TaxTMI 
TaxTMI 
2026 (6) TMI 422
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....tails in respect of the orders of the authorities below are as under:- Appeal No. & Assessment Year Date of Order of the CIT(A) Date of Order of the AO Section under which the AO passed the Assessment Order 8842 to 8846/DEL/2025, 2010-11 to 2014-15 30.10.2025 29.03.2016 153A(1)(b) 8851 to 8855/DEL/2025, 2011-12 to 2015-16 12.11.2025 29.03.2016 (29.12.2017 for AY 2015-16) 153A(1)(b) (143(3) for AY 2015-16) 8911 & 8912/DEL/2025, 2013-14 & 2014-15; 8847 to 8850/DEL/2025, 2008-09 to 2010-11 & 2012-13 07.11.2025 29.03.2016 153A(1)(b) 8856 to 8862/DEL/2025, 2008-09 to 2014-15 07.11.2025 29.03.2016 153A(1)(b) ITA No.8842/Del/2025 for AY 2010-11 2. By and under the authorization of Director of Income-tax (Inv.), Chandigarh under Section 132(1)(A) of the Act, a search was carried out on 05.02.2014 at the residential as well as business/office premises of Antriksh group and Dwarkadhis Buildwell group of cases and the partners of the assessee firm, namely, Mr. Rajbir Singh Goyat and Rakesh Kumar Yadav. During the course of search operation, some incriminating documents/informations relating to the assessees were claimed to have....
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....the matters is mechanical in nature and the same is, therefore, invalid and the assessment is, thus, liable to be quashed. According to him, the approval under Section 153D of the Act issued by the JCIT, Central Range, Gurgaon is without application of mind. In this regard, he has relied upon the communication dated 28.03.2016 issued by the JCIT, Central Range, Gurgaon dated 28/29.03.2016 written to the DCIT, Central Circle-1, Gurgaon, wherein the draft assessment orders under Section 153A(1)(b) of the Act was referred for approval under Section 153D of the Act and approval under Section 153D of the Act was accorded for AY 2008-09 to 2014-15 (seven years). The copy of the said letter dated 28/29.03.2016 along with approval sheet have been duly filed before us wherefrom it is evident that approval for total 59 cases were accorded by the JCIT copy whereof are reproduced herein below:- 153D Approval Sheet S. No. Assessee AY Assessment Order date Approval Date 1. Ocean Realcon (P)Ltd. 2008-09 29.03.2016 29.03.2016 2. 2009-10 29.03.2016 29.03.2016 3. 2010-11 29.03.2016 29.03.2016 4. 2011-12 2....
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....45. 2014-15 29.03.2016 29.03.2016 46. Antriksh Engineers Constructions Corp. 2008-09 29.03.2016 29.03.2016 47. 2009-10 29.03.2016 29.03.2016 48. 2010-11 29.03.2016 29.03.2016 49. 2011-12 29.03.2016 29.03.2016 50. 2012-13 29.03.2016 29.03.2016 51. 2013-14 29.03.2016 29.03.2016 52. 2014-15 29.03.2016 29.03.2016 53. Sanman Infrastructure Pvt. Ltd. 2008-09 29.03.2016 29.03.2016 54. 2009-10 29.03.2016 29.03.2016 55. 2010-11 29.03.2016 29.03.2016 56. 2011-12 29.03.2016 29.03.2016 57. 2012-13 29.03.2016 29.03.2016 58. 2013-14 29.03.2016 29.03.2016 59. 2014-15 29.03.2016 29.03.2016 7. Relying upon the aforesaid approval under Section 153D of the Act, it was vehemently argued by the Ld. AR that the same is not a valid approval nor tenable in law as the same is a consolidated approval, a mechanical one, without application of mind would be invalid in the eyes of law. It was further....
