It has been held by the Appellate Tribunal that when undisputedly, the sale deed of the property had been registered in the name of buyer company and some part of consideration has been paid by the buyer company in cash, the addition if any should be made in the hands of the buyer company and not the assessee. Moreover, when the assessee had not been confronted with the statement relied upon by the AO for framing the assessment, the statement could not be utilized against the assessee. (AY.2010-11)
Dy. CIT v. Ajay Enterprises Pvt. Ltd. (2018) 63 ITR 479 (Delhi)(Trib.)
S. 68 : Cash credits – Income from undisclosed sources – Amount received in cash in respect of sale of immovable property – Sale deed registered in the name of buyer company – Addition if at all to be made in the hands of buyer and not in the hands of the assessee.