2022 (11) TMI 473

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.... by the Learned A.O. even though there was no material on record to show that the appellant had paid cash for booking of flat. 2. The Learned CIT(A) acted contrary to the facts, submissions made and the provisions of the Act in holding that the appellant had paid on money of Rs. 14,00,000/- even though no such money was paid and flat booking was subsequently cancelled. 3. The appellant craves leave to add, amend, alter, delete, change or modify any or all grounds of appeal before or at the time of the hearing." 3. The assessee filed original return of income for A.Y. 2011-12 on 18.02.2012 showing total income of Rs. 9,63,028/-. As per the information, search was conducted by the department on 25.02.2016 at various premi....

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.... 03.01.2012 & 06.03.2012 by A/c payee Cheques from the Bank of Baroda Account to the party. The assessee had made payment of Rs. 40,00,000/- on 01.04.2012 by obtaining loan from Reliance Home Finance which was paid by the Finance Company to the party account directly. In total the assessee paid Rs. 43,26,000/- to the banking account of the party. The Ld. A.R. submitted that the assessee has explained all the details regarding the payment and the relevant documents to the Assessing Officer during the assessment proceedings and the assessee did not made any further payments to the said party. The books of the said flat was cancelled by the assessee on 16.02.2016 and the party i.e. J. P. Iscon Ltd. had returned the assessee's entire sum of Rs.....

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....eard both the parties and perused all the relevant material available on record. It is pertinent to note that the assessee has given the details related to payment of Rs. 43,26,000/- which was never doubted by the Revenue as the said payment was made through cheque. The cancellation of the flat was during the search period for which after the search the assessee was paid the exact amount through cheque by J. P. Iscon Ltd. The assessee has pointed various documents including the agreement to sale wherein it was clearly set out that the flat was booked for Rs. 68,26,000/- but due to certain reasons there was cancellation of flat. The Ledger Account of J. P. Iscon Ltd. from 01.04.2010 to 31.03.2017 from assessee's books of accounts showing com....