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....ssed by the Hon'ble Allahabad High Court in PCIT vs. Subodh Agarwal reported in 2023 (2) TMI 1072 dated 12.12.2022 has also been relied upon. The judgement passed by the Hon'ble Bombay High Court in the case of PCIT vs. Citron Infraprojects Limited and Others dated 26.11.2025 as relied upon wherein the consolidated approval was held to be invalid. The Ld. AR further relied upon the judgement passed by Hon'ble jurisdictional High Court in the case of Shiv Kumar Nayyar, reported in 2024 (6) TMI 29 dated 15.05.2024, holding that the approval under Section 153 of the Act is to be granted for each assessment year independently. The judgement passed by the Coordinate Bench in the case of Shri Dheeraj Chaudhary vs. ACIT, CC-8, Delhi, 2025 (9) TMI 1372, dated 12.09.2025 was also relied upon. Relevant to mention that the issue was referred to the consideration of the Hon'ble Third Member and the judgement passed in favour of the assessee rejecting the approval granted in a consolidated manner was upheld. The Ld. Sr. Counsel has also brought to the notice of the Bench that upon insertion of Section 292BC by the Finance Act, 2026 which has been given retrospective effect from 01.04.2021 but s....
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....where the Technical Manual of Office Procedure becomes important. Although, it was in the context of Section 158BG of the Act, it would equally apply to Section 153D of the Act. There are three or four requirements that are mandated therein, (i) the AO should submit the draft assessment order "well in time". Here it was submitted just two days prior to the deadline thereby putting the approving authority under great pressure and not giving him sufficient time to apply his mind; (ii) the final approval must be in writing; (iii) The fact that approval has been obtained, should be mentioned in the body of the assessment order. 23. In the present case, it is an admitted position that the assessment orders are totally silent about the AO having written to the Additional CIT seeking his approval or of the Additional CIT having granted such approval. Interestingly, the assessment orders were passed on 30th December 2010 without ITA Nos. 6158, 6159, 6160, 6214, 6215 & 6216/Del/2018 Dheeraj Chaudhary mentioning the above fact. These two orders were therefore not in compliance with the requirement spelt out in para 9 of the Manual of Official Procedure. 24. The above manual....
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.... the present cases such approval was granted mechanically without application of mind by the Additional CIT resulting in vitiating the assessment orders themselves. 26. The question of law framed is therefore answered in the affirmative i.e., in favour of the Assessee and against the Department. ITA Nos. 6158, 6159, 6160, 6214, 6215 & 6216/Del/2018 Dheeraj Chaudhary 27. The appeals are accordingly dismissed, but in the circumstances, with no order as to costs." 11. The SLP was dismissed with the following observations: "Having regard to facts and circumstances of the case, we are not inclined to interfere in the matter. The Special Leave Petition is dismissed." 12. It was further considered in that particular judgment that the assessment order must contain the fact of seeking approval by the Assessing Officer from the Additional Commissioner of Income Tax and such approval has been duly given. In the absence of mentioning of this particular fact the orders were found to be not in compliance with the requirement spelt out in paragraph 9 of officials procedure reproduced in paragraph 23 therein. 13. The contention made by....
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.... by the Tribunal in the impugned order. The Tribunal thus concluded there was a complete lack of application of mind, inasmuch as the ACIT who granted approval, failed to notice the said error. ITA Nos. 6158, 6159, 6160, 6214, 6215 & 6216/Del/2018 Dheeraj Chaudhary 12.1 More particularly, the Tribunal notes that all that was looked at by the ACIT, was the draft assessment order. 13. In another words, it was emphasised that the approval was granted without examining the assessment record or the search material. The relevant observations made in this behalf by the Tribunal in the impugned order are extracted hereafter: "17.1 However, in the present case, we have no hesitation in stating that there is complete non application of mind by the Learned AddI. CIT before granting the approval. Had there been application of mind, he would not have approved the draft assessment order, where the returned income of Rs. 87,20,580/-. Similarly, when the total assessed income as per the AO comes to Rs. 16,69,42,560/-, the Addl. CIT could not have approved the assessed income at Rs. 1.65,07,560 had he applied his mind The addition of Rs. 15,04,35,000/- made by the AO in t....
