TaxTMI 
TaxTMI 
2024 (7) TMI 1208
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.... has erred in confirming the addition of Rs. 25,85,000/- on account of alleged investment in the immoveable property by just relying upon the statement recorded during search and without any incriminating evidence. 2. That the Ld. CIT(A) has failed to apply the binding judgment of ITAT, Chandigarh Bench that statement recorded during the course of search cannot be an incriminating evidence and further without making any enquiries from the seller, the very basis of making the addition on the basis of oral statement, ignoring the documentary evidence of the valid registration, the CIT(A) was not justified in upholding the addition in view of the judgment in the case of K.P. Varghese, reported in 131 ITR 597. 3. That the Ld. ....
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....uring the post search investigation or even till date. Therefore, as per law this statement alone has evidentiary value." 5. The ld. CIT(A) has stated that the statement of the Assessee was recorded when the Assessee was in a completely healthy state of mind. On this issue, the CIT(A) has further given his finding that during the search, as per Annexure A-6, which is a part of a writing pad on some of the pages amount, name of persons from whom they have taken along with dates are mentioned. The Assessing Officer has taken them as sources of cash component of payment for the purchase of the property and the ld. CIT(A) has confirmed the addition. During the proceedings before us, the ld. Counsel of the Assessee has filed a written submiss....
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.... vi). The registration of the property have been made at the prevailing Govt, circle rate and there is no element of 'on money'. vii). No corroborated evidence have been found during the course of search that the assessee has made any payment in cash. viii). The assessee is an uneducated person and his statement as recorded during search, no where proves that cash has been paid. ix). However, the Assessing Officer in a summary manner by relying upon the statements recorded during search has made the addition of Rs. 25,85,000/- as alleged amount paid in cash towards the purchase of property, which is a wrong assumption on the part of the Assessing Officer. x). Our reply as quoted by the Assessin....
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....rvey in his premises, there was no other material either in form of cash, bullion, jewellery or document in any other form to justify said statement, addition made on the said income in hands of Assessee under section 69B was to be deleted -Whether SLP against said decision was dismissed -Held, yes". 8. We have considered the findings of the ld. CIT(A) on this issue and we have also considered the written submissions and arguments made by the ld. Counsel of the Assessee during the proceedings before us and the orders of the Hon'ble Supreme court of India on this issue in the case of 'CIT Vs. Mantri Share Brokers (P.) Ltd., (supra) and the Chandigarh Bench of the ITAT in the case of 'Dy. CIT vs. Partap Singh Rajendra Chamola & Co.' In....
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....und No .4 is against the addition of Rs. 10 lacs on the basis of dumb document. In fact, during the search operation, a paper was found on which names of four persons were written and against them Rs. 2,50,000/- each was mentioned. The Assessing Officer asked the Assessee to explain it. In the assessment order, the A.O. has mentioned Assessee's reply as under:- "....in this regard, we have time and again clarified that these are rough notings in round figures without any significance and income repercussion. Further it is submitted that this document is basically a dumb document. There is no date on the said document and neither it indicates whether the amount has been paid or received. Therefore, any Ad-Hoc / Dumb Document without....