2015 (1) TMI 1498

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....ting the addition at Rs. 48,97,984 made on account of on money received by the assessee on sale of flats in the Surya Enclave Project without appreciating the documentary evidence regarding the on-money received by the assessee. ii) On the facts and circumstance of the case and in law, the Ld CIT(A) erred in law and in facts in holding that the on-money received in one flat from an NRI buyer cannot be the basis for holding that same on-money was received by the assessee for all flats ignoring that the Ld CIT(A) himself in his order has held that the books of accounts maintained by the assessee were not proper and not reliable as complete receipts were not shown . In the circumstances, the estimation done by the Assessing Officer for other....

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....ered income of Rs.2 crore, Assessing Officer has made addition for advance of Rs.48,97,984/-. 2.1 Matter was carried before the First Appellate Authority, wherein various contentions were raised on behalf of assessee and having considered the same, CIT(A) restricted the net profit @ 15% and thereby addition in question was deleted. 2.2 Same has been opposed on behalf of Revenue inter alia submitted that CIT(A) was not justified in deleting addition of Rs.48,97,984/- made on account of on money received by assessee on sale of flats in Surya Enclave Project without appreciating documentary evidence regarding on money received by assessee. Learned Departmental Representative Shri Subhash Bains submitted that on money received in one plot fro....