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....the order of approval issued by the Additional Commissioner of Income Tax appearing at page 72 of the paper book filed before us found to be invalid in view of this particular fact that the said approval does not speak of movement of any file. Neither given approval for each year separately nor assigned any reason for such approval; the same is nothing but a product of total non-application of mind by the order approving authority. Further that the impugned order of approval dated 27.12.2016 has been issued on the same day when the draft assessment orders in respect of these assessment years have been placed before him and in hot haste the approval has been granted. The same does not establishes review of the assessment records and search materials by the Additional CIT too; the same is, thus, a mechanical approval and hence the judgments relied upon by the Ld AR as discussed above are found to be rightly applicable. Respectfully relying upon the ratio laid down by the Hon'ble Apex Court in these matters mentioned above, in the case in hand the ITA Nos. 6158, 6159, 6160, 6214, 6215 & 6216/Del/2018 Dheeraj Chaudhary approval since granted mechanically, without application of min....
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.... approval well in time along with docketed in the order sheet, a copy of the draft assessment order, covering letter filed in the relevant miscellaneous records folder. Even, it is noted that due opportunity of being heard should be given to the assessee by the supervisory officer giving approval to the proposed block assessment, at least one month before the time barring date. It is further noted that once such approval is granted, it must be in writing and filed in the relevant folder indicating above after making due entry in the order sheet. This is the mandate provided in the office manual of the Department. In view of above, I am of the view that the 'approval', as mandated u/s. 153D of the Act, signifies a product of human thoughts based on the given set of facts and interpretation of the applicable law. It provides equality in treatment and thus prevents bias, prejudice and arbitrariness. It also prevents and avoids inconsistent and divergent views. The power of approval to the specified authority i.e., Superior authority has been envisaged with the objectives that no illegality or biasness, to either of the sides i.e., the assessee or the Revenue, remains. ....
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....tter, the assessee has filed original return of income for AY 2011-12 on 29.09.2011 and thus, the last date of issuance of notice under Section 143(2) was 30.09.2012. However, no such notice under Section 143(2) have been issued within the prescribed period. As on the date of search on 05.02.2014 therefore, the assessment for the concerned assessment year has attained finality meaning thereby that completed assessment could not be disturbed in the assessment made under Section 153A of the Act in the absence of any incriminating material found during the course of search. No satisfaction has been recorded by the Ld. AO of the searched person that incriminating material belonging to the assessee was found during the course of search. In that matter, during the course of search and post search inquiry, it was found that the group has executed various residential projects at Gurgaon, Noida and Haridwar, the details whereof are mentioned in the order passed by the Ld. AO. Certain details in respect of those properties including the registered deed of sales, project-wise various statutory approvals taken by the group, project-wise estimated cost and estimated revenue incurred or earned b....
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....uted by the contractor. (i) Please provide the detail of project wise completion certificate which has been received by you from the competent authority. (j) Please provide the detail of project wise & year wise WIP recorded in books of accounts and certificate of the engineer which specifies the percentage of WIP bearing to the total estimated cost. k) During the course of search, the promoter of your group had verbally stated that the income will be accrued only at the time of the final sale of the project, meaning thereby your group has followed the project completion method while recognizing the revenue from the sale of the projects. However, vide letter dated 16.06.2014 in the office of DDIT(Inv.), you have admitted that the revenue regarding the real estate projects has to be recognized on the basis of percentage completion method and correspondingly you have offered the income for the AY 2014-15 in respect of following companies :- S. No. Company Name Amount (in crores) 1 Antriksh Engineers Construction Corporation 3.00 2 Antriksh Engineers and Builders Private Limited 2.50 3 Antriksh Realtech Private Limited 2.5....
