2022 (3) TMI 724

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....-15 whereby the appeal preferred by the Revenue against the order passed by the CIT(A) came to be dismissed. 2. The Revenue has proposed the following two questions of law for the consideration of this Court: "[A] Whether on the facts and in the circumstances of the case and in law, the Appellate Tribunal is justified in confirming the findings of the CIT(A) in deleting the addition of Rs. 5,20,95,322/- made by the Assessing Officer on account of estimation of profit embedded in the total unaccounted on money receipts from real estate business of the assessee ignoring the fact that the estimation of profit was made on the basis of evidences found during the course of search/survey proceedings and admissions made by two buyers of....

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....e Tribunal, the AO worked out the total 'on money' on the project to the tune of Rs. 22,83,81,290/-. 5. The assessee carried the matter in appeal before the Commissioner of Appeals. The assessee succeeded before the CIT(A). The CIT(A) took the view that there was no documentary evidence to substantiate the receipt of 'on money'. The CIT(A) also noticed that no documents were recovered from the Firm during the search and survey proceedings. The CIT(A) did not approve the AO's estimate of the figure of 'on money' based merely on the two statements of the buyers. The Revenue thought fit to carry the matter to the Income Tax Appellate Tribunal. The Tribunal while affirming the order passed by the CIT(A) observed in paragraphs 7, 8, 9 & 10 as....

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....f the partner of the firm the total on money involved in this project with respect to the flats is worked as under: Total Saleable Area (338114 Sq. Percentage of Boking Rate Total Amount 152151 45% (as stated by the assessee in his 1790 27,23,50,290 185963 55% 2200 40,91,18,600 Total Sale Consideration 68,14,68,890/- Less: Document Price (338114X1400) 47,33,59,600/- Total on money involved 20,81,09,290/- 8. Further with regards to thirty shops the A.O. made following estimations; Saleable area Rate per sq. ft. (Rs.) Total sale consideration Rate shown in documents As per documents consideration On money 14480 3400 4,92,32,0 2000 28960000 20272000....