2020 (5) TMI 71

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....was submitted by the learned A.R. that there was a search and seizure action in Suyojit Group of cases. As a consequence of the said search, survey has been conducted at the office premises of M/s. Vijay Construction, Nasik. In the course of survey, certain documents were impounded. One of the said documents contained entries shows the assessee's name and an amount of Rs. 1,05,00,000/- having been paid to said M/s, Vijay Construction during the period from 3-8-2008 to 3-1-2009. The said page also showed interest payment payable from January to March 2009 so also for the period from April 2009 to November 2009. On the basis of the said documents found in the course of survey in the case of M/s. Vijay Construction, the A.O had made an additio....

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.... of M/s. Vijay Construction. Further, the learned A.R drew our attention to page 29 to 31 of the paper book which is a copy of the submissions made by M/s. Vijay Construction before it's Assessing Officer in the course of assessment proceedings. The learned A.R brought our attention to page 31, para 19, which was the explanation with regard to the amount of Rs. 1,05,00,000/-. The explanation is extracted herein below for brevity. "Rs. 1,05,00,000/- - This amount is inclusive of Rs. 75 lacs received as Advance against Sus property from Ashish Barter Pvt. Ltd. Through Ram Kaka and Rs. 30 lacs Gift received from Lata Vijay Jadhav (my mother) received through Ram Kaka Copy of confirmation letter from Ashish Barter and from M/s. Lata Jadhav ar....

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.... the amount of Rs. 1,05,00,000/- did not belong to the assessee, no addition on account of interest in respect of the same was liable to be aded in the hands of the assessee. 5. In reply, the learned Departmental Representative for the Revenue vehemently supported the orders of the A.O and the CIT(A). It was his submission that in the course of survey, a document has been found which was showed the name of the assessee and an amount of Rs. 1,05,00,000/- has been received by M/s. Vijay Construction from the assessee herein and interest payment details were also there in the said paper which referred to the assessee only. It was his submission that the addition made by the A.O and as confirmed by the learned CIT(A) in respect of the interest....