TMI Blog2014 (11) TMI 558X X X X Extracts X X X X X X X X Extracts X X X X ..... receipts cannot be considered as income - the sums which as per the noting in the seized document, related to Financial Years 1998- 99 and earlier period, could not be treated as income of any of the AYs. 2001-02 to 07-08 the order of the Tribunal is upheld Decided against revenue. - Income Tax Appeal No.1045 of 2012, Income Tax Appeal No.1047 of 2012, Income Tax Appeal No.1098 of 2012, Income Tax Appeal No.1117 of 2012, Income Tax Appeal No.1129 of 2012 - - - Dated:- 5-11-2014 - S. C. Dharmadhikari And A. A. Sayed,JJ. For the Appellant : Mr. Arvind Pinto For the Respondents : Mr. P. J. Pardiwalla, Sr Adv. i/b Mr Atul K. Jasani ORDER P. C. 1. In these Appeals which challenge the order passed by the Income Tax ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t was undertaken by the Assessee around 1992-1993 at Dahanukar Wadi, Kandivalli (West), Mumbai. That project faced several hurdles and obstacles including litigations and later on the land owner terminated the rights conferred in the Assessee. In the meanwhile, the Assessee had already allotted flats to prospective purchasers. Therefore, the Assessee thought it fit to dispose of the project and he approached one Shri Athiti N. Patel. The loose papers found in the course of search were the details given to Shri Athiti N. Patel so that he can take over the project. However, the said Shri Athiti N. Patel also did not show any interest in taking over this project. 4. In the course of assessment proceedings in the case of M/s. Athiti Group, t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessee had to settle all the advances received by it from the prospective purchasers of flats. Thus the receipts cannot be considered as income. In any event, the sums in question which as per the noting in the seized document, related to Financial Years 1998- 99 and earlier period, could not be treated as income of any of the A.Ys. 2001-02 to 07-08. We, therefore, agree with the conclusions of the CIT(A). 6. When such findings of facts and concurrently rendered were brought to the notice of Mr. Pinto all that he could point out was the Appeals raise substantial questions of law on interpretation of the legal provisions and therefore deserve admission. Pertinently, in the Memo of Appeals, the Revenue does not urge that the findings of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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