GAURAV RAMESH AHER,NASHIK vs. ITO, WARD-2(1), NASHIK, NASHIK

PER DR. MANISH BORAD, ACCOUNTANT MEMBER :

The captioned appeal at the instance of assessee pertaining to A.Y. 2018-19 is directed against the order dated 30.01.2026 of National Faceless Appeal Centre, Delhi passed u/s.250 of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) arising out of Assessment order dated 13.03.2023 passed u/s.147 r.w.s.144B of the Act.

2 Gaurav Ramesh Aher for A.Y. 2018-19 has been carried out wherein the ld. Assessing Officer made an addition of Rs.11.00 lakh for the alleged on-money for purchase of immovable property from M/s. Atharva Builders and Developers. With the assistance of ld. Counsel for the assessee and the details filed in the paper book running into 163 pages, we find that the purchase consideration for acquiring the immovable property paid by the assessee is Rs.34.00 lakh as against the market value of Rs.27,21,000/-. Further, regarding the alleged on-money, there is reference in para 3.6 of the assessment order, however, the payment has been made by the assessee through banking channel vide a separate agreement for the additional works carried out at the Flat purchased by the assessee. We find that there is no reference of any cash payment by the assessee and even though not admitted by the ld. Counsel for the assessee, if any payment has been paid over and above the purchase consideration, the same has been made through banking channel and is duly reflected in the bank statement filed by the assessee and the source of such funds is not in dispute before us. We therefore fail to find any merit in the finding of ld.CIT(A) and therefore the impugned addition stands deleted. Finding of ld.CIT(A) is reversed and the grounds of appeal raised by the assessee are allowed.

3 Gaurav Ramesh Aher

Satish Kumar Madishetty आदेश की प्रतिलिपि अग्रेपिि / Copy of the Order forwarded to : अपील र्थी / The Appellant. 1. प्रत्यर्थी / The Respondent.

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