2025 (2) TMI 979

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....g on behalf of the assessee submits that the assessee is a non resident. The assessee has no source of income in India. A search & seizure action u/s. 132 of the Act was carried out in the case of Navratna Group on 11.04.2017. The Navratna Group is engaged in development of various real estate projects. During the course of search a laptop was seized from one Murlidhar M Trivedi. On examination on the same one excel sheet was found. As per the excel sheet various details of real estate project Kalhaar Blues & Greens (KBG) was found. The details included, unit number, area of the unit, sale price of land, construction cost, amount received from purchaser, etc. It is alleged that details of on-money received on sale of units at KBG was also f....

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....l relating to addition of Rs. 5,20,000/-, the ld. Counsel for the assessee submits that AO had made aforesaid addition in the final assessment order on directions of the Dispute Resolution Panel (DRP). He pointed that in the draft assessment order, the AO had not made any such addition, therefore, no objection was raised by the assessee against said addition. Since Rs. 5,20,000/- was not a subject matter of dispute before the DRP, the aforesaid payment could not have been considered by the DRP for enhancement. 2.2. The ld. Counsel for the assessee stated at Bar that he is not pressing ground no. 1 of appeal challenging validity of notice issued u/s. 148 of the Act. 3. Per contra, Shri Vijay B Vasanta representing the department vehemently....

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....nt of alleged payment of on-money by assessee for purchase of residential unit. It is an undisputed fact that the assessee in joint names has purchased a property i.e. unit no. 474 Kalhaara Blues & Greens S No. 267/F, Sanand Virangam Sanand, for a total consideration of Rs. 1,15,14,000/-. For purchase of aforesaid property, the assessee had taken a loan of Rs. 81,63,000/- from HDFC Bank and the balance amount is transmitted from Singapore. These facts have not been disputed by the Revenue. The allegation of payment of on-money stem from incriminating material found during the course of search in the case of a builder. The AO while alleging payment of on money by the assessee to the builder has taken the difference of actual payment made by ....

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....e basis of the period of her stay in India (ii) Ascertain the share of the assessee in the immovable property purchased from the documents placed on record (iii) To ascertain the amount of payments made by the assessee towards purchase of property during the relevant F.Y. (IV) To verify the genuineness of the loan transactions as claimed by the assessee as the substantial source of funds for purchase of immovable property (v) To verify, from the documents placed on record, if the factual claim of the payments made during the year amounting to Rs. 18,77,059/- represents the earnings of the assessee abroad, and the same is linkable (through documentary trail of transaction) to the payments made by the assessee for purchase of the immo....