AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2025 (11) TMI 1137
X X X X Extracts X X X X
X X X X Extracts X X X X
....law as well as on facts of the case, in upholding the Order of Assessment passed on December 29th 2022, issued under section 143(3) of the Income Tax Act, 1961 ("the Act"), vide the impugned Order passed u/s 250 of the Act, on February 08th 2024. 2. That, the Learned Commissioner of Income Tax (Appeals)- 30, New Delhi has grossly erred both in law as well as on facts of the case, by upholding the incorrect additions made by the Learned Assessing Officer, amounting to a massive sum of INR 40,69,000/-. The Learned Assessing Officer has stated that, during the year under consideration, the Appellant had made unaccounted payments to the tune of INR 40,69,000/-, while purchasing a property situated at E-137, Upper Ground Floor, Preet Vi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ereby the disputed agreement cannot be admitted as a tangible/incriminating material under normal circumstances, since it is extremely difficult to pursue the contents of the alleged document. 5. That, the Appellant holds no relation with Mr. Praveen Kumar Jain nor with Mr. Saurav Gupta. It is relevant to mention that, the witness from the side of the Appellant was Mr. Ashish Garg and subsequently, the Appellant is unacquainted to the witness from the side of Sellers, as the Appellant only holds association with M/s RPG Nirman Pvt. Ltd. and Shri. Keshav Chawla. Henceforth, the Appellant cannot be held liable for the acts of a third person(s). 6. That, the Learned Commissioner of Income Tax (Appeals)- 30, has failed to gran....
X X X X Extracts X X X X
X X X X Extracts X X X X
....Commissioner of Income Tax (Appeals)-30, was bound to refer the matter, before the office of DVO (Departmental Valuation Officer), to ascertain the actual consideration of the property, in case of uncertainties with respect to the valuation of property, as no cash or cash trail was found against the Appellant. 10. That, the Appellant craves to leave add, alter, and modify any other ground of appeal at the time of hearing." 3. In addition to the above, the assessee has raised the following additional ground of appeal: "4. That since the satisfaction note was allegedly recorded in the FY 2022-23 relevant to the assessment year 2023-24, as such, present assessment year 2021-22 falls within the block period of six years, an....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ating material were found and seized from the business and residential premises of the individuals and business entities of Hans group covered in the search operation. It was found that the information contained in the seized material, in the form of image in the seized mobile phone of Shri Parveen Kumar Jain, relates to the assessee, Bhawna Garg (person other than the searched person). The information related to sale of property at E-137, Upper Ground Floor, Preet Vihar, Delhi, having signed receipts of consideration of Rs. 1,90,69,000/- till 16/07/2020 whereas the registered sale deed of the property, showed that the property was purchased by the assessee & her husband and it was registered at consideration of Rs. 96,00,000/- only. 8. ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....sessing Officer of searched person and the relevant seized documents/data were handed over to the Assessing Officer having jurisdiction over Smt. Bhawna Garg, the assessee. The Assessing Officer of the assessee drew a Satisfaction Note on 30.09.2022 to initiate proceedings u/s 153C r.w.s 153A of the Act in the case of Smt. Bhawna Garg for Assessment Years 2015-16 to 2020-21 only. 12. We note that the satisfaction note in the case of the assessee was recorded on 30.09.2022 i.e., in the FY 2022-23, the relevant year of search in the case of the assessee would be AY 2023-24. As such, the instant year in consideration i.e., A.Y 2021-22 would fall within the block period of six years, where the initiation of assessment/reassessment proceeding....