AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (4) TMI 620
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....he following grounds: "On the facts and in the circumstances of the case and in law the learned OFFICE OF THE COMMISSIONER OF INCOME TAX, APPEAL CIT (A), Pune- 11. 1. On the fact in the circumstance of the case and the in law, the learned CIT (A) erred in confirming the Learned Assessing Officer stand of assessment u/s 143 (3) of Income Tax Act 1961. 2. On the facts in the circumstances of the case in the law, The Learned CIT(A) erred in confirming the Learner Assessing Officer stand for the addition made by The Learned AO on account of transaction found of Rs.10,00,000/- U/s 69A r.w.s 115BBE of Income Tax Act, 1961. 3. On the facts in the circumstances of the case The Learned CIT(A) did not accept, the affidavit filed by Shri Umesh....
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....essee is an individual and is engaged in the business of property brokerage and commission. Search and seizure action under section 132 of the Act was conducted in the case of Umesh D. Tanna (father of the assessee) and Mangesh D. Gaikar group on 25/10/2017. The group is engaged in the business of Transfer Development Rights and the real estate market of Kalyan and Dombivali region. The search operations were carried out simultaneously and most of the concerns and individuals are interconnected and have business connections. The residential premise of the assessee was also covered during the search on 25/10/2017. For the year under consideration, the assessee filed his original return of income on 31/10/2018, declaring a total income of Rs.....
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....ney under consideration belonged to Mangesh D. Gaikar. Shri Mangesh D. Gaikar in his statement has only maintained that the said sum of money was out of the maintenance charges collected for Mageshi Dazel III at Thakurli and the same was kept with Umesh D. Tanna, which was being returned in part by Shivam Tanna and therefore the entry in the diary. This version of the source of money of Rs. 10,00,000/- being returned by the appellant to Mangesh Gaikar is difficult to accept. There is no corresponding entry either in the books of accounts of the Tannas or the Gaikars as to when the so called maintenance charges were received and that too in cash and how and when the money was kept with Shri Omesh D. Tanna, as claimed. In absence of any corro....
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....ppeal, is therefore, dismissed." Being aggrieved, the assessee is in appeal before us. 5. During the hearing, the learned Authorised Representative ("learned AR") by referring to the documents forming part of the paper book submitted that the document on the basis of which addition has been made in the hands of the assessee refers to the sum of Rs.10 lakh received from the assessee. In the statement recorded on oath, the assessee had specifically stated that the said amount was given by his father to be handed over to Mr. Mangesh D. Gaikar. Further, the learned AR also referred to the reply of Mr. Mangesh D. Gaikar in his assessment proceedings, wherein he stated that a sum of Rs.25 lakh was received from the assessee's father and his fam....
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.... the assessee has placed reliance on his statement recorded on oath under section 131 of the Act, wherein the assessee specifically stated that the cash amount mentioned in the aforesaid document was given by his father to be handed over to Mr. Mangesh D. Gaikar and he is not aware of the purpose of the same. Reference was also made to the submission of his father dated 29/11/2019, filed before the Assessing Officer, wherein it has been mentioned that these pages are from the diary seized from the premises of Mr. Mangesh D. Gaikar and the transaction pertains to Mr. Mangesh D. Gaikar. From the perusal of the said submission on page no.15 of the paper book, we find that the assessee's father claimed that payments pertain to Mr. Mangesh D. Ga....
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....s his residence IN Building Mangeshi Sahara which is exactly opposite to my office Premises. Accordingly, I used to keep the money with Mr. Umesh Tanna which I called back whenever I need. Accordingly, between 27.09.2017 to 23.10.2017 I received the sum of Rs. 25,00,000/- from Mr. Umesh Tanna & his family out of the above money I kept with them. I believe that the explanation given hereinabove shall suffice for the purpose of proving the genuineness of the Transaction & it is not an incriminating material." 8. We further find that vide order dated 30/12/2019, passed under section 143(3) for the assessment year 2018-19, forming part of the paper book from pages no.113-135, the Assessing Officer held that Mr. Mangesh D. Gaikar was collecting....