TaxTMI 
TaxTMI 
2023 (2) TMI 454
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....tion conducted by DRI, Mumbai, excel sheet was found from the possession of Zaver Cyprus Dadlani, wherein it was categorically mentioned that sale proceeds of the property sold were also in cash and not recorded in the sale deeds. 2. Whether the Ld.CIT(A) is correct in deleting the addition on account of undisclosed capital gain without appreciating the fact that both M/s Saturn Advisory Services Pvt. Ltd. and M/s Merino Realtors Pvt. Ltd. were purchasers, whereas the assessee is seller, therefore the decision in the case of purchasers could not be applied in the case of seller. 3. The Ld.CIT(A) erred in not appreciating the fact the seized documents have an evidentiary value. From the seized documents it is seen that amount stated th....
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.... this order, the assessee appealed before the Ld. CIT(A). 5. After reproducing the submission of the assessee in a short order, the Ld. CIT(A) deleted the addition by noting that in appellate proceedings, both additions in the hands of the other parties have been deleted. In this regard, the order of the Ld. CIT(A) may be read as under:- "4. DECISION: The contention of the Appellant has been considered and the order of AO has also been perused. It is seen that this case belongs to the group cases of Col. Mahavir Singh Dagar and Sh. Shukhbir Singh Dagar for the same AY 2006-07. In both these group cases, the appellate Orders have already been passed on 14.09.2018 by my predecessor in appeals NOs. 111/16-17/CIT (A)-15 and 110/16-17/CIT (A)....
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...., the AO has also made additions in the case of the assessee. The ITAT has held as under:- "2.1. We have considered the rival submissions and perused the material available on record. The facts, in brief, are that the assessee purchase a property at Delhi, did not start any business activity and was also not having any other source of income. The assessee acquired loan of Rs.40 lakhs from Strategic Group Trust for purchase of this property worth of Rs.39,25,000/-. The assessee declared loss of Rs.7276/- in its return, which was processed u/s 143(1) of the Act. There was no scrutiny assessment in the present assessment year. The Ld. Assessing Officer received information from DRI, Mumbai, with respect to demand draft/cash transaction for p....
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....ished law that the conditions of taxability or the presumption of on money transaction has to be proved by the Revenue and the burden so lies upon the Department was never discharged. In such a situation the ratio laid down by Hon'ble Apex Court in K.P. Verghese vs Income Tax Officer clearly supports the case of the assessee." 9. Thereafter, the ITAT referred several case laws and finally concluded as under:- "2.9. Totality of facts, if kept in juxtaposition, with the facts and the ratio laid down in the aforesaid cases are analyzed, the Ld. Assessing Officer is asking the assessee to prove the negative which is not permitted and the whole assessee of the Department is based upon the presumption that the assessee could not explain t....
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....changed hands for the transaction. When the Ld. Assessing Officer recorded the statement of Shri Atul Sud, Director of the assessee company, though he admitted the transaction to be made through demand draft but he never tendered that any cash was transacted. Ms. Zaver Cyrus Dadina completely expressed or ignorance with regard to details of land dealings as has been alleged. The efforts of Assessing Officer to record the statement of Miss Damini Vadhwa, and Miss Reeta Bhatia also could not provide any information leading to the addition. The seized material/print out was not in the handwriting of the assessee and even there is no material to suggest that the seized material was maintained either by the assessee or it's of or employees. Even....
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....el.) supports our view. Thus, we affirm the stand of the First Appellate Authority, resulting into dismissal of the impugned grounds, raised by the Revenue." 10. Referred to the above, the ld. Counsel for the assessee pleaded that since in the present case also except Investigation report, there is no cogent material, the additions deserves to be deleted. 11. We have carefully considered the submissions and perused the records. First of all, we note that the Ld. CIT(A) has passed very short and laconic order. He has only mentioned about the CIT(A)'s order in purchasers case without discussing any detail thereof and deleted the addition. These orders of Ld. CIT(A) of other parties were never before the AO. Ld. Counsel for the assessee has....