AI OCR 
TaxTMI 
TaxTMI 
TaxTMI 
2023 (3) TMI 1622
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.... application u/s 245D before Hon'ble Settlement Commission. 2. Whether the Ld.CIT(A) has failed to appreciate that the assessee had books/purchased a villa in KBG Scheme in option 8-622 Sq. Yd unit No.774 and had business/financial relationship with NODPL. 3. Whether the Ld.CIT(A) has failed to appreciate that NODPL has accepted on money receipts recorded in the seized excel sheet and has offered income on the same in its application filed before ITSC. Also the submission filed by NODPL shows that the transaction was done between NODPL and the assessee. Thus the case is squarely covered u/s 132(4A) and section 292C of the I T Act, 1961. 4. Whether the Ld.CIT(A) has failed to appreciate that the seized excel sheet was duly reproduced in notice u/s 142(1) of the Act dated 30/10/2019 and satisfaction note was also provided to the assessee which was completed ignored by the Ld.CIT(A). Moreover, the soft copy of the same was also sent to the assessee through e-proceedings facility, however the assessee has intentionally ignored the onus to explain the purpose of payment made to NODPL along with the source of funds for making payment of Rs.9,95,00,000/-. Thus t....
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....mmission and the relevant income based on such excel sheet was also offered to tax. iii. There was no purpose of providing the statements of the concerned person such as Shri Murlidhar M Trivedi or the Company as the addition was not based on the statement but on the incriminating documents found in the course of search. iv. Likewise, no benefit can be extended to the assessee on the reasoning that he has no relation either with the company or Shri Murlidhar M Trivedi. It is for the reason that the excel sheet was showing the payment by the assessee in a systematic manner which is a clinching evidence. Accordingly, the onus is upon the assessee to disprove the contents of the excel sheet based on the documentary evidence. 7. Based on the above and after considering the facts that the assessee has nowhere recorded the cash payment made to the company as discussed above, the AO treated the sum of Rs.9.95 crores as an unexplained investment under section 69 of the Act and added to the total income of the assessee. 8. Aggrieved assessee preferred an appeal to the learned CIT-A. 9. The assessee before the learned CIT-A submitted that the AO has made the additi....
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....n support of the notings made that such amounts have actually been paid by the appellant to NODPL. The AO has also not been able to challenge the contention made by the appellant that he has no transactions or dealing of any nature whatsoever with NODPL. In view of the above facts and circumstances I hold that the addition made by the AO only on the ground of notings having been made in the excel sheet found from the premises of the searched party without any corroborative evidence cannot be sustained. It has been extensively argued by the appellant that in spite of repeated requests the appellant had been provided with the soft copy of the excel sheet. The hard copy duly verified by NODPL had not been made available. It was extensively argued that such extracts/photostat copies/Xerox copies not authenticated or certified or notarized would not have any evidentiary value and as such could not be relied upon while drawing an adverse inference against the appellant. The appellant had also relied in the case of Moosa S. Madha& Azam S. Madha (1973) 89 ITR 65 (SC) in support of the above proposition. 7.3.5 The appellant had also argued that any statement or other depos....
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....ever, the appellant has repeatedly informed that he has not booked any unit with any scheme of NODPL. The AO for inexplicable reasons has not been able to refute this contention made by the appellant. The AO has not identified any unit booked by the appellant and therefore the question of such on money receipts would not arise. Further, the AO has also not been able to identify any cheques payments made by the appellant against which such refund of on money payments could have been made by NODPL. It is the primary duty of the AO to establish that in fact there is some financial / business relationship between NODPL and the appellant and without establishing the same the appellant cannot be merely visited with such tax liabilities only on account of the references of the name of the appellant in the excel Sheet. The AO has not been able to identify either the unit booked or the cheques paid by the appellant. The additions cannot be sustained on mere assumptions, conjectures and surmise and the has to be some concrete evidence or other material which would support the allegation made which has been found during the course of search and substantiated during the course of assessment. U....
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....ion has been made by the AO based on the excel sheet found from the premises of the third-party wherein the name of the assessee was appearing. However, the learned CIT-A was pleased to delete the addition made by the AO on various counts as detailed above. Now, the controversy arises whether the addition can be made based on the document found from the premises of the 3rd party. Admittedly, the excel sheet containing the amount was found without any signature. It was found from the premises of the 3rd party and without any corroborative material. First of all, it is the basic duty of the party from whom possession, such excel sheet was found to explain the nature of such document. However, from the finding of the AO, we note that there was no statement provided by the AO to the assessee despite the fact that the specific request was made by the assesse as extracted below: "1. Before making any submissions it is submitted that we had called for the evidence/material seized from the premises of Navratna Organisors which pertained to the assessee and which triggered the 153C proceedings. We had also asked for the copies of the satisfaction note of the AO of the searche....