TaxTMI 
TaxTMI 
2018 (9) TMI 1686
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....essee has raised the following grounds of appeal in Form No. 36: "1. That on the facts and in the circumstances of the appellant's case the learned Commissioner of Income Tax (Appeals) erred both in fact and in law in confirming disallowance of expense of Rs. 53,00,00,000/- claimed as per Debit Note issued by M/s Jasmine Buildmart Private Limited made by AO without appreciating the fact that the appellant has made payments to them through proper banking channel against the said debit note. 2. That on the facts and in the circumstances of the appellant's case, the learned Commissioner of Income Tax (Appeals) erred both in fact and in law in confirming disallowance of expense of Rs. 53,00,00,000/- claimed as per Debit Note issued by M/s Jasmine Buildmart Private Limited made by AO on the basis that the appellant has not asked for cross examination of Shri Amit Katyal. 3. That on the facts and in the circumstances of the appellant's case the learned Commissioner of Income Tax (Appeals) erred both in fact and in law in confirming disallowance of expense of Rs. 53,00,00,000/- claimed as per Debit Note issued by M/s Jasmine Buildmart Private Limited made by AO ....
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....oup cases from Assessing Officer, Central Circle - 2, Faridabad to DCIT/ACIT, Central Circle - 1, Faridabad. This fact is also not in dispute as the same finds place in the body of the assessment order itself. The Assessing Officer, in his order mentions that the seized documents in the group were received in the Circle on 29.08.2013. As per the proviso to section 153C of the Income-tax Act, 1961 [hereinafter referred to as 'the Act' for short], reference to the date of initiation of the search u/s 132 of the Act shall be considered as reference to the date of receiving the books of account or documents or assets seized or requisitioned by the Assessing Officer having jurisdiction over such person. Therefore, in the case of the assessee, since the date of receiving the search documents is 29.08.2013, as per the said proviso, the date of search would be 29.08.2013. 7. The Assessing Officer has proceeded against the assessee on the wrong premise that the assessment year under consideration is the year of search whereas the assessment year should be 2014-15, FY 2013-14. Therefore, the year under consideration is one of the six assessment years to be considered in the cases ....
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....for adjudicating these grounds which are already available on records. 4. That under above mentioned facts and circumstances and as per the following authorities, these additional grounds deserves to be admitted:- NATIONAL THERMAL POWER CO. LTD. 229 ITR 383 (SC) GEDORE TOOLS PVT. LTD., 238 ITR 268 (DEL.) 5. That without prejudice, the issues covered in these additional grounds are covered in G.N. 1 and G. N. 2, as taken initially in Form - 36 also, however, these have been taken specifically only as a matter of abundant precaution and to meet out the situation in case the Hon'ble Court is of the opinion that the same are not covered in Ground Nos. 1 & 2 as initially taken." 11. The relevant findings of the co-ordinate bench read as under: "8. It is not in dispute that search was conducted on Krrish Group of cases on 09.11.2011. The impounded documents have been received by the A.O. on 29.08.2013. The satisfaction under section 153C have been recorded on 03.10.2013. The A.O. passed the assessment order under section 153B(1)(b) of the I.T. Act, considering the assessment year under appeal i.e., A.Y. 2012-2013 to be the year of search. However, t....
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.... 12. The appeal of Ranjan Gupta [supra] was decided as under: "11. In this appeal, the facts and issue is identical. The assessee also moved for admission of the additional grounds as have been considered in the case of M/s. BNB Investment and Properties Ltd. Following the reasons for decision in the case of M/s. BNB Investment and Properties Ltd., (supra), we admit the additional grounds of appeal, set aside the orders of the authorities below and quash the same. Resultantly, delete the entire addition." 13. The appellant being one of the Krrish Group and facts are identical to the facts considered and decided by the co-ordinate bench [supra], we have no hesitation in following the finding of the co-ordinate bench. We decide accordingly. 14. However, we would not like to rest the case here. For the sake of completeness of the adjudication, we will now consider the merits of the additions. 15. The bone of contention is the disallowance of expenses of Rs. 53 crores. The under lying facts in issue are that the appellant company had bought 12.13 acres of land at village Gawal Pahari, Tehsil Sohna, District Gurgaon, Haryana from various parties. The assessee obtained ....
