TaxTMI 
TaxTMI 
2026 (9) TMI 920
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.... by the assessee on any occasion. The details of opportunities provided to the assessee is summarised in the table below: Sr. No. Date of hearing Compliance 1. 08.07.2024 The assessee requested for adjournment. Matter was adjourned to 30.07.2024. 2. 30.07.2024 No one was present for the assessee. A fresh notice was issued by RPAD/e-mail and the matter was fixed for hearing on 10.09.2024. 3. 10.09.2024 Shri M M Sheikh, the Ld. AR of the assessee appeared and the matter was part heard. Case was adjourned to 20.09.2024 for further hearing. 4. 20.09.2024 The Ld. AR of the assessee requested for adjournment and the matter was adjourned to 18.10.2024. 5. 18.10.2024 No one was present for the assessee. The matter was released from part heard. The case was next fixed for hearing on 28.11.2024. 6. 28.11.2024 No one appeared. A fresh notice was issued and the matter was fixed for hearing on 28.01.2025. 7. 28.01.2025 The matter was adjourned to 20.02.2025 at the written request of the assessee's AR. 8. 20.02.2025 The matter was one again adjourned to 04.03.2025 at the written request of the assessee's AR. 9. ....
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....n of Rs. 1,00,00,000/- without. appreciating the, fact that the appellant has entered into an agreement with M/S Sujan developers Pvt. Ltd. & Mr. Prakash Kumar Parmar wherein the above amount has been clearly reflected and has been properly accounted for in the books of account of the appellant, hence the addition is unwarranted and is required to be deleted to meet the end of justice. 5. The first ground pertains to addition of Rs. 14.50 crores in respect of amount received towards land consideration. Shri Kiran Unavekar, the Ld. CIT-DR submitted that the assessee did not file his return of income for A.Y. 2009-10. The Assessing Officer (AO) had received an information that the assessee had signed an MoU with M/s. Sujan Developers Pvt. Ltd. and had received the payment of Rs. 14.50 crores in respect of Vasna village land. On the basis of this information, the case of the assessee was reopened by issue of notice u/s. 148 of the Act on 31.03.2016. In the course of assessment, the assessee had explained that the sum of Rs. 14.50 crores represented advance towards land deal. It was submitted that the land was ancestral and the title of the land was not clear. Further, that the matt....
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.... dismissed. 7. The next ground pertains to addition of Rs. 82.50 lakhs. The reason given by the AO for making this addition is found to be as under: "5.4. The reply of the assessee perused but not acceptable on the following grounds: (i) On verification of the bank account with Bank of Baroda, it is seen that the amount of Rs. 1,50,000/- credited on 30/05/2008 and Rs. 3,00,000/- credited on 31/05/2008 which is deposited before the payment received from Sujan Developers. Remaining amount of Rs. 1,45,20,000/-(1,49,70,000/- less 4,50,000/-) credited after bearer cheque received from Sujan. The contents of the assessee as replied is accepted. The amount deposited before receipt of money from Sujan Developers is trealed as your unexplained credit of Rs. 4,50,000/- and added to your total income. Penalty proceedings u/s 271(1)(c) for concealment of income is hereby initiated. (Addition: Rs. 4,50,000/-) (ii) On verification of the Bank account with Bank of Baroda, it is seen that as per assessee's reply demand draft purchased on 08/10/2008 of Rs. 38,12,812/- but neither the details to whom the payment of demand draft given is filed nor the credit amoun....
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.... recorded u/s. 131 of the Act on 18/01/2016, the assessee had ว stated that cash worth of Rs. 1,00,00,000/- received from M/s. Sujan Developers Pvt. Ltd after signing the M.O.U. Therefore, the assessee was show caused, vide show cause, Notice u/s. 142(1) dated 09/12/2016 which was duly served upon him. The contents of the show cause under reference is reproduced as under: 'During the statement recorded u/s. 131 of the Act on 18/01/2016, you have stated in Q.No. 12 that Rs. 1,00,00,000/- received by cash from M/s. Sujan Developers Pvt. Ltd. after signing the MOU during the F.Y. 2008-09 relevant to Α.Υ. 2009-10. No details of its utilization was provided. You are hereby show caused as to why the Rs. 1,00,00,000/- received by cash should not to be treated as your unexplained money and added to your total income." 6.1. In response to the above the assessee has filed his reply which is as under: "During the F.Y. 2008-09 Rs. 1,00,00,000/- were received from M/s.Sujan Developers via bearer cheque. The said amount is shown as advance to Zakirrudin by Mis. Sujan in their books of accounts. Confirmation from Mr. Zakirrudin for advances taken from us clea....