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...., advances received by the assessee from the prospective residents/allotees of the apartment can rationally/cogently be made the basis for replacement/alternative to recognition of revenue on the pattern of AS-9. Thereafter, a flat rate needs to be applied on the revenue received by the company as advances for determination of income of the assessee on presumptive basis. It is a well known fact that property development in a prime location like NOIDA (NCR) is one of the most lucrative businesses in India in present days. In such money spinning business flat rate of 25 to 30 percent can conveniently be inferred as component of profitability of the sale price of an apartment. Advances received represent sale price, may be only a part of it, as the payments are received by the builders in instalments. In my considered opinion, under normal circumstances, 25 to 30 percent is a very fair and genuine rate but keeping in view the guidelines and ratios laid down by the Apex court in following three cases, I apply rate of 20 percent to determine the income of the Bassessee company :- (i) Brij Bhushan Lal Parduman Kumar v. CIT[1978] 115 ITR 524 (SC). (ii) State of Kerala v.....
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....om AY 2010-11 to 2015-16. In that view of the matter, the assessment year 2014-15 is also covered under the provision of Section 153C of the Act and the same assessment should have been framed upon issuance of notice under Section 153C of the Act only. As the assessment under Section 2014-15 has been framed under Section 143(3) r.w.s. 144 of the Act without complying the mandatory provisions of law envisaged under Section 153C of the Act, the entire proceeding is vitiated, not sustainable in the eyes of law; assumption of jurisdiction by the Ld. AO is without provision of law and, therefore, the entire proceeding is liable to be quashed as the ground taken by different assessees and further reiterated by the Ld. Counsel appearing for the assessee at the time of hearing of the matter which has not been able to be controverted by the Ld. DR is found to be acceptable. 21. In this regard, the Ld. AR further relied upon the judgement passed by the Coordinate Bench in the case of Raja Varshney vs. DCIT, Central Circle-31, New Delhi, ITA No.1459/Del/2024 dated 26.09.2024 whereby and whereunder the assessment order holding the assessment for AY 2021-22 which has been wrongly framed unde....
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....ion or invoking the mandatory provision of Section 153C of the Act. 25. Where any material is found during the course of search which belongs to or pertains to a person other than the one person as referred to in Section 153A of the Act, the only recourse available to the Ld. AO is to reopen in accordance with the Section 153C of the Act which further requires recording of satisfaction by the search team and then handing over such material to the AO having jurisdiction over such other person. In the case of Antriksh Engineers Private Ltd., the assessment has been framed under Section 153A of the Act on the basis of the alleged incriminating material which, admittedly, does not belong to the assessee and, therefore, in the absence of compliance with the mandatory provisions of Section 153 of the Act, assumption of jurisdiction under Section 153A of the Act is wholly invalid as the case made out by the assessee seems to be acceptable in view of the following judgements relied upon:- (i) ITAT Delhi in the case of Vikas Jain, ITA No. 1316/Del/2023, dated 23.04.2025; (ii) Delhi High Court in the vase of PCIT (Central) - 3 Versus Anand Kumar Jain (HUF), Satish Dev Ja....
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....ishna Kumar Singhania, Shri Ajay Kumar Singhania, Smt. Kasak Singhania, Shri Vijay Kumar Singhania and Smt. Ruchi Singhania Versus DCIT, CC-3 (3), KOLKATA, 2018 (1) TMI 131 - ITAT KOLKATA, Dated 6.12.2017 26. The above fact has not been able to be controverted by the Ld. DR and, therefore, respectfully relying upon the ratio laid down in the above judgements in the absence of compliance with the mandatory procedure prescribed under Section 153C of the Act, assumption of jurisdiction under Section 153A of the Act is wholly invalid and, therefore, the entire assessment is without jurisdiction, void ab initio and liable to be quashed. 27. With the aforesaid observations, we quash the entire assessment proceedings. 28. Identical ground raised by the assessees in other matters are also held in favour of the assessee by quashing the respective assessments. 29. Even otherwise, we have decided to deal with the matter on merits. Antriksh Engineers Construction Corporation (ITAs No. 8842 to 8846/DEL/2025 (5), Assmt. Years: 2010-11 to 2014-15) 30. Addition of 20% of advances received during the year under consideration is the subject matter before us. The assessee, engaged i....
