2026 (6) TMI 776

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....sessment order dated 06.01.2025 u/s 147 r.w.s 144B of the Income Tax Act, 1961 (hereinafter referred to as 'the Act') passed by Assessment Unit, Income Tax Department, for AY: 2019 -20. 2. Heard and perused the record consequent to a search in the Omaxe Group on 14.03.2022 allegedly some digital evidences in the form of excel sheet was found and based upon the same and the statement recorded of the employees of Omaxe Group department came to a conclusion that certain unaccounted transaction were taken by Omaxe Group in the form of "On money" receipts on sale of commercial and residential units in various projects and accordingly alleging cash payment of Rs. 14,20,800/- on purchase of a property an addition was made in the hands of assess....

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....30.11.2024 had explained to the assessing officer that his wife along with mother had applied in Octorber/November, 2010 in Omaxe Group and had payments were made October/November, 2010 by his mother and wife from their account. Allotment letter was issued on 01.12.2010 allotting 362.53 sq. ft. in Omaxe Connaught place bearing No. 167. His mother died in 2015 and half share allotted to her was mutated in favour of assessee. Since, Omaxe failed to giving possession for last 8 years pressure was put upon the builder and they offered to give unit in another project for which an application was submitted on 10.10.2018 and assessee claimed that no new property was purchased from Omaxe Group in 2018/2019. However, it appears that based on extract....