2020 (8) TMI 232

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....ited company engaged in the business of real estate. The return of income was filed declaring a loss of Rs. 11,200/-. The case was selected for scrutiny and the assessment was completed u/s 143(3) of the Income tax Act, 1961 (hereinafter called as 'the Act') vide order dated 28.12.2007. Apart from the other additions made in the assessment order, the Assessing Officer (AO) added an amount of Rs. 21,70,34,294/- u/s 68 of the Act as unexplained cash credit. The Assessing Officer was of the view that the assessee had failed to discharge its onus u/s 68 to satisfactorily explain the cash credit reflected in the form of 'advances received against booking of flat/space'. This amount of Rs. 21,70,34,294/- represented advance money received towards....

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....ourt in ITA No.870/2011, vide order dated 16.08.2011, held as under: "We find force in the aforesaid submissions of the learned counsel for the assessee. In fact, the Tribunal has discussed the matter on the basis of the exercise done by the AO while carrying out the assessment. What is not appreciated by the Tribunal is that before the CIT (A), documents were filed on which remand report was obtained, this related to all 447 flats and not in respect of 37 persons. Therefore, the position had completely changed, insofar as material on record is concerned, at the appellate stage before the CIT (A). The Tribunal is not correct while holding that the CIT (A) deleted the addition by negative finding. We are not commenting upon the orde....

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....e and the reasons given by the Tribunal, we deem it appropriate to remit the matter to the Tribunal for deeper scrutiny and examination. The Tribunal will re-examine the issue and record factual finding and apply the legal ratio explained in S.A. Builders Ltd. (supra). Accordingly, we answer the aforesaid question of law in favor of the Revenue with an order of remit. The Tribunal will examine the merits without being influenced by the observations made above. The appeal is accordingly disposed of. No costs." 2.5 Thus, now these two issues are again to be heard by the Tribunal as per the directions of the Hon'ble Delhi High Court in the above two orders in assessee's appeal and Department's appeal as aforementioned. 3.0 At th....