TaxTMI 
TaxTMI 
2022 (11) TMI 239
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....d by the assessee in the appeal are reproduced as under: "1. On the Facts and circumstances of the case as well as in law, the Learned Assessing Officer has erred in reopening the assessment completed u/s 143(3) of the Income Tax Act, 1961, without considering the Facts and circumstances of the case. 2. On the Facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the Action of Learned Assessing Officer in making an addition of Rs.30,58,864/- on account of alleged on-money in respect of Nagaon project was not disclosed by the appellant, without considering the Facts and circumstances of the case. 3. On the Facts and circumstances of the case as well as in law, the Learned CIT(A) and Learned Assessing Officer has erred in not considering the Facts that 20% on-money disclosed was not supported with any Facts and were only on the basis of assumption. 4. On the Facts and circumstances of the case as well as in law, the Learned CIT(A) and Learned Assessing Officer has erred in completing the assessment on the basis of statement given by the Director without going into the Facts of the case." 3. Briefly stated, Facts of the case are tha....
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.... it was contended that on-money was not received on all the sales as a stated during the course of statement, thirdly, it was submitted that large portion of the said on-money would have been expended for purchase, construction and element of the land. In view of above reasons, it was submitted that a reasonable percentage of the profit should be estimated for undisclosed income rather than entire on-money. The Learned Assessing Officer rejected the contention of the assessee in view of the statement given on both by the director of the company. He also rejected the claim of the assessee for set off for unaccounted expenses while purchase, construction, et cetera as uncorroborated. Before the Ld. CIT(A), the assessee made detailed submissions contending that no addition could have been made solely on the basis of the statement recorded during the course of the search, ( which was subsequently retracted), without any corroborative evidences. It was also submitted that during statement it was clarified that on-money was not received from all the customers and amount so offered by Shri. Sameer Nerulakr was on adhoc basis, without properly appreciating the Facts and circumstances of th....
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....there is a clear mention of amount of cash component in purchase of land. The relevant statements of brokers reproduced by the Ld. CIT(A) is extracted as under: "Statement of Shri Anil Shantaram Patil: Q5. Please state the amount of commission you have got for facilitating M/s Samira Habitats India Limited in the land dealings at Nagaon. Please also state that there is any amount of cash paid by M/s Samira Habitats India Limited to land owners/ farmers during the purchase of land. If so, also state the quantum of payment made by M/s Samira Habitats India Limited to the concerned land owners/brokers. Ans: Sir, I confirm that I have facilitated M/s. Samira Habitats India Limited in the land dealings at Nagaon. The details of the gut numbers and the commission for the same are depicted as under: - Sr. No. Gut No. Approx Commission and the rate (Amount in Rs.) Approx. value of consideration paid in of cash (Amount in Rs.) 1 1931 9,982 Nil 2 1744 11,150 2,00,000 3 3 56, 760 3,00,000 4 2041, 2048 50,000 18,00,000 5 1938, 1894 12,660 4,20,000 6 2073 6,438 2,20,000 7 1742 10,500 2,00,000 8 1893 3360....
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..... Please also state that there is any amount of cash paid by M/s Samira Habitats India Limited to land owners/ farmers during the purchase of land. If so, also state the quantum of payment made by M/s Samira Habitats India Limited to the concerned land owners/brokers. Ans: Sir, I confirm that I have facilitated M/s Samira Habitats India Limited in the land dealing at Nagaon & Sahan village. The details of the gut numbers and the commission for the same are depicted as under:- Sr. No. Gut No. Approx. Commission and the rate (Amount in Rs.) Approx. value of Consideration paid in of cash (Amount in Rs.) 1 1688 44,413 70,40,0007- 2 1723 33,215 Nil 3 1745 48,388 6,97,000/- 4 2401 47 450 18,01,000/- 5 2048 7 2025/1 2025/2 75,148 Nil 8 1906, 1920 36,967 9 1732 6,967 2,65,000 10 1778, 1743 48,474 Nil 11 1992 1,94,860 Nil 12 1998, 1671, 76,735 6,52,000 13 1889, 1903, 1928, 1979 93,703 Nil 14 1996, 2000, 2002, 2006 2,52,876 Nil 15 2043, 2046 70,435 5,75,000 Total 9,68,941 50,30,000 Further, I confirm that the amount referred in column 3 of the above table represents the amount of commission receiv....
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....a Habitats India Limited in the land dealings at Nagaon. The entire amount of consideration which was to be paid through cheque has been directly paid to the concerned owners/farmers, through my account. The company used to give the cash portion of the consideration to me to suther hand over the amount to the concerned farmers. As per terms and condition laid down during negotiation, I kept Rs. 70,0007- per gunta and I used to give balance amount to concerned owners/farmers. The same amount I used to charge from the company i.e. Rs.10,000/- per gunta. The details of the gut numbers and the commission for the same are depicted as under- Sr. A/o. Gut Ho. Commission received in cash from company as well as owner/farmer Approx. Value of consideration paid in cash (Amount in Rs.) Amount paid to farmers/owners FinancialYear 1 20 11,04,000 35,05,000 29,53,000 2008-09 2 22 3,40,000 10,80,000 9,10,000 2008-09 3 24 4,22,000 13,40,000 11,29,000 2008-09 4 26 18,50,000 58,73,000 49,48,000 2008-09 5 28/1 6,90,000 2191,000 18,46,000 2008-09 6 28/2 90,000 2,86,000 2,41,000 2008-09 7 18 2,50,000 7,95,000 6,70,000 2008-09 8 34 3,10,000 9,85,00....