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Facts
The assessee is aggrieved by an assessment order and the order of the CIT(A)/NFAC for AY 2019-20. The lower authorities held that the assessee invested Rs. 2,00,000/- with M/s Omaxe Ltd. for purchasing a unit, which was based on an excel sheet found during a search.
Held
The Tribunal noted that the excel sheet was a self-contained document and not in the nature of a payment or receipt. There was no corroboration of its contents by the lower authorities. Therefore, the addition made based on this excel sheet was found to be without merit.
Key Issues
Whether the addition of Rs. 2,00,000/- based on an uncorroborated excel sheet found during a search is justified.
Sections Cited
147
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Income Tax Appellate Tribunal, DELHI BENCH ‘SMC’, NEW DELHI
Before: Sh. Satbeer Singh Godara
ORDER This assessee’s appeal for Assessment Year 2019-20 arises against the CIT(A)/NFAC, Delhi’s DIN & order No. ITBA/NFAC/S/250/2025-26/1081417766(1) dated 03.10.2025, in proceedings u/s 147 of the Income Tax Act, 1961 (in short “the Act”).
Heard both the parties at length. Case file perused.
It transpires during the course of hearing that the assessee/appellant is aggrieved against both the learned lower authorities respective findings holding him to have invested on- money of Rs.2,00,000/- with builder/developer M/s Omaxe Ltd. whilst purchasing a unit No. HFFC/Shop-65 in the project named Hi Fun Food Court, Faridabad; in assessment order dated 20.12.2024 and upheld in the lower appellate discussion.
Nitish Jain 4. Both the learned representatives vehemently reiterate their respective stands against and in support of the impugned addition. The Revenue more particularly seeks to buttress the point that the impugned addition has rightly been made in the assessee’s hands since based on an excel sheet found/seized during the course of search at M/s Omaxe Ltd. It could hardly dispute that the said alleged excel sheet is only a self- contained document which is not even in the nature of either payment or a receipt coming at the assessee’s behest. There is further no corroboration of the said excel sheet contents made by both the learned lower authorities. That being the case, no merit is found in the impugned addition of Rs.2,00,000/- which is hereby deleted in very terms.