Assessee has individual who has purchase flat from Builder. There was search at the premises of Builder from whom assessee has purchased flat. During the course of search one statement in excel format in which name of flat holders, flat no, agreement value and on money , area etc mention. Builder has accepted that his additional income earned by him and paid the taxes. On the basis of this incriminating material and statement of Builder Assessing Officer has recorded a satisfaction note that on money amount is income to be taxable in the hands of assessee and sent the satisfaction note and incriminating material to the Jurisdictional AO, who has issued notice u\/sec. 153C for 6 years. Assessee has filed the Return in response to said Notice. And asked the AO to provide satisfaction note and incriminating material,\u00a0 which has been provided by the AO. On verification of the incriminating material and satisfaction note it is found that:<\/p>\n
a. In satisfaction note flat number and amount mention is different than the flat purchase by the assessee.<\/p>\n
b. Statement relied up on as incriminating does not give the date on which amount of on money is paid?<\/p>\n
Issues :<\/p>\n
a. Whether notice issued u\/sec.153C for 6 years is correct<\/p>\n
b. Whether assesse can challenge the notice issued U\/153C is not valid as the number of flat , agreement value , area of flat etc are not the same which assessee has purchased.<\/p>\n
c. Statement in excel format found does not have any date or signature of the assessee.<\/p>\n
d. Whether the assessee can take the objection when no incriminating material is found no addition can be made.<\/p>\n
Kindly guide<\/p>\n","protected":false},"comment_status":"open","ping_status":"closed","template":"","qa_expert":[139],"qa_category":[23],"qa_tag":[392,202,393,354],"class_list":["post-22357","qa","type-qa","status-publish","hentry","qa_expert-research-team","qa_category-income-tax","qa_tag-builder","qa_tag-search-assessment","qa_tag-statement","qa_tag-undisclosed-income"],"acf":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa\/22357","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/qa"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=22357"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=22357"}],"wp:term":[{"taxonomy":"qa_expert","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_expert?post=22357"},{"taxonomy":"qa_category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_category?post=22357"},{"taxonomy":"qa_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/qa_tag?post=22357"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}