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TMI Blog2016 (6) TMI 1024X X X X Extracts X X X X X X X X Extracts X X X X ..... ssee filed return of income on 19.10.2000 for the Assessment Year 2000-01 declaring 'nil' income. Said return was processed under Section 143 (1) of the Income Tax Act, 1961 (for short, "the Act"). Thereafter, the Assessing Officer, issued notice under Section 148 of the Act for reopening assessment. After the return was filed, notice under Section 143 (2) of the Act was issued and, thereafter notice under Section 142 (1) of the Act was also issued. In response to the said notice, the representative of the assessee attended the hearing before the Assessing Officer from time to time and submitted details, which were called for by the Assessing Officer. The Assessing Officer, after considering the details submitted on behalf of the as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sit, out of which Rs. 1,55,50,000/- had been received from the following persons:- Sr. No. Name of the person Amount in Rs. Date of deposit 1 Ashoka Diamond 5,75,000 20.07.1999 2 Bhartibhai Vaghjibhai Vora 6,00,000 20.07.1999 3 Bhanwarlal K. Nama 5,55,000 20.07.1999 4 Bharat Gems 5,30,000 20.07.1999 5 Chinubhai R. Shah 6,00,000 20.07.1999 6 Chunilal B. Savalia 5,00,000 20.07.1999 7 Chandrakant C. Soni 5,50,000 20.07.1999 8 Dhara Gems 5,00,000 20.07.1999 9 Ganesh N. Prajapati 5,60,000 20.07.1999 10 Heena Diamond 5,00,000 20.07.1999 11 Hirabhai Dalichand Patel 5,60,000 20.07.1999 12 Jaysukh S. Mehta 5,50,000 20.07.1999 13 Jayantilal T. Mehta 5,90,000 20.07.1999 14 Jayantibhai Kalubhai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... have also gone through the impugned order. The Tribunal has observed that all the aforesaid 23 persons, except Shri Kailashbhai Tulsibhai Patel, from whom deposits were received are the income tax assessees. They are having PAN numbers. The amounts have been received through the banking channels. Copies of accounts of each depositor were duly filed. The assessee has duly explained in respect of each of the depositors and the circumstances under which deposits were received by the assessee. The deposited money represents the amounts towards booking received initially through M/s.Siddharth Corporation along with which the assessee has engaged in joint venture of developing the project on the land which was allotted from Surat Municipal Corpo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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