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DCIT, CIRCLE-11 (1) , NEW DELHI Versus M/s I.G. BUILDERS AND PROMOTERS (P) LTD.

2016 (6) TMI 520 - ITAT DELHI

Addition on account of income from undisclosed sources - Held that:- We find that the payments have been made as per Collaboration Agreement and ledger account shows the amount of ₹ 21 lacs paid to the owner Sh. Hanwantbir Singh and the copy of construction account of the property No. C-550, Defence Colony, New Delhi in the books of M/s IG Builders and Promoters Pvt. Ltd. The assessee has not purchased this property directly from the owner but has only entered into collaboration agreement .....

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dition. - I.T.A. Nos. 1405 & 1407/DEL/2009 - Dated:- 28-4-2016 - SHRI H.S. SIDHU, JUDICIAL MEMBER AND SHRI J.S. REDDY, ACCOUNTANT MEMBER For The Department : SH. A.K. Saroha, CIT(DR) For The Assessee : Sh. Vinod Aggarwal, CA ORDER PER H.S. SIDHU : JM The Department has filed these Appeals against the separate impugned Orders both dated 23.1.2009 of Ld. CIT(A)-XV, New Delhi pertaining to assessment years 2003-04 & 2006-07 respectively. Since the issues involved in these appeals are common a .....

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he assessee for AY 2006-07 when the issue did not arise out of appeal for AY 2003-04. iii) On the facts and circumstances of the case and in law, the CIT(A) has erred in directing that income of AY 2006-07 be modified when the ground of appeal for present assessment year have been duly dismissed. iv) The appellant craves leave to add, alter or amend any ground of appeal raised above at the time of hearing. ITA NO. 1405/DEL/2009 (AY 2003-04) 3. The brief facts of the case are that the assessee co .....

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e found and seized. Since the premises of the assessee was covered u/s. 132 of the I.T. Act, notices u/s. 153A of the I.T. Act were issued for six assessment years on 6.11.2006 and served on the assessee. In response thereto, the assessee furnished the return of income on 30.8.2007 showing the total income of ₹ 1,54,270. The assessee filed the original return on 4.11.2003 showing the total income at ₹ 1,54,270/-. The assessee did not offer any additional income in the return filed in .....

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by the aforesaid order of the Assessing Officer dated 31.12.2007, assessee filed an appeal before the Ld. First Appellate Authority, who vide impugned Order dated 23.1.2009 has partly allowed the appeal of the Assessee. 5. Aggrieved with the aforesaid finding of the Ld. CIT(A), Revenue is in appeal before the Tribunal. 6. Apropos Ground No. 1 relating to deletion of addition of ₹ 91 lacs on account of income from undisclosed sources is concerned. 6.1 On this issue, Ld. DR relied upon the o .....

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ledger account shows the amount of ₹ 21 lacs paid to the owner Sh. Hanwantbir Singh and the copy of construction account of the property No. C-550, Defence Colony, New Delhi in the books of M/s IG Builders and Promoters Pvt. Ltd. The assessee has not purchased this property directly from the owner but has only entered into collaboration agreement for construction of said property and thereby became the owner of 2nd floor and terrace on the 2nd floor of the said property C-550, Defence Col .....

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he ground No. 1 raised by the Revenue. 7.1 Since we have already upheld the order of the Ld. CIT(A) on the ground no. 1 i.e. deletion of addition of ₹ 91 lacs, hence, the issue involved in ground no. 2 and 3 have become academic, therefore, we are not adjudicating the same. In the result, this Appeal filed by the Revenue stands dismissed. ITA NO. 1407/DEL/2009 (AY 2006-07) 8. The grounds raised in ITA No. 1407/Del/2009 (AY 2006-07) read as under:- i) On the facts and circumstances of the c .....

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uction of business. In this case, a search u/s. 132 of the I.T. Act was carried out on 28.3.2006 at the business premises of the assessee as well as residential premises of the Directors namely Sh. Gireesh Chaudhary and Smt. Ira Chaudhary were also covered. The assessee company as well as the proprietorship concerns have undertaken various projects in Defence Colony and surrounding localities. During the course of search, certain incriminating documents / papers were found and seized. Since the .....

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reserves. The disclosure was on account of expenses. Thereafter, notice u/s. 143(2) of the I.T. Act was issued on 5.9.2007 and served on the assessee on 7.9.2007 and in response to notices u/s. 143(2) and 142(1) of the I.T. Act, Assessee s Authorised Representative attended the proceedings and filed the details. Thereafter, the AO assessed the total income at ₹ 1,68,66,260/- by making various additions vide order dated 31.12.2007 passed u/s. 143(3) read with section 153A of the I.T. Act. .....

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upon the order of the AO and reiterated the contentions raised in the grounds of appeal filed by the Revenue. 12.2 On the other hand, Ld. Counsel of the Assessee relied upon the order of the Ld. CIT(A) and stated that Ld. CIT(A) has passed a well reasoned order which does not need any interference and the same may be upheld. 13. We have heard both the parties and perused the records, especially the Orders of the revenue authorities, we find that on this issue AO s contention was that the front p .....

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ssessee s regular books of accounts and with reference to the seized documents. The front side of page 8 is as regards a property at D-431, Defence Colony. The assessee has not undertaken any development work on D-431, Defence Colony as per its work in progress account or purchase account for A.Y. 03-04, 04-05, 05-06 or 06-07. The import of page 8 of A-7 is therefore not relevant for deciphering the contents of the entries on the reverse side of page 8. The second possibility under which the ent .....

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entries in the reverse of page 8 of A- 7 and the entries on the front side of the said page. as also the assessee s projects from A.Y. 03-04 to 06-07. Therefore, the ld. CIT(A) has rightly held that the entries on the reverse side of page 8 of A-7 could not have been deciphered as any income from undisclosed sources. Thus the ground was rightly allowed. In view of the above, we do not find any infirmity in the order of the Ld. CIT(A), hence, we uphold the same on this issue and dismiss the grou .....

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