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TMI Blog2014 (3) TMI 261X X X X Extracts X X X X X X X X Extracts X X X X ..... see failed to produce the same - It is claimed that agreements to sell were prepared with respect of the deal with the intended sellers - no evidence was filed in this regard. The assessee also claims that he came to know at later stage that the land, which was intended to be purchased, was already identified by the HUDA for the purposes of housing complex for M/s. Omaxe Limited - None of the claims of the assessee as made in letter are substantiated by any documentary evidence - Even the concerned persons with whom the transaction were made or negotiated were not produced – thus, the claim of assessee that cash withdrawal was not utilized for other purposes have remained unproved - Primary onus is on assessee to substantiate the claim o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncorrect facts and finding and without giving adequate opportunity of hearing to the assessee 3. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in not reversing the action of Ld. A.O. in charging interest u/s 234B and 234C of the Income Tax Act, 1961. 2. ITA No.1844/Del/2011 is assessee s appeal in the case of Shri Siddharth Jain, the assessee in ITA No.1843/Del/2011, challenging the action of the CIT (A) in confirming the levy of penalty of Rs. 8,00,000/- u/s 271B of the IT Act. 3. The Assessing Officer made addition of Rs. 53,81,355/- in the case of Subhash Chand Jain, the assessee in ITA No.1842/Del/2011 and of Rs. 9,50,000/-, in the case of Siddharth Jain, the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nor was any evidence brought to support the claim that the deal did not materialize and the cash withdrawal was not utilized; that further, it had been claimed vide letter dated 18.11.2010, that during the period relevant to Assessment Year 2005-06, the assessee was in the process of acquiring land in the revenue estate of village Mehrauli, Tehsil Hauz Khas, New Delhi and it was negotiated jointly with his father (Shri Subhash Chand Jain, the assessee in ITA No.1842/Del/2011) and his brother (Shri Siddharth Jain, the assessee in ITA No.1843/Del/2011), to launch a residential complex; that as such, none of these claims of the assessee, as made in letters dated 29.03.2010 and 18.11.2010 stood substantiated by any documentary evidence; that e ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... entary evidence in this regard. Assessee s claim that the amount was withdrawn for initial payments to land owners though Satbir Singh with whom the assessee was negotiating to purchase the land but assessee failed to produce the same. It is claimed that agreements to sell were prepared with respect of the deal with the intended sellers. However, no evidence was filed in this regard. The assessee also claims that he came to know at later stage that the land, which was intended to be purchased, was already identified by the HUDA for the purposes of housing complex for M/s. Omaxe Limited. But no supporting evidence was filed. It is claimed that the deal was not materialized and the cash withdrawal was not utilized. This claim also not support ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... r had been passed without giving adequate opportunity to the assessee. Therefore, in the interest of justice and equity, we restore the issue to the file of the Assessing Officer. 8. Since the matter in ITA Nos.1842/Del/2011 and 1843/Del/2011 is exactly similar to and directly connected with the case of Manan Jain (supra), in the interest of justice, for a just decision of the matter, we remit these appeals to the file of the Assessing Officer, to be decided afresh in accordance with law, on affording due opportunity of hearing to the assesses, in the light of the decision to be taken in the case of Manan Jain (supra). ITA No.1844/Del/2011 is also remitted to the Assessing Officer, to be decided afresh in accordance with law, on aff ..... X X X X Extracts X X X X X X X X Extracts X X X X
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