TaxTMI 
TaxTMI 
2023 (11) TMI 1310
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.... case and in law, the Ld. CIT (A) erred in deleting the addition u/s 69A of the Income Tax Act, 1961 amounting to Rs. 2,26,00,000/- made by the assessing officer, without considering the facts and circumstances of the case and settled position of law. 2. Despite notifying that neither anyone attended on behalf of the assessee nor any request for adjournment was filed and therefore, appeal was heard ex-parte qua the assessee after taking into consideration Paper Book filed by Shri Ruturaj Gujar i.e. claimed to be an authorized representative of the assessee however no letter of authority is available on record, and arguments of ld. Departmental Representative. 3. Briefly stated facts of the case are that during relevant period, as....
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....his issue. 5.2 It is observed that the appellant has not objected to the declaration of Rs. 2.26 Crs declared by him during the survey proceedings and incorporated it in its return of income for relevant AY 2018-19. The question is that the AO make this amount of addition u/s 69A of the Act and taxed as per provisions of section 115BBE of the Act. 5.3 It is relevant to mention over here that, the AO in his assessment order in para 7 has discussed this issue elaborately. 5.4 It is observed that the AO in para 7.17 has observed that the cash receipts of Rs. 2.26 Crs as per noting in impounded note pads are nothing but the receipts over and above the registered sale value of the flat which are not accounted....
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....as an undisclosed income in survey proceedings and declared it in its return of income, there is no reason to hold that the appellant has failed to produce supporting documents /evidences in support of it that Rs. 2,26,00,000/-crore is not it's business income. During the survey proceedings, it is clearly admitted that these cash receipts are out of sales. No contradictory finding has been given by the AO. To state that source of disclosure/ cash receipts is not established before the AO, is not acceptable in view of statements recorded during survey proceedings and circumstances involving the same. 5.8 In view of this, the AO's action in adding again the additional income of Rs. 2,26,00,000/-declared during the s....
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....e submitted that purpose of section 69A of the Act is to identify the other leg of the transaction and bring the other leg also to the tax but since assessee has not explained from which flat's sale, it has received the said receipt of cash and therefore, the said cash receipt is liable to be assessed u/s 69A of the Act, because that assessee has explained only nature and not source of the cash receipt. We agree with the argument of the Ld. DR. For the purpose of considering those cash receipts as the business receipt, the assessee is required mentioning the name of the person from whom such cash was received i.e. the source of the cash receipt, but the assessee has not demonstrated the name and address of those person and therefore, provis....