TaxTMI 
TaxTMI 
2018 (6) TMI 1110
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.... from the postal acknowledgment kept on record. Even, there is no application by the assessee seeking adjournment. Perusal of order sheet entries reveal that on earlier occasions also the assessee has either sought adjournment or has remained absent. These facts clearly reveal that the assessee is neither diligent nor interested in prosecuting the appeal. In view of the aforesaid, we proceed to dispose of the appeal ex-parte qua the assessee after hearing the learned Departmental Representative and on the basis of material on record. 3. Grounds no.1 to 11 are on the common issue of addition of Rs. 2,63,05,675, as profit from sale of flats in a housing projects. 4. Brief facts are, the assessee a partnership firm is engaged in the busi....
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....urnish the details called for. In view of the above, the Assessing Officer himself proceeded to conduct enquiry with purchasers of flats and from the reply received from such purchasers, he found that the building in C-Wing was completed and necessary occupation certificate was issued by the local authorities on 20th June 2008. Further, the possession letters filed by the flat purchasers revealed that they were given possession of flats prior to 31st March 2008 in many cases. Thus, from the aforesaid facts the Assessing Officer concluded that the buildings in C-Wing of the housing project were completed in the impugned assessment year and the assessee has sold all the flats in this building to the respective buyers. Thus, he treated the adv....
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....at in the relevant previous year the housing project was completed and the assessee had sold the flats which is evident not only from the occupation certificate issued by the local authorities on 20th June 2006, but the information obtained from the housing society and flat purchasers. Thus, the learned Commissioner (Appeals) sustained the addition made by the Assessing Officer. 6. The learned Departmental Representative strongly relying upon the observations of the learned Commissioner (Appeals) submitted that the assessee at no stage has been able to demonstrate that the so called advances received by it from flat purchasers are in reality not sale consideration. Thus, he submitted that the addition made deserves to be upheld. 7. We....
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....unds no.12 and 13, the assessee has raised the issue of inclusion of certain loans and advances in the addition made by the Assessing Officer on account of profits from sale of flats. 9. We have considered the submissions of the learned Departmental Representative and perused the material on record. Though, in the grounds raised the assessee has urged that an amount of Rs. 64,82,000 representing loans and advances have been treated as profits of business and further an amount of Rs. 57,42,000 included in the said sum is a loan from Bank of Rajasthan and assessee itself has offered it as income in the assessment year 2013-14, however, on a perusal of the impugned order of the learned Commissioner (Appeals) it is seen that the aforesaid cl....