9911796707
TMI Blog2023 (2) TMI 311X X X X Extracts X X X X X X X X Extracts X X X X ..... d income in form 3CB and 3CD, as there is no appropriate column to disclose such cheques which are taken (to secure the interests) in lieu of incomplete and unfulfilled agreement. Vide letter M/s. Shubhkamna Buildtech Pvt. Ltd. has asked for not depositing the issued cheques handed over vide agreement dated 04.03.2012 and to return the same. In this case, the argument of the ld. AR is understandable that if this income is considered as accrued, the claim of the Assessee is that the same became a bad debt and hence, needs to be allowed. Assessee before us claimed that the cheques on the basis of which the addition has been made, were never presented in its bank account and the said company i.e., M/s. Shubhkamna Buildtech Pvt. Ltd. has ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted into issuance of notice u/s. 148 of the Act on dated 29.03.2019, in response to which the Assessee filed its objections for reopening of the assessment proceedings u/s. 148 of the Act, which was disposed of vide office letter dated 13.12.2019 by the Assessing Officer. The Assessee in response to notice u/s. 148 of the Act filed its return of income on dated 21.11.2019 whereby an income of Rs.45,52,330/- for the year under consideration was declared. Subsequently, the Assessing Officer issued the statutory notice u/s. 142(1) of the Act. Thereafter, show cause notice dated 12.11.2019 was issued, however, the Assessee made no compliance. Therefore, in the constrained circumstances, the Assessing Officer passed the assessment order as ex ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to deliver the possession of the said flats to the allottees and stated to have refunded their deposits, therefore, the agreement between the Assessee and the said company was never honoured by the company. It is also a fact that the Assessee company has neither paid the service tax of Rs.49,95,500/- on the amount of commission of Rs.4,85,00,000/- nor deducted the tax at source to the tune of Rs.53,39,550/- on the amount of total of Rs.5,34,95,500/-. The Assessee in order to substantiate its claim also submitted that the cheques were never presented and realized as per certificate given by the bank, i.e., Axis Bank Ltd. Indirapuram. 3.1 The AO by considering the aforesaid peculiar facts and circumstances observed that vide agreement date ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ncome in form 3CB and 3CD, as there is no appropriate column to disclose such cheques which are taken (to secure the interests) in lieu of incomplete and unfulfilled agreement. Further, vide letter dated 31.05.2012, M/s. Shubhkamna Buildtech Pvt. Ltd. has asked for not depositing the issued cheques handed over vide agreement dated 04.03.2012 and to return the same. In this case, the argument of the ld. AR is understandable that if this income is considered as accrued, the claim of the Assessee is that the same became a bad debt and hence, needs to be allowed. The ld. Commissioner further observed that entire project came into dispute and allottees filed court cases against the builder and this fact of non construction and non actual hand ..... X X X X Extracts X X X X X X X X Extracts X X X X
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