2019 (9) TMI 729

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....the assessee company belongs to BPTP Group. This group is a leading real estate developer operating all over India but mainly it is working in the NCR area. A search operation was carried out on BPTP Ltd. and some of its group companies on 15.11.2007 by Directorate of Investigations (Delhi). The assessee company also belongs to this group but no search was carried out on it though a number of documents indicating discrepancies and transactions of suppression of income in the case of the assessee were also noticed. The A.O. noted at assessment proceedings that the assessee company is one of the Group Company which has purchased the land in District Faridabad. On perusal of the details of payment of purchase consideration it has been noticed ....

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....(outstanding). The details and seized documents are reproduced in the assessment order. The A.O. also noted that there are other seized documents which prove that interest have been paid to the vendors. The explanation of assessee was called for that as to why the addition be not made on account of interest paid in cash on PDCs which are not recorded in the books of account. The assessee was directed to produce these vendors to whom payments have been made through PDCs. The assessee however, did not produce any such vendor to whom payments were made through PDCs. The assessee filed reply in which assessee denied to have paid any interest to the vendors. The A.O. did not accept explanation of assessee and considering the material on record c....

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....ot possible to work-out extension of PDCs in each case then A.O. was directed to re-compute the interest of PDCs after six months from the date of issue of PDCs i.e., date of the sale as six months is taken as reasonable period for giving PDCs as per sale deed. Appeal of assessee was partly allowed. 5. On the last date of hearing on 02.07.2019, appeal was adjourned on the request of Counsel for Assessee to 04.09.2019. However, on the date of hearing on 04.09.2019, none appeared on behalf of the assessee. The appeal is, therefore, heard in the absence of assessee. 6. We have heard the Ld. D.R. and perused the material on record. The Ld. D.R. relied upon the impugned orders and submitted that in the following cases, the ITAT, Delhi Benc....