TaxTMI 
TaxTMI 
2025 (12) TMI 580
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....otice under Section 142(1) along with questionnaire and notices under Section 143(3) of the Act were issued on 28.07.2015. Shri Aditya Purwar, CA/AR attended proceedings and filed necessary details/clarifications etc. Assessee filed reply in office on 25.09.2016. On completion of proceedings, Ld. AO vide order dated 07.03.2016 made addition of Rs. 4,97,50,000/-. 3. Against order dated 07.03.2016 of Ld. AO, assessee filed appeal before Ld. CIT(A) which was partly allowed vide order dated 08.06.2017. 4. Being aggrieved, appellant/revenue preferred present appeal with following revised grounds of appeal: " i) Whether on the facts and circumstances of the case the Ld. CIT(A) was correct in deleting the addition of Rs. 50 lacs Rs. 50 lacs and Rs. 1,22,50,000/- made by the AO on account of unexplained credit u/s 68 in respect of investors Shri Jayant Jha, Smt. Juhi Jha and M/s ROF Housing infratech P Ltd., despite the fact that these entire amounts credited back into bank accounts of the investors before 3 to 4 days i.e. date of investment by investor through RTGS is 28.12.2012 and amounts credited into the bank accounts of investors just 4 days before i.e. 24.12.2012. The....
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....n account of unexplained credits under Section 68 of the Act despite the fact that the entire amounts credited back into the investors before 3-4 days back of the date of investment. The assessee had failed to prove genuineness of transactions and creditworthiness of the investors during the assessment proceeding. Ld. CIT(A) had taken into account additional evidence by the assessee and allowing relief without reasonable opportunity to the Ld. AO to examine documents and opportunity to rebut the additional evidence. 7. None appeared on behalf of the assessee since 25.02.2021 despite repeated notices. 8. From examination of record, it is crystal clear that Ld. CIT(A) in para nos. 4.2 to 4.25 stated as under: "4.2 Ground no. 02 relate to addition of Rs. 4,97,50,000/- u/s 68 of the Act. The facts of the matter are that the AO asked the appellant to submit details of sundry advances of Rs. 85,63,00,000/- shown in the accounts which was provided by the appellant on 07.12.2015 stating that the appellant was planning to develop a commercial-cum-office complex at plot no. D-319, New Okhla Phase-1, New Delhi and that the appellant received advance of Rs. 23,67,50,000/- in lie....
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....into the sources of the creditors and sub-creditors. The appellant's AR has submitted copies of the confirmations, ITR and bank statement of the respective persons alongwith his submissions dt. 21.09.2016 on perusal of which it was found that, (i) the bank statement did not contain the name of the bank and branch or the name of the account holder in respect of Sh. Jayant Jha and Smt. Juhi Jha; (ii) in respect of Sh. Sameer Solanki, Tanmay Solanki the bank statements did not contain the name of the bank and branch as well as the account number of the respective bank accounts; (iii) the bank statements submitted with the confirmation of Sh. Sameer Solanki have the names of "Mr. Anil Kumar Singh Solanki IAS (Retd.)/Mrs. Sushma Kumari Solanki", "Mrs. Sushma Kumari Solanki/Mr. Anil Kumar Singh Solanki IAS (Retd.)/Mr. Tanmay Solanki" and " Mr. Sameer Solanki/ Mrs. Sushma Kumari Solanki/Mr. Anil Kumar Singh Solanki IAS (Retd.)"; (iv) the bank statements submitted with the confirmation of Sh. Tanmay Solanki have the names of "Mr. Anil Kumar Singh Solanki IAS (Retd.)/Mrs. Sushma Kumari Solanki", "Mrs. Sushma Kumari Solanki/Mr. Anil Kumar Singh Solanki....
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....of the Act are not applicable in the case of the appellant since proving of back to back source was introduced vide the Finance Act 2012 in case of company where the amount received consists of share application money, share capital, share premium and not in case of advance received during the normal course of business and that the appellant company is formed with the object to carry on the business of development of real estate and in order to develops its property has received advance from its customers in the normal course of business, and that the amount was received from these persons through account payee cheque or electronic transfer and therefore the advance received cannot be considered as unexplained credit in the hands of the appellant, and he submitted various documents called for as listed in his WS reproduced at para-3 herein above. On perusal of the documents of each person submitted by the Lnd. AR the following facts emerge with regard to their investment for office space in the appellant's project "Parkland Corporate Park". 4.2.3 Since complete details/documents was not submitted, except for the first 03 persons the investments of others are apparently....
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....232792638IN on 28.03.2017 at the above two addresses for making necessary compliance on 26.04.2017, "Vide this office letter dated 16.02.2017 you had been informed of the continued non-compliances or partial and incomplete/inadequate non-compliances after 21.09.2016 and the non-compliance on 08.02.2017 and you were asked to make necessary compliances and submit the necessary documents as per order sheet dated 19.01.2017 on 08.02.2017. But on 08.02.2017 as well nobody appeared on your behalf and there was no compliance. 2. With a view to meet the principle of natural justice one last opportunity is being provided to you and you are requested to make necessary compliance and submit necessary written submissions and documents/details/explanation as per the order sheet dt. 21.09.2016 and 19.01.2017 and attend hearing on 26.04.2017 at 11.00 AM. In case of non-compliance on your behalf on this occasion your appeal shall be decided on the basis of facts and documents on record without any further opportunity or reference to you whatsoever." On 26.04.2017 Sh. J.K. Gulati, CA & AR of the appellant attended at 01.10 PM and, as recorded in the order sheet d....
