TaxTMI 
TaxTMI 
2023 (6) TMI 562
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....order of the ld.JCIT (OSD), Central Circle-1, Jalandhar, [in brevity the AO] order passed u/s 153C/143(3) of the Act. 2. The assessee has taken the following grounds: - "1. That the order passed by the Hon'ble CIT(A) dated 14.12.2022 is against the law and facts of the case. 2. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts in confirming the action of Ld. AO in framing the impugned assessment order u/s 153C r.w.s. 143(3) of the Act and without complying mandatory conditions u/s 153C/143 as envisaged under the Income Tax Act, 1961. 3. That having regard to the facts and circumstances of the case, Hon'ble CIT(A) has erred in law and on facts....
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.... "OUR SUBMISSIONS Sir, it is submitted that during the course of assessment proceedings u/s 153C of the Act, assessee company was asked about payment made to Sh. Gundeep Singh on account of purchase of property/showroom situated as 213- 214, AGI Business Complex, to which assessee submitted that assessee company made payment of Rs.34,00,000/- through cheque( in actual payment for purchase of property was for Rs.31,50,000/- as Rs.2,50,000/- was self cash withdrawal which was mistakenly included in purchase of property)from the bank account maintained with HDFC Bank account no. 50200013186245, the detail of which is as under : Date Amount Remarks 30.07.2016 10,00,000/- Property purchase 10.08.2016 6,0....
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....t assessee has never entered into any such agreement with Gundeep Singh as stated in the assessment order and has nevermade any cash payments of Rs.50,00,000/- against the purchase of property /showroom as stated by Ld. AO. Assessee has purchased the showroom for a consideration of Rs 31,50,000/- and all the payments for the same have been made through banking channel of the assessee company. Sir, Ld. AO had relied upon photocopy of unregistered agreement found at the premises of Sh. Gundeep Singh .During assessment proceedings Ld. AO provided photocopy of the alleged agreement and thereafter assessee company has requested to confront/provide the original agreement to verify the authenticity of the agreement and also requested for ....
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....no opportunity was provided to assessee. 7. That assessee company has made payment through bank and the same has been reflected as investments in the Audited balance sheet of Jove enterprises, which has already been provided to Ld. AO. 8. That there is no concrete and credible material/evidence on record that could show that assessee company has made payment in cash. 9. That the alleged photocopy of unregistered agreement bears forged signature of the authorized signatory of the assessee company, that too only on the last page wherein no amount is mentioned, and no details of payment is mentioned. 10. That Ld. AO relied on alleged photocopy of unregistered agreement wherein amounts in cash received are st....
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....onse to the query, the assessee has stated that the assessee company had never entered into an agreement with Sh. Gundeep Singh regarding purchase of immovable property in question amounting to Rs.83,38,000/-. Further the assessee submitted that the assesses company had only given advance amounting to Rs.34,00,000/- during the year under consideration. The assessee has also requested to confront the copy of documents / agreement which was found and impounded during search from the residence of Shri Gundeep Singh and opportunity to cross examination to Sh. Gundeep Singh with whom alleged agreement was found." 5. Further the ld. DR invited our attention in the appeal order paragraph 5.3 page 6 which is reproduced as below : "5.3 G....
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....ts of various instalments is clearly mentioned in the agreement. The said agreement to sell has been seized during the course of search u/s 132. As per section 132(4)(A) where any books of accounts and documents are found in possession of any person in course of search then, it shall be presumed then such books of accounts/documents belong to the person and the contents of such documents are true. From the reading of the above provision of law, it is very clear that the basic presumption as per Section 132(4)(A) is satisfied in the case of the assessee. The onus is on the assessee to prove that the said document is not genuine or the contents of the same are not genuine." 6. We heard the rival submission and relied on the docume....