2024 (7) TMI 534

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....eals were heard together and involve common issues, they are disposed of by this common order for the sake of convenience and brevity. 3. Briefly stated, the facts of the case are that the assessee company has been engaged in the business of real estate and land developing. During the year under consideration, it carried out low cost housing project at Kendrapara, Orissa with the approval of Kendrapara regional Trust towards which, it received advance from more than 2000 customers ranging from Rs. 2,000/- to Rs. 5,00,000/- all in cash totaling to Rs. 3,04,40,210/- in A.Y 2006-07 and Rs. 2,70,01,863/- in A.Y 2007-08. 4. During the original assessment proceeding, since the assessee failed to prove the genuineness of the advances so rece....

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....OW] and the Central Bureau of Investigation [CBI] were investigating the funds received from various persons. 9. The ld. counsel for the assessee furnished a copy of the letter of Additional Secretary to Government of Odisha to Competent Authority, Cuttack requesting for initiation of action of refund of deposit to the identified small depositors to support his argument that the depositors were identified and action is being taken to refund the amount taken from them and, therefore, addition made on that count u/s 68 of the Act by the Assessing Officer cannot be sustained. 10. The ld. counsel for the assessee placed reliance on the decision of the Hon'ble High Court of Orissa at Cuttack in WP(C) No. 14492 of 2021 order dated 01.09....