TaxTMI 
TaxTMI 
2023 (5) TMI 1113
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....ct of Assessment Year 2015-2016. 2.1 The following substantial questions of law are proposed by the Revenue claimed to be arising as substantial questions of law, extracting from memorandum of appeal, "(A) Whether on the facts and in circumstances of the case, the Appellate Tribunal has erred in law and on facts in deleting the addition of Rs.3,15,77,644/- made on account of on-money holding that the seized document which was made basis for addition, does not carry the on- money receipts pertaining to the year under consideration? (B) Whether on the facts and in circumstances of the case, the Appellate Tribunal has erred in law and on facts in not giving due consideration to the fact that the assessee has been proved to....
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....essee. According to the department, the documents reflected that the said documents contained certain details, including the details of cash as well as cheque received by the assessee firm in relation to the sale of the units in the project Pushkar-III and Pushkar-IV. They were unaccounted money transactions pertaining to the period from Assessment Year 2011- 2012 to Assessment Year 2014-2015. 3.1 The Assessing Officer found that the cash received by the assssee against the sale of the units in the aforesaid projects was not referred in the regular books of account and ratio of on-money was about 41% of the actual sale consideration as recorded in the books pertaining to Assessment year 2010-2011 to 2014-2015. On-money consideration was ....
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....kar - III and Rs. 1,69,49,500/- for Pushkar - IV as on-money received by the assessee. The AO has computed ratio of on-money at 41% based upon on-money receipts in comparison with total receipt for few units reflected in seized material and such ratio has been applied on total tumover shown in regular books of account for all the Assessment Years which includes scheme of Pushkar III and Pushkar-IV and all the other schemes. Therefore, the AO has extrapolated on-money receipts of 41% of entire turnover which according to us is not sustainable on assumption and presumption basis particularly when the cheque receipts for two schemes is Rs. 3.24 crores as reflects from the loose papers as against gross receipts shown in the books of account fro....
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....nsideration. The reliance on the loose papers to treat the amounts as un-disclosed income in absence of any other evidence supporting it for the relevant assessment year, was not justified and the addition in that regard deserve to be deleted. The Tribunal dismissed the appeal on merits. 6. The appellate Tribunal confirmed the decision of the Commissioner of Income Tax by firstly observing that statement of buyers whose sales had been recognised in all the years were not recorded by the Assessing Officer. Secondly it found that there was dearth of evidence about the receipt of on-money on the until as well as made by the assessee and in absence of any clinching evidence additions were not sustainable. It was also observed by the Tribunal....