9911796707
TMI Blog2024 (7) TMI 534X X X X Extracts X X X X X X X X Extracts X X X X ..... sues, they are disposed of by this common order for the sake of convenience and brevity. 3. Briefly stated, the facts of the case are that the assessee company has been engaged in the business of real estate and land developing. During the year under consideration, it carried out low cost housing project at Kendrapara, Orissa with the approval of Kendrapara regional Trust towards which, it received advance from more than 2000 customers ranging from Rs. 2,000/- to Rs. 5,00,000/- all in cash totaling to Rs. 3,04,40,210/- in A.Y 2006-07 and Rs. 2,70,01,863/- in A.Y 2007-08. 4. During the original assessment proceeding, since the assessee failed to prove the genuineness of the advances so received, the entire amount of advances so received we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... estigating the funds received from various persons. 9. The ld. counsel for the assessee furnished a copy of the letter of Additional Secretary to Government of Odisha to Competent Authority, Cuttack requesting for initiation of action of refund of deposit to the identified small depositors to support his argument that the depositors were identified and action is being taken to refund the amount taken from them and, therefore, addition made on that count u/s 68 of the Act by the Assessing Officer cannot be sustained. 10. The ld. counsel for the assessee placed reliance on the decision of the Hon'ble High Court of Orissa at Cuttack in WP(C) No. 14492 of 2021 order dated 01.09.2023 in the case of GLP Developers Ltd IA No. 13957 of 2023. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rs Ltd and GLP Developers Ltd and of refund of the deposits to them. The assessee has also placed before us the order of Orissa High Court taking cognizance of the issue of identification and return of deposits in the case of GLP Developers Ltd and Another. In view of the Orissa High Court cognizance of the matter and the Government of Odisha correspondence, we are of the considered opinion, that the details of depositors need further examination and verification in the context of the provision of section 68 of the IT Act. We, accordingly, restore this issue to the file of the Assessing Officer. The Assessing Officer is directed to examine and verify details of the depositors and decide the issue afresh after giving reasonable opportunity o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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