2026 (5) TMI 679

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....ort) 2017-18. 2. The common issue arising in both the appeals relates to addition made of Rs. 15 lacs each in case of the assessee's as unexplained investment u/s. 69 of the Income Tax Act, 1961 ('the Act' for short) on account of alleged on-money paid in cash towards purchase of a flat. 3. Briefly the facts are, the assessee's in appeal are resident individuals and are husband and wife. For the assessment year under dispute, both the assessee's filed their return of income u/s. 139(1) of the Act. A search and seizure operation u/s. 132 of the Act was carried out on 17.03.2021 in case of Rubberwala group and M/s. Hilton Infrastructure, which as observed by the Assessing Officer ('A.O.' for short), is an entity of the Rubberwala group.....

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.... of assessment proceeding, the A.O. called upon the assessee to explain the source of the alleged on-money paid of Rs. 30 lacs. In response to the query raised by the A.O., both the assessee's denied of having paid any on-money in cash, over and above, the amount paid through cheque as per the sale deed. The A.O., however, was not convinced. Based on the information contained in the excel sheet and statement recorded from Shri Tabrez Shaikh, he, ultimately, concluded that both the assesses, indeed, had paid on-money in cash to the developer/builder towards purchase of flat. Accordingly, he added the amount of Rs. 30 lacs each at the hands of both the assessee's. 4. Contesting the additions, the assessee's filed appeals before ld. First a....