TaxTMI 
TaxTMI 
2025 (10) TMI 155
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....ry narrow compass, with the consent of the learned advocates, same are taken up for hearing. 3. Rule returnable forthwith. Learned Senior Standing Counsel Mr. Varun Patel waives service of notice of rule. 4. All these group of petitions are arising from the similar facts and, therefore, raising the similar issue of challenging notice issued under Section 148 of the Income Tax Act, 1961 (for short 'the Act') and are, therefore, heard and disposed of analogously. 5. Brief facts giving rise to these petitions can be summarised as under: 5.1 The petitioners purchased plots of Bungalows in Scheme Vrundavan-9. 5.2 A search action under Section 132 of the Act was carried out in case of MHS Group on 16.11.2021. During the course of search proceedings at residential premises of Dr. Dilip Ambalal Modi at Bungalow No.1/A and 1/B, Nutan Sarvoday Co-op. Housing Society Ltd., Kochrab, Ellisbridge, Ahmedabad, loose papers were found and seized and on perusal of such loose papers, it was found that it contained handwritten details of financial transactions of property situated at Paldi and Vrundavan-9 along with bifurcation of cheque and cash payments. 5.3 The respondent Assessin....
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..... 44 of Annexure-AS/1 in respect of cash payment of Rs.5,00,00,000/- & Rs.3,34,35,000/- on 04/08/2021 & 29/08/2021 respectively. Considering the above, it can be concluded that Kalpeshbhai N. Aahir is received an amount of Rs. 10,19,25,350/- in cash on sale of bungalow no. 6 in Vrundanvan-9 over and above the document price of Rs. 4,00,97,000/. Dr. Dilip Modi also stated that this cash amount of Rs. 8,34,35,000/- and adding thereto further cash amount of Rs. 1,84,90,350/- and made cash investment of Rs. 10,19,25,000/- in purchase of new property being Bungalow No. 6 in Vrundavan-9. On inquiry it revealed that the project of Vrundavan-9 consists of 21 bunglows having different plot area, however, the constructed area is the same. As the detailed discussion made in the case of Dr. Dilip Modi in this appraisal report in Para No. 7.6.1.1, it has been seen that the builder Shri Kalpesh Ahir has hugely Rs. 92,500/- per Sq. Yd. and construction cost of Rs 31,500/- as has been arrived at in the case of Dr. Dilip Modi. Accordingly, a list is prepared applying the least rate of land at Rs. 92,500/- per Sq. Yd. thereby unaccounted on money receipt from the owners of the 17 bungalows sold in t....
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....domain Pg. 30 Pg. 31 Pg. 30 Pg. 32 Pg. 32 Pg. 32 Page-43-44 of petition Page 40-41 of petition Proposed escapement 8,65,75,000 8,65,75,000 8,65,75,000 11,06,70,000 9,11,30,000 11,06,70,000 Rs. 9,65,33,000 (Page 44) Rs. 9,65,33,0 00 (Page 41) 5.6 Thereafter, copy of reasons recorded/ satisfaction note was issued to the petitioners. Each of the petitioner raised objection before the Assessing Officer contending inter alia that the respondent Assessing Officer could not have assumed the jurisdiction by assuming that the petitioner had also paid on-money as it was found to have been paid by Dr. Dilip Modi from the seized material. Each of the petitioners submitted the details of the amount paid for purchase of the Bungalow at Vrundavan-9 along with the sale-deed executed by M/s. Vrundavan Buildcon in favour of the petitioners. 5.7 The respondent Assessing Officer passed impugned orders rejecting objections raised by the petitioners. The petitioners have thereafter preferred this petition. 6. Learned advocates for the petitioners submitted that respondent Assessing Officer could not have assumed the jurisdiction to reopen the a....
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....at incriminating material gathered during the course of search and seizure operation, opinion has been formed on the basis of the facts to compute that on-money was paid by the petitioners, as the property has been purchased by the petitioner, is at much lower rate computed on the basis of the seized material and the Assessing Officer, shall be deemed to have information which suggest that the income chargeable to tax has escaped assessment, which is sufficient to reopen the assessment. It was contended in the objection while disposing objections that computation of alleged on-money payment by the petitioners is based on the information available from the seized documents from the premises of Dr. Dilip Modi pertaining to the purchase of the Bungalow No. 6 and, therefore, it was rightly considered by the Assessing Officer that similarly the petitioners would have made the on-money payment for purchase of the Bungalow in Vrundavan-9 Scheme. 8. Learned advocates for the petitioners, therefore, submitted that disposal of such objections are only on the basis of conjectures and surmises without there being any material on record to show that the petitioner had paid on-money for purch....
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.... rival submissions made by the learned advocates for the respective parties, it is apparent that respondent Assessing Officer has issued the impugned notice on the basis of the Satisfaction Note on the basis of search carried out at the premises of Dr. Dilip Modi and the loose papers found during the course of search which contained the transactions of the purchase of Bungalow No. 6 in Vrundavan-9, developed by M/s. Vrundavan Buildcon. It is also on the basis of such information, the impugned notices were issued which clearly shows that the Assessing Officer has no other material except the seized material which is found during the search of residential premises of Dr. Dilip Modi and on the basis of such information the Assessing Officer has arrived at a prima-facie conclusion that the petitioners would have also made the payment of on-money over and above the sale consideration reflected in sale-deed without taking into consideration that each transaction made by the petitioner was much earlier than that of the transactions of purchase of Bungalow No. 6 made by Dr. Dilip Modi in the year 2021-22, just prior to the search carried out on 16.11.2021. 14. It is also pertinent to no....