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....t is apparent on record that complete details/documents were not submitted except for three persons, namely, Jayant Jha, Smt. Juhi Jha and M/s. ROF Housing Infratech Pvt. Ltd. The assessee had not brought on record documents regarding genuineness of transactions and creditworthiness of the investors. Ld. CIT(A) deleted the additions of Rs. 50,00,000/- Rs. 50,00,000/- and Rs. 1,22,50,000/- made by Jayant Jha, Juhi Jha and M/s. ROF Housing Infratech Pvt. Ltd. merely on the basis that the amounts were returned subsequently through banking channel. It is a material fact recorded by Ld. CIT(A) that copy of agreement by Jayant Jha, Juhi Jha and M/s. ROF Housing Infratech Pvt. Ltd. had not been submitted. Therefore, the deletions of Rs. 50,00,000/- Rs. 50,00,000/- and Rs. 1,22,50,000/- by the Ld. CIT(A) deserve to be set aside. 10. The Ld. CIT(A) in respect of Sameer Solanki and Tanmey Solanki noted that incomplete bank statements were filed. No bank statement in respect of Pradyuman Dutta was submitted. Copy of agreements between appellant and Smt. Sushma Rishi were filed but no agreement between appellant and Smt. Pradyuman Dutta was submitted. Therefore, Ld. CIT(A) rightly confirmed....
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..../ -; copy of ITR ackn. for AY14- 15 ledger account for the FYs space and consideration not known; Paid booked total Rs. 2012-13 and returned to the credited Enclave Delhi in bank account no 02712000009308 of assessee with HDFC, Chirag on party during the FY 2014-15, debited in the bank account of the assessee on 03.02.2015; copy 2012-13 & 1,22,50,000/- in26.04.2012 through lof RTGS Amount Paid by Investors account on returned party during the to the 13: bank statement of creditor and the assessee; and space booked total RTGS through SB account no. through RTGS; Name of FY 2013-14, debited in the bank account of consideration not known; United Bank of India not (Branch not mentioned on copy of bank mentioned), and account book pass of the assessee 08.11.2013; on 50,00,000/- in no. 02712000009308 of assessee with HDFC Chirag Enclave Delhi FY 2013-13 and Rs. 30,00,000/- in FY 2013-14 paid to the RTGS through SB account no. space booked and total 0349010129119 United Bank of India (Branch not opening balance of....
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....deposited by through cheque nos. 320453 & 320454 02.07.2012; lakh transfer on But Bank statement Is copy of a page (5 of 8) which does not have the name of the bank and account number; Sh. Tanmay Solanki Confirmation copy 13; with PAN f agreement; copy of ITR Jackn. for AY12- ledger account for the Fl., sft @6856.67; Rs.1.15 crore; lakh, 308/3 Tower-3; 1675 Paid Rs. 15 Rs.50 Total Cost = Rs.34.50 (a) debited Kumar Solanki/ Mrs. Sushma lakh in bank name of Mr. Tanmay Sol anki/ Mr. Anil Kumari Bank account no. 62310021510 in the of deposit Statement the given source available; period hence of not 08.04.2012 to 05.06.2012 not Copy agreement Sushma Solanki & Sh. Tanmay Solanki, s/o Sh. of A.K Solanki between appellant and with Smt Appeal No.131/16-17 Sh. Sameer Solanki with PAN; copy of ITR Jackn. for AY12- 13; 308/3â„¢ Fl., sft @7058.82; Tower-3; 1700 Rs.1.20 crore; Paid Rs.50 lakh, Rs.65.50 lakh and 02.07.2012, 17.07.2012 & Total Cost = Rs. 10 lakh on Rs.65.50 lakh debited in Bank account no. Rs.65.50 lakh deposited in account on through transfer by cheque no. 3204....
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....i with Standard on 06.07.2012; Charted Bank statement is for period 14.01.2012 to 07.04.2012 and 06.06.2012 to 11.06.2012 submitted C Rs. 15 lakh debited In bank account of Mrs. Sushma Kumari Solanki/Mr. Ani Kumar Singh Solanki Mr. Tanmay Solanki on 29.06.2012; Rs.13.10 lakh & Rs.2.50 cheque 02.05.2012 lakh deposited by transfer through on & 09.05.2012; Bank statement Is copy of a page (2 of 3) which does not have the name of the bank, branch and account number; Rs.50 lakh each deposited by transfer through cheque nos. 320453 & 320454 on 02.07.2012; Bank statement is copy of a page (5 of 8) which does not have the name of the bank and account number; Rs.50 lakh debited in bank account of Mr. Singh S (Retd.)/Mrs. Sushma n Anil Kumar Solanki Kumari Solanki 04.07.2012; Above amounts credited in account no. 02712000009308 of assessee with HDFC, Chirag Enclave Delhi lon 28.06.2012 03.07.2012 & 09.07.2012 resp. Sh. Praduman Dutta Confirmation with PAN; copy of ITR ackn. for AY14- 15; ledger account for the FYs 2012-13 & 2014-15; @15000; Paid lakh 2500 it Total Cost = Rs.3.75 crore; Rs. 50 on 19.05.2012. 4"FI., Tower-3, received and assessee ....