DCIT CEN CIR 10, MUMBAI vs. PERCY SORABJI CHOWDHRY, MUMBAI

08/12/2016 सुनवाई क" तार"ख / Date of Hearing : 21/12/2016 आदेश क" तार"ख /Date of Order: आदेश / O R D E R Per Joginder Singh (Judicial Member) The Revenue is aggrieved by the impugned order dated 23/06/2014 of the Ld. First Appellate Authority, Mumbai, 2 M/s Percy Sorabji Chowdhary, deleting the addition of Rs.99,09,932/- made u/s 69A of the Income Tax Act, 1961 (hereinafter the Act) by the Assessing Officer holding that the excess cash found from the residence of the assessee represents receipt on sale of flat, car parking, transfer fee, scraps sales etc and the same has been offered in the return of income of Keystone Realtors Pvt. Ltd. for Assessment Year 2011-12, without appreciating the fact that 2. During hearing, Shri Rajat Mittal, ld. DR, advanced arguments, which is identical to the ground raised, by defending the addition made in the assessment order. On the other hand, Ms. Nirmala Solanki, Ld. counsel for the assessee defended the impugned order by placing reliance upon the factual finding recorded by the Ld. Commissioner of Income Tax (Appeal).

2.1. We have considered the rival submissions and perused the material available on record. We find that a search and seizure action u/s 132(1) of the Act was carried out in the case of Rustomjee Evershine Group on 21/10/2010. The case of the assessee was also covered in the search. The assessee filed return on 28/11/2011 for Assessment Year 2011-12, declaring income at Rs.1,51,31,475/- and the consequent assessment was completed vide order dated 21/03/2013, u/s 143(3) of the 3 M/s Percy Sorabji Chowdhary, Act at income of Rs.2,50,41,410/-, adding the cash seized from the residential premises of the assessee, amounting to Rs.99,14,550/-.

2.2. On appeal before the Ld. Commissioner of Income Tax (Appeal), the submissions made before the ld. Assessing Officer as well as before the First Appellate Authority were considered along with the statement recorded from Shri Boman Irani and finally, the addition was deleted. The Revenue is aggrieved and is in appeal before this Tribunal.