9911796707
TMI Blog2023 (5) TMI 1361X X X X Extracts X X X X X X X X Extracts X X X X ..... not be secured by the assessee In view of the insolvency proceedings against the financier and because he is a non-resident in India HELD THAT:- Though DR opposed the prayer of the assessee, there is no material to contradict the fact that there were insolvency proceedings against DHFL and ultimately PHFL took over the DHFL company and also that Bank of Baroda entered the shoes of DHFL in respect of this particular loan. Assessee procured the documents from PHFL and Bank of Baroda and submitted now in the shape of additional evidence. The case of the assessee is that if these documents are considered in the light of the contentions raised by the assessee, assessee has got a fair chance of winning the matter. We are of the considered opinio ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in terms of section 5 of the Act, which is not taxable in India, assessee did not file the return of income for the assessment year 2015-16. 3. Learned Assessing Officer, however, noted from the ITBA Portal that assessee purchased immoveable property and also investment in Fixed Deposit. He, therefore, issued notice to the assessee. Assessee informed the learned Assessing Officer that he purchased immoveable property from M/s. Lodha Builders and paid the sale consideration of Rs.2.90 crores and also furnished the bank account statement. 4. Learned Assessing Officer recorded that the assessee did not submit any relevant verifiable sources for the investment made towards the acquisition of property. However, while considering the payments ma ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sustained by the learned DRP is without appreciating the facts on record with reference to the material available. As a matter of fact, the assessee explained the transaction and the source of funds for investment in the residential property. However, both the authorities sought the copies of the documents, which were not readily available with the assessee. 9. At the outset, assessee filed before us an application to admit the additional evidence in the shape of i. Housing loan statement from Piramal Capital Housing Finance Limited (PHFL) of the assessee namely Narasimha Rao Venkata Lakshmi Nandury; ii. Bank of Baroda Housing Loan Agreement taken over from DHFL; iii. Canara Bank NRE Account Statement of the assessee; iv. Canara Bank NRO Ac ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubmits that the assessee could secure all these documents, but with some delay due to the factors beyond control of the assessee. 11. In these circumstances, learned AR submits that in the interest of justice, these documents may be received and considered. He submits that these documents would conclusively establish that the entire sale consideration was not paid by the assessee to the financier in the assessment year 2015-16 itself and the assessee adhered to by the mile stones fixed by the financier for repayment. Assessee also submits with the chart, debiting the mile stones, payments made, source of payments viz., Canara Bank NRO/NRE account vis- -vis loan account receipts issued by the Lodha Group would prove his case. 12. Learned DR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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