Admission by third party to buy peace

Assessee is an individual and purchase flat with one developer . During the course of search at builder , some loose papers were found where noting about on money were recorded. The builder has stated that these noting are in respect of extra work carried out by contractor for flat holders and developer is only conduit between flat purchaser and contractor and has not received any money. However to avoid the litigation and buy peace he is accepting the noting and accordingly addition is made in the hands of builder . On the basis of such acceptance and assesssment order…

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