TaxTMI 
TaxTMI 
2024 (7) TMI 640
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....ounds relating thereto are dismissed as not pressed. The remaining ground relates to addition of Rs. 1.61 cores made by the Assessing Officer u/s. 69A of the Act. 3. The facts relating to the aforesaid addition are stated in brief. The assessee company is engaged in the business of manufacturing of Plastic Containers. The original assessment of the year under consideration was completed by the AO u/s. 143(3) of the Act on 04/03/2016. Subsequently, the Assessing Officer received certain information relating to survey operations conducted in the hands of M/s. Shah Housecon Private Limited. The above said company is a builder and developer. It had undertaken three housing projects. The assessee had purchased three flats/shops bearing flat num....
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....three flats on 22/03/2011 for an aggregate consideration of Rs. 3.80 crores and the assessee had paid Rs. 40.00 lacs on that date. The flats were finally registered in the name of the assessee in Financial Year 2016- 17. In between the periods the assessee was making payments by way of cheque only and no cash payment was made. Accordingly, the assessee refuted the entries noted down in the document. 5. However, the Assessing Officer did not accept the aforesaid explanations of the assessee on the reasoning that the document taken from the accountant clearly depicts the details of cash receipts against flat numbers and name of the assessee. Further, the veracity of the document has also been confirmed by the Accountant and Director of the b....
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....wn the reliability of the document taken during the course of survey, as the entries made therein is contrary to the actual facts. It is stated that the flats were finally registered in the name of the assessee in Financial Year 2016-17 and this fact has not been noted down in the Statement. The case of the assessee is that it has made all payments by way of cheques only and the relevant details were furnished to the AO. 8. The Ld A.R further submitted that the purchase value of flats are also supported by the valuation report issued by a registered valuer and this report support the case of the assessee that there was no necessity to pay part of consideration in cash, as the purchase was done at market rates. In the case of Shri Anil Jagg....
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....d from the residence of an ex-employee of Hiranandani group. We have perused the print out of the pen drive (Page 42 of APB) and find ourselves to be in agreement with the view of the ld A.R that though against the heading "Amount of on money paid" the name, address and PAN No. of the assessee is mentioned alongwith the details of the property purchased by him, viz. Flat no.2501 in "Somerset" building from Lakeview Developers (a Hiranandani group concern), however, the same would not conclusively prove suppression of investment and payment of "on money" by the assessee for purchase of the property under consideration. We find that the information as emerges from the print out of the pen drive falls short of certain material facts, viz. date....
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....rences as regards the investment made by the assessee for purchase of the property under consideration. We rather hold a strong conviction that the very fact that the consideration paid by the assessee for purchase of the property under consideration when pitted against the "market value‟ fixed by the stamp valuation authority is found to be substantially high, further fortifies the veracity of the claim of the assessee that his investment made towards purchase of the property under consideration was well in order. We are of the considered view that though the material acted upon by the department for drawing of adverse inferences as regards payment of "on money" by the assessee formed a strong basis for doubting the investment made b....