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Showing contexts for: zoom developers in The Acit 1(1), Indore vs M/S. Brilliant Estate Pvt. Ltd., Indore on 30 May, 2019Matching Fragments
4. Briefly stated facts are culled out from the records are that the assessee is a private limited company engaged in real estate business. Search and Seizure operation u/s 132 of the Act were carried out on 4.2.2009 at the premises of M/s. Zoom Developers and Brilliant Estate. Mr. Sanjay Choudhary heads the Brilliant Group. The assessee company belongs to the Brilliant Group. Since the search warrant was issued in the name of the assessee company the case is covered u/s 153A of Act and notice dated 8.7.2009 were duly served upon the assessee for furnishing the Income Tax Return. On 15.9.2009 e-return of income filed declaring total income of Rs.1,72,88,300/- and u/s 115 JB of the Act income was declared at Rs.2,37,28,587/-. Subsequently notice u/s 143(2) and 142(1) of the Act were duly served upon the Brilliant Estates Ltd IT(SS) A No.45/Ind/2015, C.O.No.30/Ind/2015 & ITANo.393/Ind/2017 assessee. Books of accounts of the assessee were examined on test check basis. Information was also called seeking reply about various documents seized during the course of search. One spiral dairy was seized from the residence of Shri Sanjay Choudhary and on page-11 of this dairy there was certain jottings showing some names and figures. Ld. A.O examined this seized document vis-a-vis statement of Mr. Sanjay Choudhary recorded during and post search proceedings. Ld. A.O tried to connect the reply to Question No.7 relating to purchase of 65 acres of land at Bicholi Hapsi and Kanadia, Indore by Brilliant Sare Reality Pvt. Ltd during financial year 2007-08 with page No.11 of spiral dairy. Ld. A.O seeked reply of the assessee towards his observation that in the land deal of purchase of 65 acres of land there is an undisclosed investment of Rs.6.75 crores which is arrived out of the figures being difference between the land price computed @ Rs. 35 lakh per acre for 65 acres which comes to Rs.22.75 crores, and the purchase price of Rs. 16 crores stated by Mr. Sanjay Choudhary in the statement. Information was also called about the agreement between Brilliant Sare Reality Pvt. Ltd. ( in short BSRPL) and M/s. Brilliant Estate Pvt. Ltd ( in short BEPL) alleging that Brilliant Estate Ltd firstly purchased the land from various land owners for Rs.16 crores and thereafter sold it to BSRPL for Rs.22.75 crores. Brilliant Estates Ltd IT(SS) A No.45/Ind/2015, C.O.No.30/Ind/2015 & ITANo.393/Ind/2017