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....assessee is recognizing revenue under the Project Completion Method and no revenue was, therefore, required to be recognized during the year under consideration as the project had not been completed. 33. At the time of hearing of the instant appeal, the Ld. Sr. Counsel Shri Ved Jain on this particular aspect of the matter submitted before us that the Project Completion Method which is followed by the assessee in its real-estate business is a recognized and accepted method of accounting, particularly, in the case of real-estate developers. In this regard, he has further relied upon a judgement passed by the Hon'ble Supreme Court in the case of CIT vs. Bilahari Investment (P) Ltd., reported in (2008) 299 ITR 1 (SC) whereby and whereunder it was held that recognition of income under the mercantile system can be achieved through different methods of accounting and the method consistently followed by the assessee cannot be disturbed unless it results in distortion of profits. Relevant to mention that the Revenue has not been able to show that had the Percentage Completion Method of accounting is followed by the assessee instead of Project Completion Method, the profit would have been....
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....ion Method. It is observed that during assessment proceedings it was submitted by the assessee that it obtained the license from DTCP Haryana. On that basis the construction was started and following the Project Completion Method for recognition of revenue and whatever expenses were incurred were debited to work in progress account. The project is not yet completed and all expenditure were carried forward as WIP and this method of accounting was found to be acceptable to the department. The factual matrix of the case narrated by the Ld. CIT(A) in para 5.1.1 of his appellate order reveals that the assessee has been filing return since AY 2008-09 following consistently the Project Completion Method. The Ld. AR contended that even in search no incriminating material has been found so as to disturb the method of accounting consistently followed by the assessee. Nothing convinced the Ld. AO as he was prompted to taka a different view based on the Guidance Note issued by ICAI regarding "Accounting of real estate transactions, 2012" (read with AS-9). The Ld. AO has referred the said Note in para 3.7 of assessment order. We have looked into it. Para 5.1 thereof says that the Percentage Com....
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..... CIT (supra) and Sabh Infrastructure Ltd. (supra). We do not find any reason to interfere with the decision of the Ld. CIT(A). We uphold it and reject appeal of the Revenue being without any substance." 34. As it appears from the above, in that particular case, the AO alleged that the income should be recognized by applying Percentage Completion Method instead of Project Completion Method as has been done in the instant case before us. Under these facts and circumstances of the matter, the Coordinate Bench has been pleased to observe that a real-estate developer cannot be forced to adopt Percentage Completion Method in the absence of any defect in the accounts and, therefore, there was no justification in changing the method of accounting regularly followed by the assessee. The deletion of addition made by applying Percentage Completion Method by the Ld.CIT(A) was, therefore, upheld in the appeal preferred by the Revenue. 35. Thus, having regard to the entire aspect of the matter, when the AO has not been able to point out any defect in the books of account or in the absence of recording of incorrectness or incompleteness of the accounts, addition on ad hoc rate of 20% on th....
