TaxTMI 
TaxTMI 
2026 (3) TMI 614
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....r passed by the Assessing Officer under section 147 r.w.s. 144 r.w.s. 144B of the Income Tax Act, 1961[hereinafter referred to as "the Act"] dated 06.03.2022. Facts of the Case 2. The assessee had not filed return of income for A.Y. 2013-14. Information was received from ACIT, Central Circle-1(3), Mumbai in connection with search and survey action conducted on 15.10.2018 in the case of M/s Bhagwati Developers and its group concerns. The Assessing Officer recorded that the group was engaged in receiving on-money in respect of sale of flats and commercial units. Based on post-search investigation and seized material, it was observed that the assessee had allegedly purchased a flat for Rs. 53,87,000/- and had made on-money payment of Rs.....
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....ognizance of the fact that in the case of the assessee's spouse, an assessment order dated 17.03.2022 had been passed under section 147 read with section 144 and section 144B of the Act, wherein no addition was made in respect of the same property transaction. The assessee had placed on record a copy of the assessment order of her spouse and also furnished bank statements evidencing housing loan of Rs. 42,50,000/- obtained from HDFC Ltd. The bank statement reflected that the assessee was a joint borrower in respect of the said housing loan. 5. The learned CIT(A) observed that the assessment order passed by the Assessing Officer did not mention the specific details of the information initially received on the basis of which reassessment w....
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....w that information alone cannot substitute belief. C. Section 142 r.w.s 144B: Non-consideration of Reply and Evidence (Sec. 142 & 144B): The AO failed to consider the appellant's written submission dated 15.03.2022 and documentary evidence including bank statements and home loan proof, thereby violating Section 142(3) and Section 144B(1)(xvi), rendering the assessment void u/s 144B(9). D. Section 142(3): Non-supply of Adverse Material: The AO erred in not providing copies of the seized materials or statements relied upon (allegedly recovered from M/s Bhagwati Developers), and denied the right of cross-examination, contrary to Section 142(3) and the rule of natural justice. E. Section 69: Unexplained Investment i.e....
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....assessment order dated 17.03.2022 passed under section 147 r.w.s. 144B for the same assessment year, the very same transaction and source of funds were examined and accepted, and no addition was made. With regard to the alleged on-money payment of Rs. 3,37,000/-, it was submitted that there is no seized material or corroborative evidence linking the assessee to any such cash payment, and that the same allegation was not sustained in the spouse's case. It was therefore contended that the addition sustained by the learned CIT(A) is conjectural, unsupported by evidence, and liable to be deleted in toto. 9. The learned Departmental Representative, on the other hand, supported the orders of the Assessing Officer as well as the learned CIT(A).....
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....ith section 144B for the same assessment year, the very same property transaction and source of funds were examined by the Assessing Officer and no addition was made. The Revenue has not placed any material before us to demonstrate that the explanation regarding source of funds in the spouse's case was rejected or found to be incorrect. 14. In these circumstances, sustaining the addition of Rs. 14,74,000/- in the hands of the assessee, when the identical transaction and source have been accepted in the hands of the spouse for the same assessment year, leads to an incongruous and inconsistent position. In the absence of any adverse material disproving the documentary trail furnished by the assessee, the addition cannot be sustained merely....