I.T.A. No. 369/M/2012, (Assessment Year: 2008-2009). Case: ITO-18(2)(2) Vs M/s. Royal Developers. ITAT (Income Tax Appellate Tribunal)
| Case Number | I.T.A. No. 369/M/2012, (Assessment Year: 2008-2009) |
| Counsel | For Appellant: Shri C.G.K. Nair, DR and For Respondents: Shri Pradip N. Kapasi |
| Judges | Vijay Pal Rao, Member (J) and D. Karunakara Rao, Member (A) |
| Issue | Income Tax Act |
| Judgement Date | September 04, 2013 |
| Court | ITAT (Income Tax Appellate Tribunal) |
Order:
D. Karunakara Rao, Member (A), (ITAT Mumbai 'D' Bench)
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This appeal filed by the Revenue on 16.1.2012 is against the order of CIT(A)-29, Mumbai dated 30.11.2011 for the assessment year 2008-2009. In this appeal, Revenue raised the following grounds which read as under:
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On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in allowing the appeal of the assessee and deleting the addition of Rs. 1,50,00,000/- made on account of business income.
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On the facts and in the circumstances of the case and in law, the Ld. CIT(A) erred in accepting additional evidence and submission, which was not before the AO at the time of assessment proceedings, in contravention of Rule-46A(3) of IT Rules, 1962.
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On the facts and in the circumstances of the case and in law, the Ld. CIT(A) failed to appreciate that in the terms and conditions of agreement with Success Developes Pvt. Ltd. (SCPL) there was no clause of security deposit on account of surplus FSI as claimed by the assessee before the CIT(A).
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On the facts and in the circumstances of the case and in law, the CIT(A) failed to appreciate that the assessee had although recognized sale of two properties which were received as consideration for transfer of benefit of construction permissible to SDPL during the FY 2007-2008, but no adjustment of money amounting to Rs. 1.5 Cr received from SDPL was shown..........
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Briefly stated relevant facts of the case are that the assessee is engaged in the business activity of real estate developer. Assessee filed the return of income declaring the total income of Rs. 66,880/-. The return was scrutinized u/s. 143(3) of the Act and the assessed income of the assessee was determined at Rs. 1,50,66,880/-. During the assessment proceedings, AO made addition of Rs. 1.5 Crs being advances received from Success Developers Pvt. Ltd. Facts relating to the said addition are that the assessee owns certain rights certain rights by way of benefit of constructions permissible on Sion Sivaji Nagar Coop. Housing Project on Lakhamshi Nappo Road. Assessee transferred the said benefits to SDPL under the agreement and the SDPL made a payment of refundable advance of Rs. 1.5 Crs to the assessee, which was duly shown in the balance sheet of the assessee. AO initiated the proceedings late in the year and wanted some details relating to this transaction involving payment of Rs. 1.5 Crs. Accordingly, a show cause notice was issued on 28.12.2010 when...
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