2025 (8) TMI 1359

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....e assessee has raised following grounds of appeal: For AY 2014-15 "1. On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing Officer in passing the Assessment Order u/s.143(3) r.w.s 153C of the Income Tax Act, 1961, which is bad in law and null and void as the same is passed in violation of the provisions of the Income Tax Act, 1961. 2. On the facts and circumstances of the case as well as in law, the Learned CIT(A) has erred in confirming the action of the Learned Assessing officer in making an addition of Rs. 1,50,000/- u/s.69A of the Income Tax Act, 1961 as alleged Undisclosed income of the appellant, without considering the f....

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....assessee, a partner in M/s. Karan Vyapar Private Ltd., had filed original return for AY 2014-15 on 31.2.2015 declaring total income of Rs. 4,09,040/-. 4. Subsequently, a search u/s 132 of the Act was conducted on the Antariksh Group on 14.02.2019 in which the residence of the assessee was also covered. Based on incrementing documents found from his premises, provisions of section 153C of the Act were invoked and a notice was issued on 12.11.2019 for filing return of income for AY 2014-15. In response, the assessee filed return on 12.02.2020 declaring income of Rs. 4,11,090/-. During the course of assessment proceedings, Ld. AO made addition on account of unexplained receipts of Rs, 1,50,000/- as per the documents seized from his residenc....

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....assessee are not enough to substantiate that the said amount belonged to M/s. Shubhvastu Infracon LLP. He, accordingly, confirmed the addition made by the Ld. AO by invoking the provisions of section 292C of the Act. 6. Aggrieved with the order of the Ld. CIT(A), the assessee is in appeal before us. Ld. AR has submitted that the addition of Rs. 1,50,000/- consists of two transactions viz. Rs. 50,000/- dated 07.02.2014 and Rs. 1,00,000/- dated 03.07.2014. At the outset, Ld. AR pointed out that the receipt of Rs. 1,00,000/- on 3.07.2014 does not fall within the financial year under consideration. It is therefore out of the purview of AY 2014-15. Further, it was submitted that the assessee was merely an employee of Antariksh group and the g....

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....of Rs 3,12,86,800/- after which total income of M/s. Shubhvastu Infracon LLP has been determined at Rs. 11,06,73,944/- as against the returned income of Rs. 61,70,300/- for all the years from AY 2013-14 to AY 2019-20. 9. In view of these facts, we are of the view that the group has declared substantial additional income which includes on-money received from its customers and the assessee's contention that he merely received these amounts on behalf of the group entities has been confirmed by M/s. Shubhvastu Infracon LLP by submitting an affidavit to this effect. We, therefore, hold that no addition u/s 69A of Rs. 50,000/- in the hands of the assessee should have been made. The other amount of Rs. 1,00,000/- received on 02.07.2014 falls ou....