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....80719 Construction of Boundary wall - to be Constructed, Estimate Details Submitted Ref JBPL/ABPL/2011-12 7648 0719 7 18-06-2011 Levelling of the zoned project rocky land Project Site 182043957 Expenses estimate of levelling, rock cutting development submitted Ref JBPL/ABPL/2011-12 182043957 8 29-12-2011 EDC 32169000 Outstanding to be paid as per Memo No. ZP- 513/JD(BS)/2011/20159 dt 29- 12-11 of DTCP 32169000 9 29-12-2011 Enhanced EDC 35305000 Outstanding to be paid as per Memo Nd. ZP- 513/JD{B$)/2011/20159 dt 29- 12-11 of DTCP 36305000 10 12-5-2012 EDC and Enhanced EDC 33935000 Paid by Draft No.987920.Date 12.05.2012 of Punjab National Bank 33935000 11 12-5-2012 EDC and Enhanced EDC 38200000 Paid by Draft No.987921.Date 12.05.2012 of Punjab National Bank 38200000 Total 579971676 27560900 45838000 182043957 76480719 EDC ....
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....40 2014-15 22.04.2013 75,00,000/- 140 2014-15 25.04.2013 1,50,00,000/- 140 2014-15 26.04.2013 50,00,000/- 140 2014-15 26.04.2013 1,00,00,000/- 140 2014-15 27.04.2013 70,00,000/- 140 2014-15 27.04.2013 80,00,000/- 140 2014-15 29.04.2013 60,00,000/- 140 2014-15 29.04.2013 90,00,000/- 140 2014-15 30.04.2013 1,50,00,000/- 140 2014-15 03.05.2013 1,00,00,000/- 141 2014-15 03.05.2013 1,00,00,000/- 141 2014-15 04.05.2013 30,00,000/- 141 2014-15 04.05.2013 70,00,000/- 141 2014-15 06.05.2013 50,00,000/- 141 2014-15 06.05.2013 50,00,000/- 141 2014-15 07.05.2013 80,00,000/- 141 2014-15 07.05.2013 20,00,000/- 141 2014-15 07.05.2013 40,00,000/- 141 2014-15 07.05.2013 60,00,000/- 141 2014-15 08.05.2013 45,00,000/- 141 2014-15 08.05.2013 55,00,000/- 141 2014-15 09.05.2013 59,00,000/- 141 2014-15 09.05.2013 41,00,000/- 142 2014-15 10.05.2013 85,00,000/- 142 2014-15 10.05.2013 90,00,000/- 142 ....
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....appeal is allowed on merits of the case also. 25. Coming to the Revenue's appeal in ITA No. 2551/DEL/2015, the only grievance raised by the assessee Revenue is the deletion of addition of Rs. 3.66 crores made by the Assessing Officer on account of failure by the assessee to prove the identity, credit worthiness and genuineness of the unsecured loans and advances received by it. 26. During the course of assessment proceedings, the A.O noticed that the assessee has taken unsecured loans from the following parties: Brahm Singh PAN Address - Village Mandi Mehrauli New Delhi 26,00,000.00 26,00,000.00 Advance India Projects Ltd PAN : AACCS 9859 J 232B Okhla Industrial 20,00,000.00 20,00,000.00 Estate Phase III New Om Prakash Godhra PAN Address - N-99 Greater Kailsh Part I New Delhi. 20,00,000.00 20,00,000.00 Kmsh Reality Ventures P Ltd PAN AAECK5486D Address - 406 (4th Floor) Elegance Tower - 8, Jasola District Centre New Delhi 110025 1,00,00,000.00 1,00,00,000.00 Swift Infracon P Ltd PAN AARCS7272G Address - 21 Empire Estate, Sultanpur New Delhi 110030 20,00,000.00 20,00,000 00....