2022 (7) TMI 486

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....ed of by this common order. ITA No.142/Hyd/2021: A.Y. 2014-15 2. Facts of the case, in brief, are that the assessee is an individual deriving income from salary and business income and partner in M/s. Hotel Cititel. The assessee filed his return of income for the A.Y 2014-15 on 21.09.2019 declaring total income of Rs.6,58,560/-. A search and seizure operation was conducted u/s 132 of the I.T. Act on the assessee as part of the search conducted on M/s. Shanawaz and others on 25.10.2017 by the DDIT (Inv.), Unit-1(4) Hyderabad. During the course of assessment proceedings, the Assessing Officer asked the assessee to explain about the bank deposits. In respect of deposits made by cheque or NEFT/RTGS, confirmations were obtained. The Assessing....

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....s. The income declared by assesseewise and A.Y-wise details of income offered are as under from Real Estate activities and Function Hall receipts as follows:   A.Y 2016-17 .Y 2017-18 A.Y 2018-19  Total Income from real estate business         Shanawaz 60,58,284 6,09,00,371 5,45,24,553 12,14,83,208 Zubairuddin 44,19,558 4,54,13,117 3,97,76,027 8,96,08,702 Majid Khan 87,21,138 8,77,88,625 7,84,90,237 17,50,00,000 Function Hall receipts         Shanawaz 12,86,000 78,06,020 48,16,070 1,39,08,090 Total 2,04,84,980 20,19,08,133 17,76,06,887 40,00,00,000 3.6 The above income accrued to assessee and Group in the financial years....

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....ition made u/s 68 of Rs.1,00,71,551/- towards unexplained cash deposits. He submitted that the facts of the instant case being similar and belonging to the same group, therefore, in view of the decision of Coordinate Bench of the Tribunal, the addition made by the Assessing Officer and sustained by the learned CIT (A) should be deleted. 5. The learned DR, on the other hand, heavily relied on the order of the Assessing Officer and the CIT (A). 6. We have considered the rival arguments made by both the sides, perused the orders of the Assessing Officer and the CIT (A) and the Paper Book filed on behalf of the assessee. We have also considered the various decisions cited before us. We find the Assessing Officer in the instant case made addit....

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....j, father of assessee were filed before the AO and the AO did not make any further action, which shows that the confirmations were accepted by the AO. The incomes declared in the return of incomes of the persons cited supra, shows that they had sufficient source of income to advance the money to the assessee. On perusal of the order of CIT(A), we find that the CIT(A) categorically observed that the group has offered income on account of real estate business of Rs.38.60 crores which includes an additional income of Rs.22.15 crores over and above the profit of Rs.16.45 crores estimated during. search. This additional income was offered to cover any other discrepancies or shortcomings that may be discovered subsequently .Therefore, considering....