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TMI Blog2013 (6) TMI 621X X X X Extracts X X X X X X X X Extracts X X X X ..... ya,JJ. For the Petitioner : Sh. P. Dinodia R. K. Kapoor, CA For the Respondent : Sh. Tarun Seem, Sr. D. R. ORDER Per Shamim Yahya: AM. This appeal by the Assessee is directed against the order of the Ld. Commissioner of Income Tax (Appeals)-XXI, New Delhi dated 12.10.2012 pertaining to assessment year 2009-10. 2. The issue raised in the appeal is that Ld. Commissioner of Income Tax (A) erred in upholding the order of the Assessing Officer in making disallowance of Rs. 10,00,000/- representing amount written off. 3. The assessee in this case is engaged in the business of real estate development and allied activities. During the year assessee ha written off an amount of Rs. 10 lacs in respect of the amount refunded to ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer's action holding as under:- "I have gone through the findings of the Assessing Officer in the assessment order and written submission of the Ld. Authorised Representative. In this regard, it has been submitted that an amount of Rs. 10 lacs was given to Sh. Jagdish Nain vide cheque dated 24/9/2008 which is reimbursement of payment made by him to various farmers to whom amount has been paid in cash / cheque in the month of February, 2008. In this regard, receipt dated 21.2.2008 has been filed, wherein, name of the persons have been mentioned, who have received the payments. It has been stated by the Ld. Authorised Representative that the deal could not materialize so the amount has been written off. In the order, Assessing Officer has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e assessee was engaged in the business of purchase and sale of lands through broker, this remains undisputed. Hence, it is the claim of the assessee that a sum of Rs. 10 lacs has been incurred wholly and exclusively for the business of the assessee. In support of the above claim in the paper book the assessee has submitted before us, the details of land and communication through Sh. Jagdish Nain; copy of receipt issued by the land owners for Rs. 2 lacs and Rs. 8 lacs; copy of account payee cheque for Rs. 10 lacs issued in favour of Sh. Jagdish Nain duly acknowledged alongwith the bank statement. 6.2 We have carefully gone through the above submissions and documents submitted by the assessee. We find that it is undisputed that assessee was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hown under the head 'loans and advances' in the balance sheet as on 31.3.1991 - It is also an admitted position that the possession of the fats agreed to be purchased by the assessee was not given to the assessee and, thus, the transfer of flats within the meaning of Income tax Act was not given to the assessee and, thus, the transfer of flats within the meaning of Income Tax Act was not completed - the transaction to purchase property form M/s Gulmohar Estate Ltd. was related or incidental to the assessee's business. After taking into account the intention of the assessee, it is well settled that it is the intention of the assessee which would matter in deciding as to whether the property purchased were intended for carrying on business or ..... X X X X Extracts X X X X X X X X Extracts X X X X
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