2023 (12) TMI 495

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....rvey in the business premises of the firm M/s Tejas in which the assessee, Shri D. Senthil Kumar is one of the partners. During the course of survey, an MOU pertaining to sale transaction of an immovable property of 59.5 Cents of lands at Avinashi Road, Peelambedu, Coimbator was found and impounded by the survey team. On 07-02-2011 the assessee given a statement on oath which is read as under: "The above piece of land was entered into for purchase for an amount of Rs. 7.71 Crore as per the agreement dated 03-07-2008 entered by Shri D. Srinivasan. Later the following persons namely, Myself, D. Senthilkumar (2) V.R. Gunasekaran (3) John Antony (4) Shri Anand (5) Shri T.K.V. Palanisamy, Mettuplayam (6) Trans Venture BPO Solutions Priv....

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....essee filed the present appeal before the Tribunal. 6. Heard representatives of the both the parties and perused the materials on record. 7. The Ld. AR reiterated the stand taken before the Ld. CIT(A). On the other hand, the Ld. DR is in support of the orders of the lower authorities. 8. We carefully considered the submissions of the parties and perused the materials on record. We observe that the Ld. CIT(A) dismissed the appeal of the assessee by observing- (i) There was an incriminating material found during the course of search. (ii) The assessee admitted the acceptance of on-money vide sworn statement. (iii) The assessee offered Rs. 1,00,00,000/- for taxation. (iv) The retraction of statement....

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....d land at lower value than the purchased value is not believable. Again, the Department found the same impounded material from M/s Annapoorna Sree Group of assessees while conducting a search on 25-09-2015 wherein the Account Manager given a statement on oath that sale amount was Rs. 10 Crores and out of which Rs. 6 crores were distributed among the persons mentioned in the list. The Account Manager also stated that that sheet was given to him by D. Srinivasn for safe keeping. The assessee failed to furnish any evidence against that statement made by the Account Manager of M/s Annapoorna. The assessee simply assailed the impugned order saying that the Ld. CIT(A) did not allow cross-examination of the account manager. Also, we observe that a....