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....iksh Engineering Construction Corporation Pvt. Ltd., the assessee before us, on the basis of ratio of FSI purchased by these two parties calculated unaccounted receipts as follows:- Sr. No. Assessment Year Total Amount Receipt M/s Sanman Infrastructure Pvt. Ltd. Antriksh engineering Construction Corporation Pvt. Ltd. 1 2008-09 7,08,00250 4,11,46,898 2,96,53,352 2 2009-10 45,60,000 26,50,130 19,09,870 3 2010-11 4,35,00,000 2,52,80,844 1,82,19,156 4 2011-12 4,75,90,000 2,76,57,824 1,99,32,176 5 2012-13 4,73,25,770 2,75,04,251 1,98,21,499 6 2013-14 10,55,58,750 6,13,47,455 4,42,11,295 - 7 2014-15 2,36,66,500 1,37,54,232 99,12,268 TOTAL 34,30,01,250 19,93,41,634 14,36,59,616 40.1 The Ld. AO calculated Rs. 1,82,19,156/- as unaccounted cash receipt by the assessee. 40.2 Similarly unaccounted cash payment made by the assessee was also calculated in the following manner:- Sr. No. Assessment Year Total Amount Paid M/s Sanman Infrastructure Pvt. Ltd. Antriksh engineering Construction Corporation Pv., Ltd. 1 2008-09 0 0 ....
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....s been made:- "10. The Hon'ble Supreme Court in the case of Common Cause (A Registered Society) and Others vs. Union of India and Others in Writ Petition Civil Appeal No. 505 of 2015 has observed as under:- "16. With respect to the kind of materials which have been placed on record, this Court in V.C. Shukla's case (supra) has dealt with the matter though at the stage of discharge when investigation had been completed but same is relevant for the purpose of decision of this case also. This Court has considered the entries in Jain Hawala diaries, note books and file containing loose sheets of papers not in the form of "Books of Accounts" and has held that such entries in loose papers/sheets are irrelevant and not admissible under Section 34 of the Evidence Act, and that only where the entries are in the books of accounts regularly kept, depending on the nature of occupation, that those are admissible 17. It has further been laid down in V.C. Shukla (Supra) as to the value of entries in the books of account, that such statement shall not alone be sufficient evidence to charge any person with liability, even if they are relevant and admissible, and t....
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....side in view of the judgements relied upon by different judicial forum as argued by the Ld. Counsel Mr. Ved Jain is found to be acceptable. No statement of any person has been recorded to support the alleged transaction neither independent inquiry or verification has been carried out by the Ld. AO while making additions as also submitted by him. 43.1 Alternative argument was also advanced by the Ld. Sr. Counsel appearing for the assessee without prejudice to the above submission that even if the loose papers, for the sake of argument, pertained to the assessee, no addition of the entire amount can be made. At best, only the profit element embedded in such alleged transactions could be brought to tax. Further that as per the well settled principle of law in case of allegation of unaccounted receipts/payments are made only the income component embedded therein can be assessed and not the entire gross amount. Since the AO made addition of the entire figures claimed to have been mentioned in the loose papers without any cogent evidence on record representing the whole amount as undisclosed income of the assessee, the same is unsustainable in the eye of law and, therefore, liable to ....
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....s, pursuant to which booking amounts/advance was received by the assessee company in the year 2008 and 2009 which was duly recorded in its books of accounts. 74. However, subsequently, due to legal issues arising particularly the title of the ownership of the land not being in the name of the assessee company, the assessee had to opted out of the MOU and had subsequently terminated the MOU with M/s Reliable on 04.01.2010 and had transferred the agreement with Ministry of External Affairs Employees Welfare Society as well as the amounts received till the year 2009, to M/s Reliable and M/s Decent. 75. Ultimately, the project was taken up for development and sale by M/s Reliable in collaboration with M/s Decent. The same is clear from the following- • The license to develop the residential housing project was also obtained by M/s Reliable from the government of Haryana. The fact has been acknowledged by Id. AO in the assessment order. • Accordingly, the assessee firm was neither the owner of the land nor it developed the project. • Further, only the initial payments were received by the assessee firm from MEAEWS as per the MOU w....
