2018 (4) TMI 1636

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.... S N SOPARKAR, SR ADV and Mr. B S SOPARKAR ORAL ORDER (PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. These two appeals concerning the same assessee for two separate assessment years raised same questions. We may peruse facts from Tax Appeal No. 898 of 2017 challenging the judgement of the Income Tax Appellate Tribunal dated 14.02.2012 raising following question for our consideration: "Whethe....

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....He therefore, made addition to the tune of Rs. 32.56 crores (rounded off). 3. Assessee carried the matter in appeal before the Commissioner. Commissioner (Appeals) confirmed the addition placing heavy reliance on the following three factors: (i) Above noted loose documents contained reference to constructed areas and rate of sale; (ii) The assessment proceedings concerning the builders M/s. S....

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....ts. Thereupon, the Tribunal ruled in favour of the assessee principally holding that there was no reliable or independent evidence to come to the conclusion that the assessee had accepted on-money in the sale of the constructed properties. 5. We have heard learned counsel for the parties and perused the documents on record. The Tribunal discarded loose document on the ground that the same did not....

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....ny other constructed properties which was sold during the same time in the same area. Even after making the additions in case of M/s. Sambhav Infrastructure Pvt. Ltd with the aid of the confessional statements made by the representative, neither the Assessing Officer nor the CIT (Appeals) co-related the sale with that of the assessee by establishing that the sales were during the same period in re....