2018 (2) TMI 265

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.... CIT(A) confirmed the same. Hence the present appeals. 2. Briefly stated facts are that there were survey operations in the premises of M/s Sri Surya Constructions on 08-03-2010. Assessee is a partner and also having individual construction activity. In the course of survey certain promissory notes have been impounded and Assessee was asked to explain the receipt of cash. On the day of survey, Assessee admitted to have received various loans in cash, whereas subsequently, it was explained that these are advances for sale of apartments which he is selling and relied on various agreements of sale impounded along with the said promissory note copies. Assessee also disputed about two amounts stated to have been considered on the basis of ori....

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....nbsp; 11 2009 J Sattaiah 4,00,000     12 2009 P Ram Reddy 2,00,000     13 2009 K Ramesh 2,00,000     14 2009 T Harshavardhan 3,00,000     15 2009 B Venkatapathi Raju 2,00,000     Total 37,50,000 6,00,000 Less D Raju 2008 Loan 4,00,000   Net amount u/s 271D 33,50,000     Net amount u/s 271E       6,00,000 3.1 It was submitted that the some amounts are covered by agreement of sale, and the balance amount to an extent of Rs. 13.50 lakhs was offered as income, which included the amounts stated to have been repaid in the name of Mr. D Raju and D.....

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....o Name Flat Advance Amount 1 Konda Venkateswarlu 303 1,00,000 22,72,700 2 Polisetti Venkateswrlu 208 & 210 1,00,000 14,08,475 3 Gadhe Santosh Kumar 204 50,000 11,66,000 4  Goli Mallesham 209 75,000 10,66,625 5 A.K Bakshi 306 1,35,000 12,03,100 6 Y Sudarshan 201 50,000 11,13,000 7 Golla Kiran Kumar 301 80,000 11,13,000 8 Madiga Sailaja 207 1,00,000 12,03,100 9 Jalla Sattaiah 206 4,00,000 10,72,500 10 N Malla Reddy 307 4,00,000 9,24,300 11 T Harshavardhan 203 3,00,000 10,26,375 12 K Ramesh 302 3,50,000 11,47,500 Total advances 21,40,000 &nb....

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....hat these are advances received for sale of apartments. The statement recorded in the course of survey do indicate that Assessee has taken over certain flats being constructed by the firm for individual trading / construction business, but assessee admitted in the course of survey that these are borrowed on promissory notes. Subsequently Assessee retracted statement to submit that these were advances received and relied on copies of the agreement of sale impounded along with promissory notes. During the course of present hearing, it was pointed out that there are only three promissory notes involving Sri Polisetty Venkateswarlu (Rs. 5 lakhs) Konda Venkateswalu (Rs. 2.50) lakhs and T. Harshavardhan (Rs. 3 lakhs) and for the balance of amount....