2023 (7) TMI 563

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....r. D.R. ORDER PER Ms. MADHUMITA ROY - JM: The instant appeal filed at the behest of the assessee is directed against the order dated 30.12.2022 passed by the Ld. Commissioner of Income Tax (Appeals)-11, Ahmedabad (in short 'CIT(A)') arising out of the order dated 27.12.2021 passed by the DCIT, Central Circle-1(3), Ahmedabad under Section 143(3) of the Income Tax Act, 1961, (hereinafter re....

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.... in the project namely 'Madhuban'. 3. During the course of survey proceeding, expected estimate expenses for 2BHK and 3 BHK were found from the business premises of the appellant. In fact, the appellant received cash of Rs. 3,35,000/- for 2BHK and Rs. 3,85,000/- for 3BHK as extra charges and on the basis of such fact, the appellant admitted on-money receipt of Rs. 98,80,000/-. From the document....

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....is this that instead of taking 20% of the undisclosed receipt of the assessee which seems to be higher rate, 10% to 15% of the on-money received by the appellant can be added. On this count, on identical fact, the Ld. DR has relied upon the judgment passed by the Hon'ble Jurisdictional High Court in the case of Jay Builder vs. ACIT, reported in [2013] 33 taxmann.com 62 (Guj.), a copy whereof has a....

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....he hands of the assessee. The contention of the assessee was substantially accepted by the Tribunal. The additions were limited to 15% of the 'on money' receipts. 3. From the impugned orders, we notice that before the Tribunal at the time of hearing of the appeal, the assessee had confined the contentions to one noted above and had not raised any other substantives grounds. That b....