Taradevi Babulal Patni Vs DCIT (ITAT Nagpur)
ITAT Nagpur held that addition under section 69A of the Income Tax Act towards unexplained money not tenable in absence of cross-examination and any corroborative evidence on record. Accordingly, appeal of assessee allowed.
Facts- A search was conducted in the premises of Soni Maloo, Talda, Panapliya group of cases and various documents were seized from the residential premises of Shri Pradeep Maloo. On verification of the documents i.e., Sale Deed it is found that Soni Maloo, Talda and Panapaliya had purchased a land for an amount of Rs.70 lakhs but the original sale consideration of the property was for Rs.2,28,50,000/- of which Rs.70,000/- was paid in cheque and balance of Rs.1,58,50,000/- was paid in cash to the assessee viz., Taradevi Babulal Patni and other co-sellers. Accordingly, the assessee viz., Taradevi Babulal Patni had received on-money of Rs.39,62,500/- being 1/4th share of Rs.1,58,50,000/- which has been accepted by the members of Soni Maloo, Talda and Panapliya Group. Thus, the case of the assessee viz., Taradevi Babulal Patni was reopened u/sec.147 of the Act.
AO, completed the assessment u/s 147 r.w.s.143(3) of the Act after making addition of Rs.39,62,500/- u/sec.69A of the Act on account of unexplained money in the case of the assessee.