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....gricultural produce reflecting the quantity sold and sale proceeds received by the assessee. Further cash book produced before the Ld. CIT(A) reflecting the availability of sufficient cash balance with the assessee comprising of cash generated from agricultural activities and opening cash balance available with the assessee as well. The source of cash deposit made by the assessee cannot, therefore, be doubted. We find that the Ld. AO has not pointed out any defect on the documentary evidences as above, neither any inquiry has been conducted in order to disprove the agricultural activities of the assessee. We note that the remand report proceeds on presumptions basis without any corroborative evidence. The addition, therefore, confirmed by the Ld. CIT(A) in the absence of contrary evidence is found to be erroneous, not sustainable and, therefore, liable to be deleted. 54. This ground of appeal is applied to all the respective years of appeals filed by different assessee. 55. In the result, appeals filed by the Assessees are partly allowed. Order pronounced in the open court on 05.06.2016. ============= Document 1 A OFFICE OF THE JT. COMMISSIONER OF INCOME TAX CENTRA....
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....ng with the necessary details required to compute the income under PoCM related to the each assessment year under consideration. You need to provide the following information as under: Detail of customer advance (this detail should be provided in soft copy/excel sheet) Sr. No Name & address of the customer Unit No./ Flat No. Total Consideration of unit Date of agreement Are a of unit Opening Balance Amount received during the year Amount refunded during the year Closing Balance (i) Stock register in respect of stock or raw material (ii) Total area of land on which project has been executed. (iv) Certificate from the concerned authority which approves the no. of flat/units constructed in such project. In regard to this, you are required to provide the details of no. of flats which are to be constructed/ constructed along with the necessary amenities such as club, school, commercial complex etc. The quantity/no. of flats should be certified by the concerned authority. (v) Year wise completion certificate of engineer which discloses the percentage of completion of work. 5.3 Despite repeated opportunity provided to the assessee and contra....
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....ceipts aud payment shown by assessee Is concerned. . The assessee has also not produced its books of account and purchase vouchers in respect of payment made for construction of its project. Therefore, the correctness of WIP declared by the assessee is also not open to verification. 6. In view of observation made in para 5 to 5.3 above I ain, proceeding to compute the income of the assessee from its Real Estate projects. In view of the hulk amount of land purchased from various authorities, and long term development and sale of flats and commercial space by the assessee firm, the net income is taken at the rate of 20% of the amount of booking received by the assessee company during the relevant year. The amount of booking was shown at Rs. 1,25,12,57,704/- as against Rs. 8,40,34,621/- as on 31.03.2009. Thus, the amount of booking receipts during the year under consideration comes to Rs. 11,09,14,083/ -. The net income at the rate of 20% of Rs. 41,09,14,083/- determined at Rs. 8,21,82,816/- Document 514. Revenue recognition from sale of 50% FSI rights hy M/s Antriksh Engineering Construction Corporation. As discussed in detail in proceeding paras, the assessee has not acc....
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.... Rakesh Yadav hy Rajbir Singh Goyat v. Rs. 11,10,000/- 30.05.2008 received from MEA by Rajbir Singh Goyat vi. The details of cash receipt of 88,00,000/- from block AK and Rs. 1,82,40,000/- from booking of block AA were also found 'The Xerox copy of above cash receipt in 7 pages is enclosed at per Annexure G of this order. 14.1 Therefore, as per para above, the total sale consideration of Rs. 121,53,40,175/- on account of sale of 5,11,693/- has been estimated in the case of M/s Sanman Infrastructure Pvt. Ltd. which gives 2375 per sq.ft. Since, the share of assessee firm in the same project is to the tune of 368762 sq.ft., the sale consideration at the rate of Rs. 2375 per sq.ft. is estimated at Rs. 87,58,09,750/ -. It has also been recorded that the project was substantially completed by 31.03.2014. Since the assessee has not recognised any income from the above project, the income from the project is being estimated on the basis of gross sales of Rs. Rs. 87,58,09,750/- as estimated above. Further since the payment for purchase FSI land was made in financial year 2008-09, the income from project is being added from financial year 2009-10 to 2013-14 in 5 years @ 2....