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TMI Blog2015 (2) TMI 1255X X X X Extracts X X X X X X X X Extracts X X X X ..... V. Mehrotra (Accountant Member) And A. T. Varkey (Judicial Member) For the Appellant : Parwinder Kaur, Sr. DR For the Respondent : V. K. Rastogi, AR ORDER A. T. Varkey (Judicial Member) This is an appeal preferred by the revenue against the order of the ld CIT(A),XXXIII, New Delhi dated 24.12.2012 for Assessment Year 2007-08. 2. The sole ground raised by the revenue is that of deletion of addition of ₹ 19,41,541/- on account of interest on post dated cheque (PDC) paid out of books of account. 3. Brief facts of the case is that The assessee company belongs to the BPTP Group. The BPTP Ltd and its Group companies are engaged in the business of real estate. A search seizure operation was carried out on BPT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rection for the recalculation of the interest on PDC s:- Learned AR has been maintain all along that interest is not paid as all the receipts are only memorandum only. Analysis of these above seized document reveals that these seized documents definitely proves that interest is paid on PDCs. Various voucher in seized documents conclusively proves that the recipient has signed on voucher for receipt of the interest. Ld AR's contention that these are only working of interest claimed by seller for putting up before senior management does not appear to be convincing. In case of claim, the receiver will not sign the voucher as recipient. Amounts are specific and calculation is 15% per annum. Therefore, Ld AR without conceding that the i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... .( M/s BPTP and Associate companies) including the appellant company' as evidence is found in respect of various companies of BPTP and some seized paper could not be related to specific company. Therefore, it is proper to apply this formula for all companies under the common management of BPTP Group, head by Shri Kabul Chawla. All these companies are closely linked. Some companies purchase land and transfer the same to M/s BPTP Ltd, or Countrywide Promoters (P) Ltd. for Housing or commercial projects are ultimately developed and sold by M/s BPTP Ltd and Countrywide Promoters Ltd. or in stray case by some other companies. Assessing Officer has applied the case of Eusuf Ali for applying interest on PDCs for all companies of BPTP Group for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d relevant material placed before us. At the outset, the ground raised by the Revenue is misconceived because learned CIT(A) has not deleted the addition of ₹ 5,06,625/- but has only directed to recalculate the, interest. We have carefully gone through the order of the learned CIT(A) and also the submissions of both the parties and we do not find any infirmity in the order of the learned CIT(A). After examining the loose papers seized at the time of search at the assessee's premises, it was noticed that interest is paid on the PDCs only during the period of extension of PDCs and, therefore, he directed the Assessing Officer to recomputed the interest on PDCs at the time of extension of the PDCs. He has further observed that if it ..... X X X X Extracts X X X X X X X X Extracts X X X X
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