2025 (8) TMI 947

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....ation u/s.132 of the Income Tax Act,1961("the Act") was carried out on M/s. Vasudeva Realtors Private Limited, Hyderabad ("the assessee"), on 14.07.2016. During the search operation, some documents relating to receipts of unaccounted money of Rs. 3,72,39,130/- on account of sale of villas in Bloom Field Elation, Phase II were seized from the office premises of the assessee. Therefore, the Learned Assessing Officer ("Ld. AO") vide order u/s.143(3) r.w.s. 153A of the Act dated 31.12.2018 added Rs. 3,72,39,130/- to the total income of the assessee. 3. Aggrieved with the order of the Ld. AO, the assessee filed appeal before the Ld. CIT(A). It was noticed by the Ld. CIT(A) that under identical facts in assessee's own case for A.Y. 2011-12, the ....

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....ost to cost basis and the assessee acted as mediator / facilitator in executing these works. Therefore, the receipts of unaccounted money of Rs. 3,72,39,130/- were only the reimbursement received from customer on account of the extra/alteration work get done on their behalf. Ld. DR further submitted that during the gap of two years, Smt. D. Sunitha never made any complaint of any stress or duress while giving statement. Ld. DR submitted that the retraction of statement by the MD of assessee after a long period of two years is not valid. He further submitted that even the assessee was asked to provide the details of persons to whom these payments were made and the basis of such payments. However no such information was provided by the assess....

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.... completed the assessment u/s.143(3) of the Act by making addition of 10% of the unaccounted receipt found during the survey operation. The Ld. AR further submitted that the Ld. AO cannot review his own assessment on the same set of facts . Therefore, the Ld. AR prayed before the bench to uphold the order of the Ld. CIT(A) and dismiss the appeal of the Revenue. 6. We have heard the rival contentions and also gone through the record in the light of the submissions made by either side. As far as the contention of the assessee is concerned that under identical facts in assessee's own case for A.Y. 2011-12, the Ld. AO completed the assessment u/s.143(3) of the Act by making addition of 10% of unaccounted receipts found during the survey operat....