TaxTMI 
TaxTMI 
2023 (2) TMI 167
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....ct, 1961 (in brevity the Act) for A.Y. 2018-19. The impugned order was emanated from the order of the Ld. DCIT, Central Circle -1(1), Bangalore, order passed u/s. 143(3) r.w.s. 153D of the Act, by order dated 27.12.2019. 2. The assessee filed a condonation petition for 4 days delay. The delay is negligible. So, with the consent of the AR, the delay is condoned. 3. The assessee has taken the following grounds: "1. The Order of the Deputy Commissioner of Income Tax Central Circle - 1(1) Bangalore, as upheld by Commissioner of Income Tax (Appeals) - 11, Bangalore, [`CIT(A)] to the extent prejudicial to the Appellant is bad in law and on facts; against the provisions of the Income-tax, Act, 1961 ['the Act'] and weight of ....
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....aw and on facts in initiating penalty based on the above erroneous addition to the returned income; 11. The Learned AO has erred in law and on facts in levying interest under the section 234A / B / C of the Act. (Total tax effect common for the above grounds: Rs. 1,51,78,800/-) On the basis of above grounds and other grounds which may be urged at the time of hearing with the consent of the Honourable Tribunal, it is prayed that the order passed under section 143(3) r.w.s 153D, to the extent it is against the Appellant, be quashed and relief sought be granted." 4. Tersely we advert fact of the case. The assessee is a developer and real estate agent. The assessment was completed with the addition amount of Rs.3,62,00,000/....
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.... "4.13 In view of' above, the reliance of the AO in the case under consideration on the statement of the appellant is validly made and does not call for any interference. The reliance of the appellant on CBDT Instruction No. 286/2/2003 dt. 10/03/2003 does not help as there is nothing to show that the MD was forced to confess undisclosed income. The disclosure was voluntary and on the basis of documents confronted to him. The decisions relied upon by the appellant are also found to be inapplicable as the same were rendered on different facts and ratio of the decision does not apply to the facts of the case under consideration. The decisions rendered by the Supreme Court and High Courts always need to be read keeping in mind the q....
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....et as the non-current liability. The financial statement of the assessee is annexed in APB pages 18 to 30 The AR further invited our attention in the confirmation of both the parties in page nos. 17 and 31 of APB where the parties had confirmed about their payment and balances against the advance paid to the assessee. Also the agreement with M/s. Sobha Developers was placed in APB pages 32 to 37. 7. The Counsel argued that the AO implemented section 56(2)(ix) which is wrong one and not correctly implemented for the assessee. But in factual matrix the huge amount of the credit balance is reflected in the assessee's books which was received more than 8 years. The AR relied on the order of Coordinate Bench in case of Shri Ravi Shan....