9911796707
TMI Blog2019 (11) TMI 1429X X X X Extracts X X X X X X X X Extracts X X X X ..... ble Income Tax Settlement Commission by buyers as to undisclosed income invested in purchase of this Crompet property were all looked into by the AO. There is search and seizure operations conducted by Revenue and there were seizure of incriminating material during the course of search operations. In the said seized material, there is a mention of date wise cash payments made for purchase of Crompet Property which was found to be over and above sale consideration of ₹ 28 crores as mentioned in registered sale deed. The guideline value of property was found to be in excess of value mentioned as sale consideration in the registered sale deed. The statements of three personnel of Pothys Private Limited namely Managing Director, Chi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... /Chny/2019 arising out of appeal in ITA No.3152/Chny/2019 for Assessment Year (ay) 2015-16 seeking stay of demand of disputed tax and interest amount aggregating to ₹ 15,47,06,467- as reflected in Stay Petition filed with Income Tax Appellate Tribunal, Chennai Benches, Chennai. 2. The back ground of the assessee s case is that the assessee is an individual who sold her property situated at No. 46, Ragaswamy Street, Zamin Pallavaram , Crompet , Chennai ( Crompet Property ) to Sri KV.P. Sadayandi others , vide sale deed registered as document No. 9676/14 dated 20.11.2014 for stated sale consideration of ₹ 28 crores in registered sale deed. There was a search and seizure operations conducted by Revenue u/s 132 of the Income-ta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ivate Limited, Mr Sultan Mohideen , Chief Accountant and Mr S. Balasubramanian, Accounts Assistant of Pothys Group, all of whom in their statements recorded during search operations stated that aforesaid seized material contained details of unaccounted money generated through cash sales made out of books of accounts by Pothys Private Limited which were used to make payments of on-money to assessee for purchase of Crompet Property. Based on above disclosures, an amount of ₹ 44,95,37,490/- was admitted as an additional income by Mr S. Ramesh , Managing Director which also covered payments made for purchase of other properties as well aforesaid Crompet property . Later, the buyers offered for taxation income of ₹ 17,57,87,000/- tow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal and no amount whatsoever is paid by assessee post assessment. As per garnishee notices bearing number TRC No. 46/CC-1(3)/2018-19 dated 05.11.2019 issued by TRO, Central-1, Chennai an amount of ₹ 20,97,29,532/- is payable by assessee. The said notice is placed in paper book /page 2. It is submitted before us that properties and bank accounts of the assessee are attached by Revenue. Before us prayers are made that assessee is facing financial difficulties and hence she is not in a position to pay any amount towards income-tax and interest payable by her. However, the assessee has chosen not to file any financial statements/ statement of affairs/Balance Sheet / bank statements etc. before the tribunal to prove that she is facing f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deline value which was found to be in excess of value as shown in registered sale deed, recording of statement of three personnel s of Pothys Private Limited, surrender of income by buyers towards purchase of this property, offer of income made in an application made before Hon ble Income Tax Settlement Commission by buyers as to undisclosed income invested in purchase of this Crompet property were all looked into by the AO. Similarly, the case of Riveria Properties Private Limited v. ITO in ITA No. 250/Mum/2013 relied upon by learned counsel for assessee is distinguishable as it was a case wherein no independent enquiries were made by the AO . In the instant case before us, there is search and seizure operations conducted by Revenue and th ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
