2022 (3) TMI 251

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.... of the assessee as suppressed receipts of alleged 'on-money' based on comparison of rate of sale price per square feet of two different shops sold at two different times. 03. Grounds of appeal:- "1. The learned CIT(A) erred in confirming the addition of Rs. 3,59,855/- under the pretext of suppressed receipts on account of alleged 'on-money', wherein the Stamp duty value is lower than the amount declared under sale, the addition has been made without any evidence on record or conclusive proof, and merely based on conjectures and surmises, such addition is made. Hence the addition may be deleted. 2. The learned CIT(A) erred in not appreciating that the sale of Shop No. 7 has been done after a period of 8.5 months....

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.... the learned Assessing Officer following the decision of the co-ordinate Bench in case of Diamond Investment and Properties, made the above addition. Accordingly, the assessment order was passed Under section 143(3) of the Act on 26th November, 2015 determining the total income of assessee at Rs. 1,05,85,962/- making the above addition of Rs. 3,59,855/-. 07. The assessee preferred the appeal before the learned CIT (A), who confirmed the above addition and therefore, assessee is in appeal before us. 08. The learned Authorised Representative assailed the above order and stated that merely because there is a difference between the considerations of 2 shops sold at two different times, no addition could be made in the hands of the assesse....