TaxTMI 
TaxTMI 
2024 (4) TMI 924
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....s the 'Ld. AO') u/s 143(3)/153C of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') on 18/03/2016. 2. The assessee is an individual deriving income from salary, commission and also income from other sources and for the previous year relevant to the assessment year 2012-13, the assessee filed his return declaring income of Rs. 33.64.810. Search and seizure operation under section 132 of the Act was carried out in the case of M/s. Shubhkamna Buildtech Pvt. Ltd. on 09.10.2013. Proceedings under section 153C of the Act were initiated vide notice dated 07.12.2015 after recording the satisfaction for initiation of proceedings. 2.1 The case of Revenue is that during the course of search and seizure operation in the case of M/s. Sh....
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....he Act on the alleged ground that the said amount represents unexplained investment made by the appellant. 2.3 On appeal, the CIT(A), vide impugned order dated 31.10.2018, confirmed the addition made by the assessing officer. Against the aforesaid order of the CIT(A), the Assessee is now in appeal before the Tribunal raising following grounds; "1. That the ld. CIT(A) erred in upholding the addition of Rs. 1,26,00,000/- made by AO u/s 69 of Income Tax Act, 1961 merely on surmises and conjecture and without considering and appreciating the evidence and arguments submitted before him and the AO. 2. That the ld. CIT(A) erred in law in not appreciating the law against before him. 3. That the ld. CIT(A) erred in law in rejecting the appeal....
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....er (owner) and the purchaser. As per AO one of the entries pertaining to the copy of the agreement is between late Buti Singh and the assessee for transfer of rights on future allotment of 343 sq. mtr. but with distorted sales consideration. In the computer-generated sheet, the total sale consideration was stated to be Rs. 10,29,000/- whereas as per agreement the total sale consideration was Rs. 30,87,000/-. Further, certain handwritten jottings were made on the margins of the paper "Ch.27.80 and cash 76.75(74.15 +2.60)". The loose paper found during search which is reproduced as under: 13. It can be seen from the above paper found during the search placed at page 30 of the Paper Book that: It is neither dated nor signed/stamped, there is....
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....e case of CIT vs. Jaipal Aggarwal (2013) 212 Tazman 1 (Delhi) wherein it was held that Dumb documents seized, Le.. from which nothing could be clearly understood cannot form a justified base for making additions to income of the assessee. Decision of the hon'ble Delhi ITAT in the case of ACIT vs. Sharad Choudhary (2014) 165 TTJ 145 (Del Trib.) wherein it has been held that "a charge can be levied on the basis of document only when the document is a speaking one. The document should speak either out of itself or in the company of other material found on investigation and/or in the search. The document should be clear and unambiguous in respect of all four components of charge of tax. If it is not so, the document is only a dumb document ....
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....xure LP-2, Page 1-15, it comes up that it allegedly shows that the appellant agreed to purchase plot having size of 300 sq. meters for a total consideration of Rs. 27,00,000/-. Out of the total consideration of Rs. 27,00,000, a payment of Rs. 24,30,000 was already made by the appellant vide two. The Annexure LP-2, Page 36, is a sheet which mentioned name of those farmers who have sold the land/plots to certain individuals (including the appellant) along with the plot size purchased. This page also has information of amount but there is no evidence to show what is the context for mentioning these amounts. In the impugned assessment order, the addition of Rs. 1,26,00,000/- is made by the assessing officer solely based on this loose sheet. The....