TaxTMI 
TaxTMI 
2018 (5) TMI 1930
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....5.03.2015 under section 143(3) read with section 147 of the Income Tax Act, 1961 (hereinafter 'the Act'). 2. The first issue in this appeal of assessee is an additional ground raised and the same is withdrawn by the learned Counsel for the assessee under the instruction of the assessee. Accordingly, the same is dismissed as withdrawn. 3. The only issue on merits is as regards to the order of CIT(A) confirming the action of the AO in making addition of unexplained cash amount paid for purchase of office/ flat based on material found during the search on Hiranandani group of cases. For this assessee has raised the following ground No.4: - "4. A show cause notice was issued as to why the alleged payment made in cash amounting to....
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....sessee. Penalty proceedings u/s 271(1) (c) of the Act 1961 are initiated separately fur the default committed by the assessee within the meaning of this section for "concealing the particulars of income or furnishing inaccurate particulars of his income"." Aggrieved, now assessee is in second appeal before Tribunal. 5. I have heard the rival contentions and gone through the facts and circumstances of the case. Before me, the learned Counsel for the assessee filed copy of Tribunal's order exactly on similar facts, wherein the investigation wing of the department shared information with the AO that on money paid in cash on purchase of property/ office/ flat in the said project of the group was revealed during the course of search conduc....
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....int out of the pen drive (Page 42 of APB) and find ourselves to be in agreement with the view of the ld A.R that though against the heading "Amount of on money paid" the name, address and PAN No. of the assessee is mentioned alongwith the details of the property purchased by him, viz. Flat no.2501 in "Somerset" building from Lakeview Developers (a Hiranandani group concern), however, the same would not conclusively prove suppression of investment and payment of "on money" by the assessee for purchase of the property under consideration. We find that the information as emerges from the print out of the pen drive falls short of certain material facts, viz. date and mode of receipt of 'on money', who had paid the money, to whom the mon....
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....ty under consideration. We rather hold a strong conviction that the very fact that the consideration paid by the assessee for purchase of the property under consideration when pitted against the 'market value' fixed by the stamp valuation authority is found to be substantially high, further fortifies the veracity of the claim of the assessee that his investment made towards purchase of the property under consideration was well in order. We are of the considered view that though the material acted upon by the department for drawing of adverse inferences as regards payment of "on money" by the assessee formed a strong basis for doubting the investment made by the assessee for purchase of the property under consideration, but the same ....