9911796707
TMI Blog2016 (9) TMI 1534X X X X Extracts X X X X X X X X Extracts X X X X ..... ount received from the company. The transactions were regular. The assessee produced the evidence before the lower authorities to justify the transaction as a business transaction on the basis of agreement to sale dated 22.7.2009. There were certain conditions as per this Ikrarnama, which could not be fulfilled by the assessee but it does not mean that assessee's loans and advances are not for business purposes. Assessee had explained the reasons for not getting 90B done of agricultural land at Village Ajayrajpura, Tehsil Sanganer as Draft Master Plan got changed by the JDA by draft Notification dated 10.11.2009 wherein it has been decided by the JDA that land use under 90B was to be approved not less than 25 acres but in final Maste ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... kh was withdrawn on 10.7.2009 which was used for repayment of land to Smt. Renu Agarwal and for payment for construction of the appellant's house at 10B plot. Similarly another ₹ 10 lakh was withdrawn on 13.7.2009 which was used primarily for construction of his house. Another amount of ₹ 8.65 lakh was withdrawn from the company which was used for payment of ₹ 5 lakh for purchase of plot from Kavindra Jain. Thus the amounts were being withdrawn by the Managing Director i.e. the assessee from the company and were being used by him for his personal benefit that is for construction of his house, repayment of loans, payment of his advance tax, LIC premium, loan installment payment to ICICI Bank etc. and for purchase of lan ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 13.10.2009, ₹ 1.25 lakhs on 15.10.2009, ₹ 5 lakhs on 26.10.2009, ₹ 5 lakhs on 29.10.2009, ₹ 20 lakhs on 10.2.2010 and ₹ 60 lakhs on 10.3.2010 (₹ 20 lakhs each) and ₹ 13 lakhs on 10.3.2010 and ₹ 1.25 lakhs on 10.3.2010 which show that there are numbers of transactions between the assesse and company. Finally, the assessee's account has been squared up. The assessee and company are in real estate business. It is a general practice in the line of business that most of the land are purchased and sold on agreement to sale basis to save the stamp duty and to increase the profit on the transactions. These facts have been accepted by the AO in scrutiny assessment also in number of years. The cond ..... X X X X Extracts X X X X X X X X Extracts X X X X
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