TaxTMI 
TaxTMI 
2018 (4) TMI 996
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....5/CIT(A)/VJA/2015-16 dated 23.08.2016 for the assessment year 2009-10 and ITA No.428/Viz/2016 for the assessment year 2010-11 is emanated from the order of the CIT(A) vide ITA No.64/CIT(A)/VJA/2015-16 dated 23.08.2016. ITA No.427/Viz/2016 2. Ground Nos.1.0, 1.3, 1.4, 1.5 are not pressed by the Ld.Counsel for the assessee and the same are dismissed as not pressed. 3. Only grounds for adjudication in this appeal are extracted as under : 1.1. The Learned CIT(A) failed to consider and dispose off the assessee plea that the Assessing Officer exceeded his jurisdiction while passing the order u/s 143(3) r.w.s. 263 of the I.T.Act in so far as addition pertaining to expenditure incurred by the assessee. 1.2. The Learned CI....
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....nsidered all the details by order dated 24.03.2014 and directed the AO to obtain the relevant details and examine the issue in accordance with law after following due procedure. The relevant portion of the order is extracted as under : "10.2. The assessee's submissions are considered carefully. During the survey, the assessee offered an amount of Rs. 2.4 crores towards unexplained investment in the work in progress for the assessment year 2009-10 in the firm's hand. As admitted, he filed revised return and paid the taxes in the hands of the firm for the assessment year 2009-10. Later, the assessee retracted from his admission & filed revised returns from A.Ys. 2007-08 to 2010-11 admitting the income from all ventures in his hands a....
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.... affording a reasonable opportunity to the assessee." 6.1. From the above, it is clear that the AO while passing the order u/s 143(3) has passed the order without calling for the relevant material, without conducting any enquiry simply accepted the income returned by the assessee for the assessment year 2007-08 to 2010-11 and the Ld.Commssioner directed the AO to examine the relevant material and conduct enquiry and passed order in denovo in accordance with law. Therefore, from the above order of the Ld.CIT, it is very clear that the Ld.CIT directed the AO to examine the issue and passed orders accordingly. The AO has examined the issue passed the orders denovo in accordance with law. We find infirmity in the order passed by the AO confi....
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....der. He conducts his business with the funds received from fiat owners. The business of the assessee is to locate sites for construction of flats, finalizing the deal with site owner, obtaining approved plan for construction of flats from municipality , publicizing for sale of fiats, spending receipts from flat owners towards site cost, construction of fiats etc. and utilization of his profit for personal purposes. Actually there is necessity to prepare two cash flow statements one for receipts from flat owners and utilization thereof and another for his profit and utilization thereof. In the returns submitted by assessee, only second type of cash flow statement was filed and cash flow statement in respect of receipts from flat owners and u....
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.... a) Site owner approaches the builder to develop the site by construction of apartments and b) the site owner agrees to draw the cost of site from the flat owners as and when registered sale deed is executed. cj Site owner and builder sign the registered sale deed. Site owner receives the proportionate cost of site and the builder receives the balance towards construction of fiat. The assessee being a builder receives amounts from the flat owners towards construction of flat while the site owner receives amount towards cost of site. Sine owner and builder sign the registered sale deed in favour of flat owner. Hence, the amount received by site owner is the exclusive property of site owner. The builder onl....
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[email protected]% ON 2,16,03,500/- WHICH INCLUDED RECEIPT OF Rs. 1,97,16,000/- for Asst.Year 2009-10 also. 5.5.2. I, therefore, direct the Assessing Officer to restrict the addition of Rs. 2,35,938/- in lieu of Rs. 27,00,437/-" The Ld.Counsel for the assessee has submitted that no addition can be made towards the site purchase payment made by the assessee. 10. On the other hand, the Ld.DR relied on the order of the AO. 11. We have heard both the sides, perused the records and gone through the orders of the authorities below. This is the only appeal filed by the assessee for the assessment year 2010-11. No cross appeal filed by the department. In this case, the AO has considered the assessment year 2009- 10 and 2010-11 towards the am....