2023 (1) TMI 888

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....fter referred to as Act) dated 30/03/2015 by 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 wa....

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....Sal Sept (Raj B.).       10/12 3.000 Party A/c - Rajubhai       10/12 6.000 Party A/c Rajubhai       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-   ....

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....application at Settlement Commission is only at acceptance stage and that final order u/s.245D(4) is not passed. Accordingly, he proceeded to treat the cash outflow made by the assessee based on the said seized documents of pen drive / excel sheet wherein cash payments to the tune of Rs.3,66,30,100/- was reflected as unexplained 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 ....

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....the entire excel sheet styled "Shivam P" which was found during the course of search in Kamala Group cases and had duly considered the entire transactions thereon, in Settlement Commission filed u/s.245C(1) of the Act. Ultimately, the Hon'ble ITSC had also passed an order u/s.245D(4) of the Act dated 20/09/2016 accepting the application of Shri Ravi S Bhandari wherein 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. Commiss....