2025 (2) TMI 1518

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....ncome. 03. The facts in brief are that the assessee filed the return of income on 18.09.2019, declaring total income at Rs. Nil. The case of the assessee was processed u/s. 143(1) of the Act, accepting the return of income. Thereafter, the case of the assessee was selected for scrutiny through Computer Assisted Scrutiny Selection (CASS) and statutory notices were duly issued and served upon the assessee. Pertinent to note that during the year the assessee company earned income by way of rent and maintenance. During the year, the assessee entered into contracts with companies for selling plots to them after levelling and filling and received money as under:- Name of the Companies Amount of Advances received 1. Sushil Marketing Pv....

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....e return filed by the assessee. The amount of Rs. 1,00,02,000/- was not shown as income on the ground that contracts under which these advances were taken were cancelled by the byers and therefore, the tax already paid amounting to Rs. 30 lacs was claimed as refund. Pertinent to mention that a survey was conducted by the department on 19.05.2009, in the office premises of the assessee and computerized books of accounts updated up to 16.02.2009, were recovered. The print out of cash book and the Profit and Loss account, B/S and Trial balance for the period of 01.04.2008 to 16.02.2009 were taken and impounded which have been duly counter signed by the Director of the company Mr. Amit Kr. Lahoti, in which the assessee has shown as income from ....

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....ash by way of advance towards consideration of the plots of land are unbelievable and false. In the facts and circumstances where appellant has not been able to give any evidence and the addition made by the Assessing Officer is to be upheld. 24. Therefore, the cumulative effect of all the above facts & circumstances and decisions of the Hon'ble appellate Authorities makes clear that the transactions of receiving cash from four companies is not genuine and has been shown only to conceal its own income and to avoid payment of taxes. Hence, the addition made by the Assessing Officer is upheld. These grounds of appeal are dismissed." 06. After hearing the rival contentions and perusing the materials available on record, we find....

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.... company Mr. Amit Kr. Lahoti has given a statement on oath in reply to question no.19 that company had income from operation of Rs. 1,00,02,000/- and accordingly thereafter paid advance taxes accordingly amounting to Rs. 30 lacs. The books were audited by the tax auditors and filed return of income accordingly claiming the refund of tax paid of Rs. 30 lacs. The assessee claimed that Rs. 1,00,02,000/- were refunded to the four parties and therefore, the same could not be treated as income of the assessee as the admission of the director during the survey was under coercion. Now the issue before us is that whether the money received in cash against the sale agreement to four parties constitutes the income of the assessee or otherwise. In the ....