TaxTMI 
TaxTMI 
TaxTMI 
2019 (9) TMI 435
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....vey action. u/s 133A of the Act was carried out on 31.10.2012. During the course of search action, cash, jewellery, valuables, stock-in-trade, documents, books of accounts and/or loose papers were found and seized from the premises of the members of the Motisons Group of which one such member was the assessee. Assessee filed his return of income declaring total income at Rs. 37,27,73,530/- on 22.10.2013 for AY 2013-14. Finally, AO completed the assessment u/s 143(3) r.w.s. 153B(1)(b) of the Act vide order dated 26.3.2015 at a total income of Rs. 37,96,14,000/-. 3. In its order, the A.O. observed that a pen drive of Shri Banwari Lal Yogi (Accountant of assessee group) was seized from the residence of the assessee. On examination of pen drive a file of MS Excel naming 'Accnt-19.9.11' was found therein which reflected the accounted and unaccounted expenditure in construction of Motisons Tower. On the basis of entries contained in MS Excel file `Accnt-19.9.11' the assessee made surrender of Rs. 14.57 crores on account of undisclosed investment in construction of Motisons Tower. This disclosure was made on account of cash payments to various persons for the construction of Moti....
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....he-course of search, the department seized a pen drive of accountant of assessee Shri Banwari Lal Yogi from the office situated at the residence of assessee B-9, Vivekanand Marg, Jaipur which inventorised as Annexure AS Ex-12. The printout of the files in pen drive was taken, which is an excel sheet showing construction expenses as regard building at SB -110, Lal Kothi, Jaipur. This excel sheet has 5 columns viz: 1. 5. No 2. Particulars 3. Amount -A 4. Amount -B 5. Amount -Total Further, during the course of search at residence of Shri Neeraj Ajmera (employee of assessee group who was looking after the work of construction of Motions Tower) at Page No. 41-43 of seized Annexure BS-11 the Shape of internal correspondence and reconciliation done by Alumayer India Pvt. Ltd and Motisons Global Pvt. Ltd. was found and as per such detail the total amount in respect of work done by AIPL comes to Rs. 5,92,22,392/-, out of which Rs. 5,23,81,924/- was only found recorded in the print out of the excel sheet taken from pen drive seized vide Annexure AS Exhibit- 12. The dispute is over the difference of Rs. 68,40,468/- which was added by the AO as undisclosed investment in constructi....
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....el sheet, if the payments by cheques are deducted from the total investment in building, then the unaccounted payment comes to Rs. 11,31,37,408/- against which the assessee has surrendered the income of Rs. 14,57,28,753/- for the unaccounted investment in construction of building in the return filed by the assessee meaning thereby the assessee has declared excess income of Rs. 3,25,91,345/- in the return filed by him. As regard statement of assessee in search, I have perused the statement of assessee recorded by the search party. In answer of question no 7 of the statement recorded on 08/11/2012 the assessee has surrendered Rs. 14,57,28,538/- on a/c of undisclosed investment in construction of building at SB-110, Lal Kothi, Tonk Road, Jaipur on the basis of figures noted in column 13 of excel sheet found during the course of search". However, in the same question the assessee has clarified that after reconciliation of figure written in the excel sheet with the help of his accountant Shri Banwari lal Yogi who prepared this sheet, the surrendered amount may be increase or decrease from Rs. 14,57,28,583/-. The relevant text of the statement is reproduced as under for ready reference....
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....the course of assessment proceedings that out of total amount written in column B how much amount was recorded in books of accounts and how much payment was made in cash which was not recorded in books of accounts. No reconciliation as regard to figure written in column B has been submitted by the assessee. Ld. CIT-DR further invited our attention to the figure listed by assessee in column "recorded in books upto the date of search" are the figure on the date of search while the excel sheet may belong to a date previous to the date of search. Hence, comparison with the figures mentioned in the column "B" is not reasonable. All the payments listed in column "B" are unaccounted payments. 8. It was further submitted by the ld CIT-DR that excess payment of Rs. 68,40,468/- made to M/s Alumayer India Pvt. Ltd (AIPL) was worked out on the basis of page No. 41-43 of Annexure BS-11 seized from residence of Shri Neeraj Ajmera includes the postdated cheques is not found acceptable and rejected because in this regard no evidence was given by the assessee. Thus, amount of Rs. 68,40,468/- was correctly added to the total income of the assessee. 9. Our attention was also invited by the ld CIT-D....
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....sh which was not recorded in books of accounts. The AO mentioned that no reconciliation as regard to figure written in column B has been submitted by the assessee. This finding is patently wrong and perverse. The assessee has submitted a sheet to the AO (Copy at PB Page 88 to 90) along with reply dated 09.03.2015 (Copy at PB Page 78 to 87) wherein the reconciliation of total amount recorded in books of accounts as against amounts mentioned in the excel sheet was worked out and unrecorded payments of Rs. 11,31,37,408/- was worked out on the basis of excel sheet and other documents/evidences found as a result of search and the AO has not pointed out any defects in this working. 12. We have considered the rival contentions and carefully gone through the orders of the authorities below. We have also perused the statement of assessee recorded during course of search U/s 132(4) of the Act on 05/11/2012 and 08/11/2012. We have also verified the copy of ledger account of all the parties and reconciliation statement of expenditure incurred as appearing in column 'B' of seized excel sheet. From the record we found that the Income Tax department carried out search operations over the residen....
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....the assessee honored the surrender made in search and declared income of Rs. 14,57,28,583/- to avoid prolong litigation. The AO did not point out any defects in the working so submitted by the assessee. However, the A.O. did not agree with the assessee's contention and made addition of Rs. 68,40,468/- by presuming that the assessee has made payment to M/s Alumayer India Pvt. Ltd. over and above whatever payments found recorded in excel sheet found in PEN Drive seized from the residence of the assessee. We found that apart from the excel sheet seized from the residence of the assessee several other documents/bills relating to construction expenses were found from the residence of Shri Neeraj Ajmera who was looking after the day to day work of the constriction. Such documents/bills were examined and correlated by the department and by the assessee with such excel sheet. The department found discrepancy only in the account of AIPL. As per paper seized from Shri Neeraj Ajmera, the total payment made/to be made to this party against the work was shown at Rs. 5,92,22,392/- while the payments in the name of this party in the excel sheet found from the pen drive seized from residence of as....