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TMI Blog2019 (5) TMI 1645X X X X Extracts X X X X X X X X Extracts X X X X ..... his order shall dispose of two appeals bearing ITA Nos.362 and 385 of 2018 as according to learned counsel for the revenue, similar issue is involved therein. For brevity, the facts are being extracted from ITA-362-2018. 2. ITA-362-2018 has been preferred by the revenue under Section 260A of the Income Tax Act, 1961 (in short "the Act") against the order dated 13.12.2017 (Annexure A-VI) passed b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 10.2005 for the development of a residential colony. In the assessment year 2006-07, the assessee had paid a sum of Rs. 93,63,000/-. The Assessing Officer framed the assessment under Section 143(3) of the Act vide order dated 30.3.2013 (Annexure A-I) making addition of Rs. 93,63,000/- along with Rs. 55,000/- (for not maintaining books of account) on account of undisclosed income under Section 69 o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e Assessing Officer and upheld by the CIT(A) on account of unexplained investments in the purchase of land. The income was held to be taxable in the hands of the Company-M/s Basera Realtors Pvt. Ltd. instead of the asessee. The assessee assailed the penalty order dated 30.03.2015 by filing an appeal on 27.4.2015 before the CIT(A). The CIT(A) vide order dated 13.4.2017 (Annexure A-IV) quashed the p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 8-09 as the Tribunal had deleted the entire addition on the basis of which the said penalties were levied. The said order of the CIT(A) was upheld by the Tribunal by observing that once the additions stand deleted, the appeal of the revenue has no merit and accordingly dismissed the appeal. Further, once the quantum additions have been deleted by the Tribunal vide order dated 18.12.2015 (Annexure ..... X X X X Extracts X X X X X X X X Extracts X X X X
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