AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (10) TMI 587
X X X X Extracts X X X X
X X X X Extracts X X X X
.....03.2022 for Assessment Year 2020-21. 2. Brief facts of the case are that a search and seizure operation was carried out in the case of 'Sanjay Jain and Mehtas' on 26.10.2020 and, thereafter, the consequential searches were carried out on M/s Canon Fasteners, M/s Pawan Kumar & M/s Winner Constructions Pvt. Ltd. which are engaged in the business of construction and taking accommodation entries in the shape of bogus purchases invoices from Sanjay Jain & Ors. The case of the assessee was also covered under the search and accordingly notice u/s 153A was issued on 18.11.2021. In response, the assessee had not filed any return of income. The assessment was completed after considering the submissions wherein based on the documents found during ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....espite the fact that no cash amount has been received for Project Anthurium. 4. That the Ld. CIT(A) has erred in law and on facts by not canceling the interest charged under sections 234A and 234B of the Act. 5. That the Ld. CIT(A) has erred in law and on facts by not terminating the penalty proceedings initiated under section 271AAC of the Act on the grounds that these are separate from the assessment proceedings. 6. That the appellant reserves the right to add, modify, alter, amend or delete any of the grounds." 3. Grounds of appeal Nos 1 to 3 are in relation to the addition of Rs. 62,00,000/- made in the hands of the assessee by holding the same as unexplained and undisclosed receipts, therefore, they are ta....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ssee in subsequent periods as the projects started in Financial Year 2019-20 and the running bills were not raised till the March, 2020 for which reference is made in the said paper. The Ld. AR further submits that AO has failed to link the entries contained in the said paper book with any other material/entries found recorded in the books of accounts and wrongly added the same solely on the allegation that the entries appearing with the titled as "CASH ANTH HR" and "CASH ANTH YOG" indicates cash received in Anuthirum Project by Yogesh Jangra on behalf of assessee. The assesse has made no such transactions with these persons and may be there were transactions between Yogesh Jangra and Harsh Gupta which were made the basis of the addition, h....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ection 2, for " Income-tax Officer" (w.e.f. 1.4.1988).][, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.] [Inserted by Act 5 of 1964, Section 16 (w.e.f. 1.4.1964).]" 7. From the perusal of the above, it could be seen that provisions of Section 69A could be invoked where the assessee is found to be the owner of any money, bullion, jewellery or other valuable article which were not recorded in the books of account, if any, maintained by him for which the source of acquisition was not satisfactorily explained. 8. In the instant case, it is not the allegation of the Revenue that there was cash of Rs. 62,00,000/- found from th....
X X X X Extracts X X X X
X X X X Extracts X X X X
....is further seen that the AO has failed to bring any corroborative material to hold that these entries pertained to assessee company and the cash was received by assessee company more particularly when no document whatsoever was found or seized from the possession of assessee company during the course of search carried in its own case. It is further seen that the AO has also failed to make any enquiry with regard to the regard to the running bills mentioned in the said paper to support his allegation that the assessee has received this amount of 62.00 lacs in cash during the year under appeal. 11. Regarding audio recording of conversation between Yogesh Jangra and Harsh Gupta as reproduced in the para 5.5 of the assessment order, we find ....