2026 (2) TMI 1181

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....under section (u/s.) 69 of the Income Tax Act, 1961 (in short the 'Act') on protective basis, representing alleged on money paid by the assessee in cash. 3. Briefly the facts are, the assessee is a resident individual. For the assessment year under dispute, assessee filed his return of income on 17.08.2011, declaring total income of Rs. 3,49,640/-. On 17.03.2021, a search and seizure operation u/s. 132 of the Act was carried out in case of Rubberwala Group and others. In course of search and seizure operation, certain incriminating material/information pertaining to the assessee were found. Based on such information/material, proceedings u/s. 153C of the Act were initiated in case of the assessee. In course of assessment proceeding, the ....

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....he alleged on money was added on substantive basis at the hands of another assessee, namely, Shri Praveen Jagdeesh Solanki, the Assessing Officer made the addition on protective basis at the hands of the assessee. Assessee contested the aforesaid addition in an appeal preferred before learned First Appellate Authority. However, the First Appellate Authority sustained the addition. 5. Before us, learned counsel appearing for the assessee submitted that the substantive addition made by the AO in case of Shri Praveen Jagdish Solanki has been deleted by the learned First Appellate Authority on merits. Hence, the protective addition made in case of the assessee cannot survive. 6. Per contra, learned Departmental Representative submitted th....

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....eement value and the actual sale price of shops in the mall. He further explained that the difference between the agreement value and actual sale consideration were received in cash from the buyers. 8. It is observed, while explaining the modus operandi Shri Imran Ansari in response to Question No.26 had submitted that at the time of booking of shop the buyer is informed about the component of payment to be made in cash or through cheque. In case of cash payment Shri Imran Ansari verified the amount of cash to be accepted from the buyer and takes the buyer to Mr. Abrar Ahmad (cashier working in Rubberwala Housing and infrastructure Ltd. who received the cash from the buyers. After receiving confirmation from Mr. Abrar Ahmad regarding the....