DCIT Vs Niru Dhiren Shah (ITAT Mumbai)
Summary: The Revenue appealed against the order of CIT(A)-50, Mumbai dated 11.04.2025, which had deleted an addition of Rs. 3,16,65,485/- made by the Assessing Officer under section 69A of the Income-tax Act, 1961 for AY 2022-23. The assessment under section 143(3) was completed on total income of Rs.3,47,15,985/-, as against returned income of Rs.30,50,500/-.
A search under section 132 was conducted on the assessee on 27.10.2021 along with a search at M/s Amhara Construction Pvt. Ltd. A search was also conducted at the residential premises of Shri Rounak Kumar at Pune. During the latter search, a sale deed dated 28.09.2021 relating to Shop No. 5, Sarita Taran Cooperative Housing Society, Shivaji Nagar, Pune, was found. The registered sale consideration was Rs.3,38,59,224/- and the stamp duty value was Rs.2,56,17,339/-.
A WhatsApp chat between Shri Rounak Kumar, son of the purchaser, and Shri Prashant Somnath, accountant, contained a screenshot of an Excel sheet recording area, rate and market value of certain properties. The AO referred to rates available on the website of the Department of Registration and Stamps, Government of Maharashtra, and adopted a rate of Rs.4,40,680/- per sq. mts. to arrive at a market value of Rs.6,55,24,709/- for the shop. The AO treated the difference of Rs.3,16,65,485/- between that value and the registered sale consideration as unaccounted cash received by the assessee and added it under section 69A.
