Gaurav Kumar Ashok Kumar Jain Vs. DCIT Central Circle 4(2), Mumbai-400051
Parties Involved
Facts Summary
The assessee, Gaurav Kumar Ashok Kumar Jain, purchased a shop in Platinum Mall, constructed by Rubberwala Housing Infrastructure Ltd. The agreement value of the property was Rs.16,96,875/-, whereas the stamp valuation was Rs.12,82,473/-. A search and seizure action under section 132 was conducted in the Rubberwala Group on 19.03.2021. During the search at the premises of Shri Imran Ansari, an employee of the group, an Excel sheet was seized and his statement was recorded. Based on this material, the Assessing Officer (AO) observed that the assessee’s name figured in the Excel sheet and that the assessee allegedly paid 'on-money' for the assessment years 2017-18, 2018-19, and 2019-20. The AO made additions in the respective years based on the statement of Shri Imran Ansari and in the absence of any reply to the show cause notice. The Commissioner of Income Tax (Appeals) [CIT(A)] confirmed the additions. Aggrieved, the assessee appealed to the Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the additions towards alleged 'on-money' in respect of the purchase of the shop can be confirmed based solely on documents and statements found during the search in the Rubberwala Group.
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
13 precedents cited in this judgement.
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