2019 (2) TMI 1204

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....es sent to the assessee/respondent were duly served. The acknowledgments of service of notices are available on record. Despite service of notices, neither the assessee nor his authorized representative has put in appearance to oppose the appeal by Department. It seems that the assessee is not interest in pursuing the matter before the Tribunal. In such circumstances, the appeal of Revenue is taken up for hearing on the basis of material available on record and with the assistance of ld. DR. 3. In appeal, the Revenue has assailed the order of Commissioner of Income Tax (Appeals) in deleting the addition of Rs. 15,45,00,000/- made by Assessing Officer on account of undisclosed investment u/s.69 of the Income Tax Act, 1961 (hereinafter ref....

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....guntas at Survey No.148, Kompally, Qutubullapur Mandal, R.R. District Hyderabad for a consideration of Rs. 3,35,00,000/-. Thereafter, a deed of partnership was executed between the aforesaid persons and five others on 26.10.2007 by virtue of which the present assessee firm had come into existence. The partners in the firm and their shares are as under: i. Shri B.R. Patil 30% ii. Shri Vinod Shririramvar 20% iii. Shri D. Ram Mohan Rao 10% iv. Smt. D. Vanaja 10% v. Shri Shashikant Moralwar 10% vi. Smt. K. Kavita 16% vii. Shri D. Raja Reddy 02% viii. Shri K. Prabhakar Reddy 02% After examining the facts and the source of investment for purchase of land, the Assessing Off....

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.... is qua addition made in respect of payment of 'on money' Rs. 15,45,00,000/- for purchase of land admeasuring 3 acres 9 guntas at Survey No. 148, Kompally, Qutubullapur Mandal, R.R. District, Hyderabad . The land was purchased vide sale deed dated 10.10.2007 for consideration of Rs. 3,35,00,000/- jointly by three persons i.e. i) Shri Bhim Rao Patil ii) Shri D. Ram Mohan Rao and Shri S. Vinodkumar (Vinod Sriramwar). The said three persons along with five others joined hands together to form a partnership firm. One of the partners, Shri B.R Patil was subject to search action u/s.132 of the Act. Later on, he filed petition before the Settlement Commission wherein he offered Rs. 5.92 Crores as his share in the investment in land at Kompally. ....