ACIT v. Goyal Developers (2022) 219 TTJ 1041 (Indore)(Trib)

S. 143(3) : Assessment-Unaccounted receipts-On money-Land owner-No joint venture-Sale of land-No evidence was found-Dumb documents-Excel sheet found in third party premises-Order of Settlement Commission-Addition was deleted. [S. 132(4), 132(4A), 153C, 245C, 245D(4), 292C, Rule, 9, Companies Act 1956, S.209]

Dismissing the appeal of the Revenue the Tribunal held that during the course of search of third party premises, nothing incriminating material was found against the assessee. The Assessing officer has made addition merely based on the statement of facts filed by DDDPL before the Income Tax Settlement Commission and  no efforts whatsoever were made independently by the Assessing Officer to come to a conclusion that they have paid  ant “On Money” nor the Assessing Officer took any statement  from the ultimate buyers of the plot of land that they have paid any “On money’ and nor any evidence has been filed to show that the assessee was a party to the transactions of sale of plot of land between the DDDPL and the final buyers of the plot of land. Order of CIT(A), deleting  the  addition was affirmed. Relied on  V.C. Shukla  v. CBI  (1998) 3 SCC 410,  Common Cause (A Registered Society) v. UOI (2017) 77 taxmann.com 245 (SC)  (AY. 2010-11, 2011-12)