9911796707
TMI Blog2014 (6) TMI 1073X X X X Extracts X X X X X X X X Extracts X X X X ..... ent plan by Kalyan Dombivali Municipal Corporation. There were several efforts made to have these properties released. Memorandum of Understanding was not withdrawn nor cancelled. In such circumstances, the Assessee continues to acknowledge the sum received and stated that it was a liability towards M/s. Highland Realities Pvt Ltd from the time the Memorandum of Understanding executed. It was thus of the view that it was obliged to return it. In these circumstances, both the Commissioner as well as the Tribunal found that Section 28(iv) will have no application. We do not find that a larger controversy or question needs to be gone into and based on the contentions raised by Mr. Malhotra. The correctness of the view taken in the case o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to the transaction allegedly finalized and in the form of Memorandum of Understanding based on which the said M/s. Highland Realities Pvt Ltd paid a sum of Rs.62,51,000/ as an advance. In these circumstances, when there was serious doubt with regard to the said transaction stated to be evidenced by an Memorandum of Understanding, then, the claim was rightly disallowed. Such finding of fact should not have been interfered with merely because another view was possible. Mr. Malhotra submits that the reliance by the Tribunal on its own order in the case of M/s Ahuja Graphic Machinery(I) Ltd, was entirely misplaced. 3 We have perused the concurrent orders impugned in this Appeal. The Assessee explained that it is a Private Limited Company in ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax (Appeals) found that merely because for some time the record could not be produced by the Assessee or M/s. Highland Realities Pvt Ltd nor complete information elicited from a person stated to be the Director of M/s. Highland Realities Pvt Ltd does not mean that Section 28(iv) will straights way apply. The circumstances in which the Memorandum of Understanding was executed, the sum received have been noted. The property in question was shown as reserved in the development plan by Kalyan Dombivali Municipal Corporation. There were several efforts made to have these properties released. However, the Memorandum of Understanding was not withdrawn nor cancelled. In such circumstances, the Assessee continues to acknowledge the sum received and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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