9911796707
TMI Blog2017 (7) TMI 803X X X X Extracts X X X X X X X X Extracts X X X X ..... out by the Revenue. The present case is regarding Section 143(3) thus the facts are different from the ratio laid down in case of Westline Developer Pvt. Ltd.. The CIT (A) has rightly made observations that there is concrete evidence in form of seized material to show that interest is paid and received by seller on the extension of PDCs while analysing the seized documents. The CIT(A)’s order is upheld. X X X X Extracts X X X X X X X X Extracts X X X X ..... t evidence. 3.2 That without prejudice the CIT(A) erred in upholding the addition of interest for the period for which PDC's were extended. 3.3 That without prejudice the CIT(A) erred in not quantifying the addition and instead giving ambiguous directions to compute the interest after six months from the date of sale. 4. That the orders passed by the Assessing Officer and Commissioner of Income Tax (Appeals)-XXXIII, New Delhi are bad in law and void abinitio. 5. The appellant craves permission to add, amend, alter or vary all or any grounds of appeal on or before the date of hearing of the appeal. I.T.A. No. 1366/DEL/2013 1 On the facts and in the circumstances of the case, the CIT(A) has erred in deleting the addition ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ages of Faridabad such as Kherikhurd, Kherikalan, Budena, Bhatola, etc. The A.O noticed from the seized documents that the group was following a business model as a part of which only part payments of the sale considerations in respect of lands purchased were paid at the time of execution of sale deed and the payment of balance sale consideration was invariably made through post dated cheques (PDCs) and for the intervening period i.e. period between the date of sale deed and the date of encashment of PDC, interest was paid in cash to the vendors of the land by the vendee company on monthly basis @ 1.25% p.m. on the amount of PDC. During the course of post search enquiries, it was noticed that the said payment of interest by the vendee compa ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ,333/- Netrapal 31-05-2006 54,63,333 05-02-2007 8 ₹ 5,46,333/- Bed Pal 31-05-2006 54,63,333 05-02-2007 8 ₹ 5,46,333/- Sunder 31-05-2006 54,63,333 05-02-2007 8 ₹ 5,46,333/- Devender 31-05-2006 54,63,333 05-02-2007 8 ₹ 5,46,333/- Lado 31-05-2006 54,63,333 05-02-2007 8 ₹ 5,46,333/- T o t a l ₹ 48,01,436/- 5. Being aggrieved by the assessment order the assessee filed appeal before the CIT (A). The CIT (A) held that the Assessing Officer utilized documents seized from the premies of BPTP and group companies' however the assessment order nowhere mentions that any part of the seized material belong to assessee company. The CIT (A) further observed that the assessee company is one ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hs. Taking these facts into consideration. It would be proper to compute interest after 6 months from date of Sale on conservative side. Accordingly this ground is partly allowed." 6. The Ld. AR submitted that there is no search with the present assessee but the search was at the premises of BPTP. The Ld. AR further submitted that the facts of the case of the assessee are identical with the Tribunal's order in case of M/s. Westline Developers Pvt. Ltd. (ITA No. 1757/Del/2013 for A.Y. 2006-07 dated 23.11.2015). The material which has been utilized by the Assessing Officer for making the assessment in the present case is same as was utilized for taking action u/s 147 and also for making assessment in the case of M/s. Westline Developers Pvt ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
