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Documents citing Runwal Homes Private Limited, Mumbai vs Deputy Commissioner Of Income Tax ... on 20 December, 2017

M/S.Kathawala Realtors Llp, Mumbai vs Dcit(A)-6(4), Mumbai on 26 April, 2019

2. The Ld. AR submitted before the bench that the income tax demands raised for two years are as a result of additions made on account of on money which were based upon the incriminating loose sheets and other documents were found at the time of survey conducted u/s 133A on 24/09/2014. The Ld. AR submitted that the assessee engaged in the business of construction of flats and is following the project completion method in order to return the income on the sale of flats. Therefore , additions if any, would have to be made when the project would be completed. However, the AO has made the additions during the AY 2014-15 and 2015-16 when the assessee project was substantially incomplete by disregarding the fact that additions if at all were to be made towards on money that would be taxed on the basis of method of accounting following by the appellant by placed reliance on the decision of Hon'ble bench in the case of M/s Runwal Homes Pvt. Ltd vs. Dy. CIT [2017 (12) TMI 1216]. The Ld. AR submitted that the assesse is not having any funds to pay the outstanding demands and the bank accounts of the assessee are even attached by the department. The Ld. AR submitted that in case , the stay is not granted to the assessee, it would cause irreparable loss to the existence of the project and successful completion of the project would be jeopardized . The Ld. AR was requested that the outstanding demands for both the years may kindly be stayed with out of turn hearing of the appeal filed before the Hon'ble Tribunal. The Ld. AR stated that the assessee has already deposited Rs. 25 Lacs against the outstanding demand of AY 2014-15 after passing of the assessment order.
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