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TMI Blog2018 (5) TMI 2071X X X X Extracts X X X X X X X X Extracts X X X X ..... from the date after the six months of issue of such post dated cheques i.e. from the date cheques i.e. from the date of execution of sale-deed. 2. On the facts and in the circumstances of the case and in law the CIT(A) has erred in holding that additional payment made to the owners of the land is allowable as an expenses u/s 37 of the Act. 3. The order of the ld CIT(A) is erroneous and in not enable on facts and in law." 3. Brief facts culled out from the assessment order shows that search and seizure operations were carried out at the various premises of M/s BPTP limited and its group concern, associated persons on 07/12/2010, and finally concluded on 5/2/2011. The assessee is one of the associated concerns of that group. Notice und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the sale deed and ostensibly, without specifying the purpose and the assessee company thereby increased the cost of the land by the additional payments made. The Ld. assessing officer relying on the assessment order of the other group companies made the above addition as according to him it is nothing but a made up affairs and the payments made are not genuine and hence not admissible as a cost of land. 6. Consequently the assessment order under section 153A of the act was passed on 25/3/2013 determining the total taxable income of the assessee or at Rs. 4 3, 23, 100/-. 7. The assessee aggrieved with the order of the Ld. assessing officer has preferred an appeal before the Ld. CIT (A). On the issue of the post dated cheques and int ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as there are instances of not confirming the receipt by the few sellers. Therefore, he partly allowed the above ground. The revenue is in appeal before us. 8. The Ld. departmental representative relied upon the orders of the Ld. assessing officer and submitted that there is no justification for restricting the imputation of the interest only beyond 6 months. Therefore, he submitted that even for the 3 months period the interest is required to be taxed in the hands of the assessee and the order of the Ld. assessing officer deserves to be upheld. With respect to the other addition of Rs. 27 Lacs he relied upon the order of the Ld. assessing officer and submitted that when the Ld. assessing officer has categorically held that the assessee ha ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o. 1674/del/2013 and 1765/del/2013 for assessment year 2008 - 09 wherein the coordinate bench in order dated 31/10/2014 has held as under:- "5. We have heard the arguments of both the sides and perused relevant materials placed before us. At the outset, the ground raised by the revenue is misconceived because Ld. CIT (A) is not deleted the addition of Rs. 5, 06, 625 but has only directed to recalculate the interest. We have carefully gone through the order of the Ld. CIT (A) and the submissions of both the parties and we do not find any infirmity in the order of the Ld. CIT (A). After examining the loose papers seized at the time of search and the assessee's premises, it was noted that the interest is paid on the post dated cheques o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... price of the land. This issue is squarely covered in favour of the assessee by the decision of M/s westland developers private limited in ITA No. 1752/del/2013 dated 22/8/2014 for the assessment year 2006 - 07 is in that case such addition was deleted. The Ld. departmental representative could not controvert the above fact and further more that decision of the coordinate bench is further followed in several decisions by the coordinate bench wherein the similar issue was involved in the case of the group concerns. In view of this the above judicial precedent binds us and therefore respectfully following the decision of the coordinate bench we also direct the Ld. assessing officer to delete the addition of Rs. 27 Lacs made in the hands o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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