TaxTMI 
TaxTMI 
2026 (9) TMI 844
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.... of the Assessment Order dated 30.12.2016 passed by the Assessment Unit, Income-tax Department under Section 143(3) of the Act for Assessment Year 2014-15 whereby and whereunder the addition to the tune of Rs. 4,61,82,937/- added in the hands of the Assessee on account of alleged sale of flats has been confirmed. 2. The brief facts leading to the case is this that the Assessee filed its return of income on 25.11.2014 declaring loss at Rs. 32,42,103/-, the case whereof was selected for scrutiny under CASS and notice under Section 143(2) dated 28.08.2015 followed by notices under Section 142(1) dated 26.08.2016 and others were issued upon the Assessee. 3. The appellant/Assessee is engaged in the business of real estate construction and ....
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.... It appears that the Ld. A.O. while making addition in the hands of the Assessee observed that the agreement is not registered one and the stamp papers were purchased in the state of UP whereas both the parties reside in Delhi, and the stamp paper used in such deed of agreement was prior to the date of agreement. No signature of any witness is appeared in the said document. The Ld. A.O. further opined that as per the agreement it was mentioned that the Assessee company is unable to undertake the construction of the building but nowhere mentioned that M/s Suvandana Infrastructures Pvt. Ltd. had any expertise in the said field. 6. Having regard to this particular fact that the said company came into existence only on 27.09.2011, the said c....
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....nd declaring the entire transaction invalid, keeping in view of the collaboration agreement, banking records, ledger accounts and other supporting evidences so adduced by the Assessee before the authorities below. 8. Under these facts and circumstances of the matter, whether the key person of Suvandana Infrastructures Pvt. Ltd. whether absconding or did not appear before the authorities below cannot also be a ground for taking inference against the Assessee leading to addition. Further that the authorities below has failed to establish the observation of collaboration agreement created merely to divert the income of the appellant with supporting documents. In this regard, we have further considered the Judgment passed by the Hon'ble Supr....