TaxTMI 
TaxTMI 
2025 (4) TMI 2083
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....dering the request of the Appellant to keep the appellate proceedings in abeyance and deciding the appeal without granting adequate opportunity to present relevant evidence, submission and clarifications in support of Grounds of Appeal in the gross breach of natural justice. 1.1 The Ld. CIT(A) further erred in not appreciating a critical fact that sale deed of commercial shop no 2, Viva Heights, Kardhani Road, Jaipur was also fraudulently executed in F.Y. 2014-15 by an unauthorized person at the direction of former Director of the Company. This deed was subsequently annulled by a Competent Civil Court. Furthermore, the appellant company has filed a civil suit to invalidate the sale deed executed in F.Y 2015-16 for same commercial s....
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....4.02.2017 u/s. 139(4) of the Act declaring income at Rs. NIL. In the case of the assessee company information was received from the office of DIT(I&CI), Jaipur through an in-sight portal that the assessee sold an immovable property for consideration of Rs. 5.6 Cr for the year under consideration. Accordingly, a notice u/s. 148 of the Act was issued dated: 31.03.2021. It was further observed by the AO that no balance sheet and profit & loss account was filed by the assessee along with its return of income, hence calculations pertain to the above-said sale transaction have not been truly reflected in its return of income. After a detailed deliberation on the issue between the AO and the assessee, the case was assessed at Rs. 3,39,17,740/- (Af....
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....orised by Shankar Lal Khandelwal in favour of M/s. Shrisai Kripa Inframart, LLP for a sum of Rs. 5.8 Cr. Vide sale deed dated: 20.02.2015. Against this the prevailing directors of the assessee company filed a suit with the District& Sessions Court for cancellation of the sale deed mentioned (supra) and the same was cancelled by the Addl. Civil Judge, Mahanagar Jaipur-II vide his order dated: 27.02.2020 (Copy of the order is placed on page no. 108-120 of the PB). D). Another transaction again done by the same Dilip Kumawat on the behest and authority of Shankar Lal Khandelwal in favour of Smt. Renu Khandelwal, w/o. Shri Tikam Khandelwal (Brother of Shankar Lal Khandelwal) for a consideration of Rs. 5.6 Cr vide Board Resolution dated....
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....y 2016 and till 03.11.2021 same condition was there. It confirms that the building was not habitable, and buyers will not buy any under construction building by paying full consideration. Further, the assessee contradicts the clause of sale deed, wherein it was stated that vacant and peaceful possession was handed over, as the present directors and the assessee company still possess the same. H). The assessee company has taken loans from M/s. Reliance Home Finance Ltd. by mortgaging the title deed of the land on which the project is going on and without receiving NOC from the lender, transfer of the property is not legally feasible and there is no reference of this fact in any of the sale deed executed and discussed (supra). 4. ....