TaxTMI 
TaxTMI 
2016 (3) TMI 1388
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.... the Id CIT(A) had erred on facts and under law, in not holding that the assumption of jurisdiction by the Id AO u/s 147 was improper and illegal. 3. That the addition of Rs. 33,85,000/- is liable to deleted on various factual & legal grounds. 4. That the addition of Rs. 11,935/- (made towards income from house property) is liable to be deleted on various factual & legal grounds. 5. That charging of interest u/s 234-B at Rs. 8,12,210/- is arbitrary, unjust and illegal." 2. Brief facts of the case are that the assessee is an HUF earning income from house property and interest income, filed its return of Income on 31st July 2008 showing income of Rs. 772830/-. Later on Id. AO received information from Investigati....
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....e is in appeal before us. 3. Ground No.l, 2 and 3 of the appeal are on issue of reopening and consequent addition of Rs. 3385800/- of unaccounted payment allegedly made by the assessee for purchase of property. 4. Ground No.4 of the appeal is against the addition of Rs. 11935 towards income from house property. 5. On Ground No 1 to 3, Id AR submitted that there is no cash payment made by the assessee to the builder. He further submitted that reassessment is also invalid. On the issue of reopening he submitted that the reasons recorded by the AO are based on information received from the Investigation Wing of the Income Tax Department during the course of search and seizure on 17.08.2011 in case of AEZ Group. It was further recorded....
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....rty which corroborates with the accounting transactions entered into by the assessee. It was his contention that there is no information available supported by any material, statement of the broker, as well as the builder which speaks that assessee has made cash payment. Therefore he submitted that the addition of Rs. 33,85,800/- on merits also cannot survive. He further argued that provision of section 69 cannot be applied to the facts of the case as assessee does not maintain any books of accounts. 6. Against this the Id DR submitted that the information is very specific and with dates hence information cannot be said to be vague and scanty. He further submitted that on receipt of the information Id. AO verified the detail with the ret....
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.... therefore, income of Rs. 33,85,0007- has escaped assessment for A.Y. 2008-09 within the mean ing of section 147 of I.T. Act, 1961," 8. Furthermore a chart is also placed which is Annexure A-7 which shows at si no. 65, establishment No.UG-lOB of deal dated 31st May 2007 that property is sold to assessee admeasuring 570 sq .ft . area and super build up sq.ft area 855 sq ft area. In the same chart the sale consideration is mentioned at Rs. 5950800/- bifurcated in to cheque Rs. 2565000/- and cash of Rs. 3385800/- resulted into rate of Rs. 6960/- per sq ft. Against the amount received the same amount showing cheque and cash component is also disclosed and balance outstanding in cash and cheque is also shown to be NIL. In the end a broker nam....