vide order dated 29.03.2014 holding that the assessee has furnished inaccurate particulars of its income with respect to the said disallowance of Rs. 1,40,75,000/-. The Ld. CIT(A) vide order dated 5th January, 2015, also upheld the said penalty levied by the Assessing Officer. Aggrieved, the assessee is in appeal before the Tribunal raising the grounds as reproduced above. 3. Before us, the Ld. counsel of the assessee submitted that the quantum addition for which the penalty of Rs. 48,18,083/- was levied by the Assessing Officer, has been deleted by the Tribunal, Delhi bench in ITA No. 2463/Del/2013 vide....
X X X X Extracts X X X X
X X X X Extracts X X X X
....on of the total income of such other person for the relevant assessment year. Then provisions of section 153A rws 153C of the Income Tax Act govern assessment. In context of these provisions in the present fact, it is apparent that that impugned documents were found during the course of search on third party, which has been received by the Id. AO. Now Id. AO is duty bound to record his satisfaction about seized documents having bearing on the income of the assessee. After that, he has to proceed to assess the income of the assessee according to section 153A of the Income tax Act. The Assessing officer is empowered to assess six assessment years immediately preceding the assessment year relevant to the previous years in which search takes place. In this case, Search was conducted on 20-10-2008, previous year is F Y 2008-09 and AY 2009-10, and therefore impugned assessment year is outside the purview of section 153A of the Act. In view of this the additional ground raised by the Appellant with respect to applicability of section 153C and all other consequent issues are rejected and assessment u/s 143(3) in the present case is upheld. Therefore, additional ground of appeal of the appe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ows the names of the appellant along with two other companies but these papers are found from the third party i.e. Shri B K Dhingra and how is he associated with the appellant. Ld. CIT (A) has stated that Shri B K Dhingra is a close associate of Shri 1 M Thapar . Merely an assertion that somebody is close to one of the director cannot become the close associate of the appellant company itself. Ld. AO has not led any evidence that Shri Dhingra looks after the affairs of the company in any manner, the evidence of actual transaction of those parties and it is unaccounted income of these companies. ii. On 20.8.2008 search on Thapar Homes Group as well as survey on the assessee were carried out. Admittedly, during the course of search the charts as well as the counterfoils of the chequebooks were found from Shri B K Dhingra, However, during survey no evidences with respect to the projects whether in existence or not for which the statement is found, whether the counterfoils of cheques, which were relied up on whether cleared in the bank, account of the appellant were examined. Appellant has submitted that the there is no such project, assessee received no such booking and no such che....
X X X X Extracts X X X X
X X X X Extracts X X X X
....emains unsubstantiated allegation unless there are any evidences such as assessment orders etc of entry operator or the assessment orders of those companies operated by him. vi. Further assuming that those companies are the bogus companies, and then 011 looking at the chart we found that there are columns of 'cash'. If these amounts are the bogus amount introduced by the appellant company then we failed to understand that how the cash is also be received from those companies, whereas in general only commission is required to he paid to the entry provider and no cash is receivable from them. vii. Further, it remains uncontroverted that there was no project in the name of the appellant in impugned assessment year as there was no permission also.The facts of the acquisition of land are submitted by the Ld. AR and also stated the status of the project , which is not controverted. It is highly unlikely that the builder who is not the line of the developer for considerable time would get such kind of bookings. All the counter foil of cheques showed dates of March 2008. viii. Further Ld, CI'T (A) drew support from the provision of section 292C of the act. That provision appli....