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TMI Blog2019 (3) TMI 1733X X X X Extracts X X X X X X X X Extracts X X X X ..... 3A of the Income-tax Act, 1961 [hereinafter referred to as 'the Act'] was carried out in the premises of the assessee at 9, K.G. Marg, New Delhi and also at Kundli, Sonepat, Haryana. During the survey proceedings at Kundli premises, three loose papers were found from the accounts office, which were subsequently impounded. These loose papers revealed the broker-wise dues to be recovered by the assessee on 12.01.2005 totalling to Rs. 1,46,55,94,222/-. The three loose impounded papers are as under: First page a.k. khattar (huf) '29,571,56 alfa associates 154,135,0 alfa associates-2 80,945,10 aman mehra 14,301,24 amarieet sinqh qiani 27,682,35 amarieet sinqh qiani 27,682,35 arun khera 12,788,36 ascent properties 15,008,25 ascent properties-ii 7,218,375 ashwani iain & vikash jain 2,952,965 atul traders/covishvanath estates 18,709,29 bankey bihari estates 23,244,72 bhatia associates 37,648,41 bhatia associates 17,321,21 capital property 10,741,00 dnt 17,200,25 fair deal properties (r) 31,281,67 qalaxy associates 69,543,93 qaurav buildwell 18,252,50 qoel mintri & associates 10,382,91 heaven associates 18,890,30 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 57.716,163 Staff selection properties 19.288,141 shrabak & associates 13.554,475 shri aditya estate / rakesh Bhardwaj 39.564,686 shubam aqena'es 10.991,375 surendra buildtech 68.249,943 surendra 14,992,600 swastik estate 17.797,655 taneia & co. p. ltd. 15.784,131 tirupati marketinq 13.087,600 uttam property 13.295,250 vardhman assc. -2 27,623,654 vardhman associates pvt. 76,724,703 vijay kumar & co. 17,400,000 Total 1,465,594,222 vardhman assc.-2 27,623,654 vardhman associates pvt. 76,724,703 vijay kumar {k co. 17,400,000 Total 1,465,594,222 5. The assessee was asked to explain the entries in the loose sheets with its books of account. 6. In its reply, the assessee admitted that the loose papers contained details of tentative dues on 12.01.2005 of the amounts recovered from the allottees/proposed allottees and were sorted out broker wise through whom the allotment of plots/flats were being made. 7. However, the assessee pointed out that the loose sheets were impounded from the site office of M/s TDI Infrastructure Pvt Ltd [earlier knows as Intime Promoters Pvt Ltd.], which is the respondent in ITA ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntime Promoters Pvt. Ltd. (now known as M/s. TDI Infrastructure pvt. Ltd. ) in the assessment year 2006-07. This issue would be looked into separately at the time of submitting the report for M./s. Intime Promoters Pvt. Ltd. (now known as M/s. TDI Infrastructure Pvt. Ltd.) for A.Y. 2005-06." 11. After considering the report of the Assessing Officer, the CIT(A) was convinced that the seized documents, on the basis of which the addition has been made, belong to the sister concern of the assessee i.e. M/s Intime Promoters Pvt Ltd. and, accordingly, deleted the addition in the hands of M/s Taneja Developers and Infrastructure Ltd. 12. Since the substantive addition was deleted, the protective addition made in the hands of the M/s Intime Promoters Pvt Ltd became substantive. 13. In the appellate proceedings of M/s Intime Promoters Pvt Ltd, once again the CIT(A) called for remand report from the Assessing Officer. The Assessing Officer submitted his remand report and the same is as under: "So far as report in this case i.e. M/s Intime Promoters pvt. Ltd. for A.Y 2005-06 (now known as M/s TDl Infrastructure Ltd.) is concerned, on perusal of the document impounded during the surve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ccounts produced by the assessee, it is also seen that the assessee company has received the amount in the following financial years:- Amount recovered Amount received 31.3.2006 629867909/- 31.3.2007 649922177/- 31.3.2008 26054544/- 31.3.2009 19429004 31.3.2010 7146596/- 31.3.2011 7483517/- 31.3.2012 1345581/- 31.3.2013 4641485/- Current Year 95632/- Total 1345986447/- Pending 78850502/- Gross Total 142,48,36,949/- Yours faithfully, Sd (Mahender Singh Badgujar) Asstt. Commissioner of Income Tax, Central Circle-18, New Delhi" 14. After considering the remand report, the CIT(A) was convinced that the seized papers belong to M/s Intime Promoters Pvt Ltd and the same pertain to A.Y 2005-06. 