2019 (3) TMI 892

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....rm and it is the grievance of the assessees herein that when sale consideration is received by partnership firm and the same is reflected in the books of account of the partnership firm and has been offered to tax then whether the same amount can be assessed in the hands of the individual partners for the purpose of taxation. These cases were heard together. Since facts are similar and issues are common, these appeals are being disposed of vide this consolidated order. For the sake of convenience, we would refer to the facts appearing in ITA No.1028/PUN/2017. 3. The brief facts in this case are that the assessee filed return of income for assessment year 2008-09 on 30.07.2008 showing return income at Rs. 2,70,271/-. The return was pro....

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....9.11.2007 received the cash of Rs. 7,88,63,213/- and not shown his share of cash receipt in his return of income and therefore, notice u/s.148 of the Act was issued to the assessee. The assessee in his submissions stated that Shri Sunil Kothari in his statement nowhere asserted that he paid the cash amount to the assessee and other. The statement only stated that cash has been paid to the vendors. The assessee further stated that the transaction of sale of property has been carried out by B.U Bhandari Real Estate Corporation. The assessee submitted that no cash has been received by the assessee. The contention of the assessee did not find favour with the Assessing Officer. It was observed by the Assessing Officer that assessee is one of the....

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....m statement of the account of the said firm annexed in the paper book as Annexure-6. The transaction is duly reflected in the books of account of the firm having received money from M/s.Cornerstene Estates Pvt. Ltd. The land at village Wakad which has been sold by the partnership firm is already reflected in the books of account of the partnership firm and the sale consideration that has been received at Rs. 5,94,00,000/- and that income has already been offered to tax in the hands of the partnership firm. The Ld. AR further contended that when the transaction being done by partnership firm, the amount received by partnership firm and it has been offered to tax in the return of income of the partnership firm, then in no possible manner, the....