2025 (9) TMI 974

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.... Income Tax Act, 1961 (in short "the Act"). 2. The brief facts of the case are that the assessee had filed its return of income for A.Y. 2020-21 on 17-09-2020 declaring total loss of Rs. 10,33,350/-. A survey u/s. 133A of the Act was conducted at the office premises of the assessee on 24 & 25th April, 2019, in the course of which, certain loose papers, documents and digital data in the form of hard disk and pen-drive were inventoried and impounded. In the course of assessment, these documents were analyzed by the A.O. It transpired that at Page No. 114 to 116 of Annexure-A/12 contained unit-wise booking and cash receipts/on-money receipt from the members in the scheme Silver Spring, a project developed by Silver Infra. The examination of....

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.... ITA No. 1419/Ahd/2024 (Assessee's appeal) 1. The grounds of appeal mentioned hereunder are without prejudice to one another. 2 The Ld. CIT(A)-11, Ahmedabad erred on facts as also in law in retaining addition of Rs. 1,65,00,000/- by estimating profit @ 15% on alleged on money payment of Rs. 11,00,00,000/-. The addition retained is totally unjustified in view of the fact that no project was undertaken. The addition made deserves to be deleted and may kindly be ordered to be deleted. 3. Your Honour's appellant craves leave to add, to amend, alter, or withdraw any or more grounds of appeal on or before the hearing of appeal. ITA No. 1424/Ahd/2024 (Revenue's appeal) 1) In the facts and on the circ....

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....t was already explained. He submitted that the on-money payment of Rs. 11 crores for purchase of land was duly explained as application of on-money receipt by the assessee to the extent of Rs. 9,63,63,652/-. Regarding the balance funds, he submitted that the same was brought in by the partners. The Ld. AR explained that no business activity was carried out by the assessee firm during the year and the cheque receipts towards booking of flats and shops were shown as loans. He submitted that the A.O. had also given a finding in the assessment order that the cash was brought in by the partners for purchase of land. Considering these facts, no addition was called for in respect of cash payment for purchase of land in the hands of the assessee fi....

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....hat the partners had brought in cash in the firm M/s. Silver Infra for making payment towards purchase of land. This fact was also evident from Page No. 110 to 120 of Excel-sheet found in the course of survey, which was individual cash ledger of the partners. In fact, the A.O. had referred to the cash ledger account of the partners and discussed about the cash brought in by the partners on different dates. In view of this categorical finding of the A.O. that the cash was brought in by the partners in the partnership firm to purchase the land, the addition, if any, in respect of cash payment, was required to be made in the hands of the individual partners and not in the hands of the assessee firm. Otherwise also, no business activity was car....