15. Coming to the entries totalling to Rs. 1,46,55,94,222/-, as per the remand report, the CIT(A) found that entries amounting to Rs. 4,07,57,273/- were double entries and, therefore, correct amount is Rs. 1,42,48,36,949/-. The CIT(A) further found that the entries relating to this amount were found to be duly recorded in the books of account and the assessee has received Rs. 1,34,59,86,447/- and the balance sum of Rs. 7,88,50 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct, the CIT(A) called for remand report. The office letter of the CIT(A) reads as under: "The Assistant Commissioner of Income-tax, Central Circle -18, Jhandewalan Ext., New Delhi. Sub:- Appeal Nos. 573/2009-10 in the case of Taneja Developers and Infrastructure Ltd. for the Assessment year 2005-06- Reg.- The appeal proceedings in this case are in progress and it is seen that one of the addition relates to the amount received from Rangoli Buildtech P. Ltd. and Epic Developers P. Ltd. of Rs. 20 crore under section 68. During the course of appellate proceedings the appellant has stated that from Rangoli Buildtech P. Ltd no amount is received rather Rangoli Buildtech P. Ltd. appears as the debtors. You are requested to please confirm this fact from your records. As regards, the amount received from Epic Developers the appellant stated that they have received 14.50 crore and to prove the genuineness and creditworthiness of the transaction, they filed the bank statement and confirmation during the assessment proceedings vide their letter dated 17.12.2007. The appellant has now again filed before me the confirmation, bank account details and filed additional evidence in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... llowing payments have been made and received in the financial year under consideration: - S.No Date Debit credit 1. 13.01.2005 8,50,00,000 2. 28.01.2005 5,00,00,000 3. 08.02.2005 5,00,00,000 4. 11.03.2005 61,00,000 5. 19.03.2005 1,80,00,000 6. 23.03.2005 80,00,000 7. 24.03.2005 30,00,000 8. 28.03.2005 40,00,000 9. 29.03.2005 1,35,00,000 Total 10,00,00,000 13,76,00,000 The account of M/s RangoliBuildtech Pvt. Ltd. has been duly verified with the bank account of the assessee company which reveals that the assessee company is creditors of Rs. 3.76 cr. and there is debit account of M/s Rangoli Buildtech. A letter to M/s Rangoli Buildtech was issued on 8.11.2013 for verification which has been received on 6.12.2013. The information received from M/s Rangoli Buildtech Pvt. Ltd. reveal that an amount of Rs. 3.76 cr. is debit account of M/s Rangoli Buildtech Pvt. Ltd. during the year under consideration." 23. On a perusal of the remand report, the CIT(A) was convinced that M/s Rangoli Buildtech Pvt Ltd was, in fact, a debtor of the assessee and, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Act. However, this burden of proof is not permanent but keeps oscillating, meaning thereby, that once the initial burden has been discharged by the assessee, the burden shifts upon the revenue to make further enquiry. The letter written by the CIT(A) to the Assessing Officer, which is exhibited elsewhere, clearly shows that the CIT(A) has directed the Assessing Officer to make necessary enquiry from the two creditors. 29. The remand report of the Assessing Officer clearly reveals that he did make enquiry from M/s Rangoli Buildtech Pvt Ltd and came to the conclusion that M/s Rangoli Buildtech vpt Ltd is, in fact, a debtor of the assessee and not a creditor. In so far as M/s Epic Developers Pvt Ltd is concerned, the bank statements clearly show that there was no cash found to be deposited before issuing cheque to the assessee company. Moreover, the balance sheet of M/s Epic Developers Pvt Ltd clearly shows that they have received Rs. 17.35 crores from Benda Amtek Ltd and Amtek Auto Ltd and from this, Rs. 17.35 crores, have lended Rs. 14.50 crores to the assessee. 30. If the CIT(A) has exercised his power vested upon him by provisions of section 250(4) of the Act, the same cannot ..... 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