9911796707
TMI Blog2024 (7) TMI 1642X X X X Extracts X X X X X X X X Extracts X X X X ..... al has taken the following grounds of appeal: "1. That the learned National Faceless Appeal Centre, Delhi erred in passing ex-parte order dated 21st March, 2023 under section 250 of the Income Tax Act, 1961 dismissing the appeal of the Appellant in liminie without dealing with the merits of the case and by not passing order on the grounds of appeal raised by the Appellant Assessee Company against the impugned assessment order dated 30.09.2021 passed by the Assessing Officer under section 147 r.w.s 144 of the Income Tax Act, 1961 in the case of the Assessee Company for the Assessment Year 2013-14. 2. That the learned National Faceless Appeal Centre, Delhi erred in dismissing the Appeal of the Appellant Assessee Company without appreciat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs.26,00,000) without appreciating that the said additions were totally untenable, illegal, invalid and liable to be deleted. 6. That the impugned order dated 21st March, 2023 under section 250 of the Income Tax Act, 1961 passed by learned National Faceless Appeal Centre, Delhi is against law and facts of the case." 3. A perusal of the above grounds of appeal would reveal that the assessee in this appeal has contested the addition made by the Assessing Officer and further confirmed by the ld. CIT(A) of Rs.3,20,13,031/- (Rs.2,94,13,031/- + Rs.26,00,000/-). The amount of Rs.2,94,13,031/- has been added by the Assessing Officer into the income of the assessee as unaccounted income of the assessee on account of amount introduced by way of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 6L) had sold 394.77 decimal in favour of Sri Binod Kumar Mohipal and others and consideration paid an amount of Rs.2,94,13,031/- against stamp duty valuation of Rs.15,16,64,069/- during the F.Y.2012-13 as per sale deed. All these 41 persons has made payment of Rs.2,39,130/- individually from his bank account and an equivalent amount in cash on the said date has been deposited in the bank account. It had also been contended that a part payment for the purchase of Said land has been made by this person out of loan and advances. During the course of investigation, one of the then directors, Sri Rajendra Kumar Sonthalia whose statement on oath was recorded and admitted that these 41 persons are nominees of M/s. Shree Shiromani Projects Pvt. Ltd ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t to the assessee through cheques/banking channel. The second allegation is that the assessee had received an amount of Rs.28,00,000/- from M/s Raghuvir Sales Pvt. Ltd. through banking channel. However, the ld. counsel for the assessee has brought our attention to the copy of an order bearing no.31/2018-19 dated 01.05.2018 passed u/s 24(4)(a)(ii) of the Prohibition of Benami Property Transactions Act 1988 in case of the assessee. A perusal of the aforesaid order, copy of which has been placed at page 12 of the paperbook, would reveal that the proceedings under Prohibition of Benami Property Transactions Act 1988 were initiated against the assessee in relation to the very same transactions of sale/purchase of the property. A perusal of the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee had duly explained the source of the payment and which was found satisfactory. Not only this, the assessee has made another payment of Rs.6,00,000/- to Shri Nirmal Mukherjee and other, source of which was duly explained before the competent authority and after consideration of the entire facts and circumstances, the proceedings under Prohibition of Benami Property Transactions Act 1988 were dropped against the assessee. The observation of the Assessing Officer not only in the reasons recorded but also in the assessment order that the assessee has sold the property in question by way of sham transaction and further the assessee has introduced his own money through the 41 persons and has sold its own property and thereafter itself b ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ssessment order about the details of such transactions as to for what amount the assessee has purchased or sold the shares of or to which company, from whom the same was purchased and to whom the same was sold, whereas, the ld. counsel for the assessee has filed the reply to the show-cause notice issued by the Assessing Officer, copy of which is placed at page 6 of paper-book, wherein, it has been explained that the aforesaid amount of Rs.28,00,000/- was on account of unsecured loans which was repaid during the financial year under consideration, itself, along with interest and TDS also deducted thereupon. The statement of bank account was also furnished. In view of this, not only the reopening of the assessment in this case is bad in law b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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