2023 (1) TMI 888

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....y the ld. Dy. Commissioner of Income Tax, Cent.Cir-8(1), Mumbai (hereinafter referred to as ld. AO). 2. Though the assessee has raised several grounds of appeal before us, we find that the only effective issue to be decided in this appeal is as to whether a sum of Rs.3,66,30,100/- could at all be assessed in the hands of the assessee company herein in the facts and circumstances of the case. 3. We have heard rival submissions and perused the materials available on record. The assessee is engaged in the business of redevelopment of existing buildings either constructed on private land or constructed on MHADA land or BMC land or Government land. A search and seizure action u/s.132 of the Act was carried out on 09/01/2013 in Kamala Group cas....

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....bhai       10/12 0.900 Party A/c-Pol & Traffic (PK)       10/12 0.766 Exp.       11/12 2.000 Party A/c- Rajubhai       11/12 2.650 Party A/c-R. Daru       11/12 6.500 Sal. (Oct)- Direct (P. K)       11/12 5.090 Party A/c-Gol (Rajubhai)       11/12 3.910 Bonus Pramod, Ajit & Rajesh (P. K)       11/12 3.000 Party A/c-           Rajubhai       12/12 14.000 Party A/c Mini P (Rajubhai)       12/12 25.000 B.-Raj B. Direct (PK)       12/12 5.500 Sal. (Nov)- Direct (PK)     &nb....

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....ed expenditure made by the assessee and proceeded to add the same to the total income of the assessee. 3.2. In the course of first appellate proceedings, the assessee submitted that the sum of Rs.3,66,30,100/- have been duly considered and offered by one Shri Ravi S Bhandari in his petition filed before the ITSC u/s.245C(1) of the Act. In support of this, the assessee filed the following additional evidences before the ld. CIT(A):- (i) A letter from Ravi S. Bhandari to the assessee dated 25.10.2016 along with enclosure. (ii) Settlement Application of Shri Ravi Surajmal Bhandari before the Income Tax Settlement Commission with Annexure I to Annexure V. (iii) Fund flow of unaccounted funds . (iv) Statement of capitalization . The ....

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....herein the same seized document has already been considered and offered by him. It is a fact on record that Shri Ravi S Bhandari is Director in assessee company. It is also a fact on record that the Hon'ble ITSC, while passing the order u/s.245D(4) of the Act settling the disputes of Kamala Group cases and Shri Ravi S Bhandari, had duly obtained Rule 9 report from the ld. Pr. Commissioner of Income tax. Hence, all the seized documents that were found during the course of search in Kamala group cases which includes the transactions belonging to the assessee in the form of excel sheet which is reproduced supra have been subject matter of detailed consideration by the ld. PCIT in Rule 9 report filed before the Hon'ble ITSC. It is a fact on rec....