TaxTMI 
TaxTMI 
TaxTMI 
2021 (11) TMI 80
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....- on account of payment made from an unaccounted sources. 2. The appellant craves leave for reserving the right to amend, modify, add or forego any ground(s) of appeal at any time before or during the hearing of the appeal. 2. Briefly stated facts of the case are that assessment under section 143(3) of the Income-tax Act, 1961 (in short 'the Act') was completed on 30/12/2009 at total income of Rs. 17,85,843/-. Subsequently, the Assessing Officer noticed that assessee entered into an agreement for purchase of land in Defence Colony, New Delhi, for a total consideration of Rs. 2,90,50,000/-, however, in the books of account value of the said land was recorded only at Rs. 1 Crore. In view of the information, the Assessing Officer re....
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....evenue is in appeal before the Tribunal, raising the grounds as reproduced above. 3. Before us, the parties appeared through video conference facilities. We have heard rival arguments and perused the material on record, including orders of the lower authorities. The facts in brief in relation to adjudication of the ground have been summarized by the learned CIT(A) in Para 4 of the impugned order, which have not been disputed by the parties. The relevant part of the order of the Learned CIT(A) is reproduced as under: "4. The AO relied on the seized deed and made the addition of Rs. 1,90,50,000/- on the basis of documents found during the search and seizure of AKN Group. According to the document seized the land bearing no. 387, Block- A, ....
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....rious discrepancies/variance as per actual figures/amounts/terms. Further, the document deed writer, Mr. Naresh Gupta has submitted his letter in writing on 16.02.2015 which is reproducing here: 'This is in reference of the case of M/s. I G Builders & Promoters Pvt. Ltd. for A.Y. 2007; Documents under reference seized from the hard disc have no evidentiary value in the eye of law. It does not reflect true nature of transaction. I am not aware of any money transaction between the parties. I am in consultancy and drafting of various deeds for the sale/purchase of properties of my various clients. Sometimes cut/paste of various documents in the computer shows discrepancy and not true character of the documents. True character of the do....
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....013] 212 Taxman 1 (Delhi) * Sharad Chaudhary, New Delhi vs Department of Income Tax (itat, Delhi) (25.07.2014) * Delhi Tribunal in case of Mahan Foods Ltd. vs. CIT [2009] 27 DTR 185. * Gujarat High Court in case of CIT vs. Maulik Kumar K. Shah 307 ITR 137 * Honorable Supreme Court in the case of Mohd. Yusuf & ANR. Vs. D & ANR. AIR 1968 Bom 112 * Decision of Delhi Tribunal in case of SK Gupta v/s DCIT 63 TTJ 532 * The apex court in Central Bureau of Investigation v. V.C. Shukla (1998) 3 SCC 410." 4. In the background of the above facts, the Ld. CIT(A) deleted the addition of observing as under: "I have considered the submissions of the appellant, the findings of the A.O., the fact including the relevant seized documents on rec....
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....ly understood, cannot form a justified base for making additions -Sharad Chaudhary, New Delhi vs Department of Income Tax (ITAT, Delhi) (25.07.2014); Delhi tribunal in case of Mahan Foods Ltd. v. CIT (2009) 27 DTR 185. Therefore, merely unsigned deed found in the course of search may not be sufficient for the revenue to prove that the entries represent undisclosed income of the assessee. As far as the evidentiary value of the entries in the above books of accounts are concerned the matter of taxability cannot be decided on the basis of entries which the assessee may choose to make in his accounts but has to be decided in accordance with the law. The taxability of the amount on the basis of unsigned seized document depends on the credibili....