TaxTMI 
TaxTMI 
TaxTMI 
2012 (10) TMI 359
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.... ground of the appeal raised above at the time of hearing." 2. Facts, in brief, as per relevant orders are that return declaring income of Rs.10,780/- filed on 28.11.2003 by the assessee, was processed u/s 143(1) of the Income-tax Act, 1961 (hereinafter referred to as the Act). Subsequently, on an information received from ACIT, Circle 4(1), Agra that in the assessment proceedings for the AY 2003-04 in the case of M/s Das's Friend Builders (P) Ltd., it transpired that the assessee, formerly known as FCS Storage (P) Ltd., made a payment of Rs.26,80,000/- on 13.08.2002 to M/s Das's Friends Builders Pvt. Ltd. for booking of flat nos. 406 and 407 in the Friends Paradise Project, at Agra. It was further mentioned that before making the said pa....
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....he ACIT, Circle-4(1), Agra in the assessment of MIs. Das's Friends Builders (P) Ltd. for the subject assessment year and the material supplied by him. The case of ACIT, Circle-4(1), Agra and the Id. AO is that the appellant company has not been able to successfully explain the source of investment of Rs.2680000/-. The case of the Id. AO also is that the appellant has not been able to prove that the investment of Rs.2680000/- was reflected in the balance sheet filed alongwith the return of income. In the course of appellate proceedings, the Id. counsel for the appellant has rebutted both the contentions of the AO with documentary evidence. As regards, source of investment, it is submitted that the amount of RS.2650000/- was refunded by MIs.....
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.... that the appellant company does not have any satisfactory explanation for Rs.2680000/- paid against booking of flats with MIs. Das's Friends Builders (P) Ltd. As regards, controversy regarding flat nos. booked/likely to be allotted to the appellant company, I find that this issue has been examined in detail by the Id. CIT(A) - II, Agra while deciding the appeal in the case of MIs. Das's Friends Builders (P) Ltd. and after detailed examination, the following findings have been recorded:- 2.4 I have considered the observations and reasons mentioned by Assessing Officer, submissions made by appellant and documents filed by appellant and assessment records. As regards genuineness and existence of these companies is concerned, the appellant h....
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....tries and no flats were sold to these companies. 2.8 As regards change in flat nos., the appellant has submitted that the flat nos. allotted at the time of initial deposits are tentative, which can changed or cancelled according to availability. There is noting wrong in change in nos. of flats or allotment of one no. to another person. Simply nos. of flat and change in nos. of flat, does not affect the nature or source of deposit. I also agree with this contention. With these observations, these grounds of appeal are allowed and addition of Rs.15330000/- deleted". 12. That the Order of Learned CIT(A). Agra in the ease of Dass friends Builders Pvt. Ltd. after due enquiry made during the remand proceedings, and after considering the eviden....
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.... (P) Ltd. was Rs.51.80 lacs out of which Rs.25 lacs was paid in the earlier years. The assessment in this case was reopened on the basis of findings in the case of M/s Das's Friends Builders (P) Ltd..However, the ITAT in their decision dated 13.2.2009 the case of M/s Das's Friends Builders (P) Ltd in ITA no. 137/Agr./2008, upheld the findings of the ld. CIT(A) ,holding that the identity and creditworthiness of the assessee is established. If the transactions in the case of M/s Das's Friends Builders (P) Ltd have been found to be explained, the AO in the instant case has no authority to dispute the correctness of assessment in the case of M/s Das's Friends Builders (P) Ltd in respect of those transactions. In CIT v. Orissa Corporation P. Ltd....