PASHANKAR AUTO WHEELS PVT LTD,PUNE vs. CIT(A) CIRCLE-4, PUNE
Income Tax Appellate Tribunal, PUNE BENCH “B”, PUNE
Before: SHRI R. K. PANDA & MS. ASTHA CHANDRAAssessment year : 2018-19
PER R.K. PANDA, VP:
This appeal filed by the assessee is directed against the order dated
22.04.2025 of the Ld. CIT(A) / NFAC, Delhi relating to assessment year 2018-19. 2. Facts of the case, in brief, are that the assessee has not filed its return of income for the year under consideration u/s 139(1) of the Income Tax Act, 1961
(hereinafter referred to as ‘the Act’). The Assessing Officer noted that the following information was available with the department:
Sr. No. Gist of information
Amount (in Rs.)
1
Sale by any person of immovable property
3,97,75,613
2
TDS statement interest other than interest on security
18,228/-
3
TDS statement-Rent (Section 194I)
44,19,390
4
TDS statement – Rent (section 194-I)
4,50,000
2
3. He, therefore, passed an order u/s 148A(d) of the Act on 26.03.2022 after following due procedure. Since income to the tune of Rs.4,46,64,231/- chargeable to tax has escaped assessment, the Assessing Officer issued notice u/s 148 of the Act on 26.03.2022 which was duly served upon the assessee through the e-filing account. However, the assessee did not file any return in response to the notice issued u/s 148 of the Act. Subsequently a notice u/s 142(1) on 12.09.2022 was issued along with a questionnaire which again was served on the assessee through e-filing account of the assessee / registered E-mail id of the assessee with a request to upload various information as per questionnaire.
In response to the show cause notice the assessee filed certain details, according to which the company was a dealer in four-wheeler vehicles of different automobile companies and it surrended the said dealership in the years 2014-15 and 2015-16. Since all the staff members of the company have left the company, therefore, the reply files were not traceable. The assessee further submitted that the income so reported in Form 26AS was from sale of immovable property which does not pertain to the year of reporting. It was submitted that the income from sale of property has been booked by the company in the financial year 2016-17. The sale of immovable property is actually the sale of investment which was done under JV with other company. Therefore, as the sale of flats being done by the JV company, same has been reported in 26AS for the financial purpose. However, the sale has already been reported in the previous year 2016-17 and therefore, the income appearing in 26AS is not to be taken in the previous year 2017-18 under 3 sale of assets or sales or capital gain. It was submitted that the assessment for 2016-17 has been completed by the department and the same has been processed. The assessee also requested for video conferencing or personal representation. Subsequently the assessee filed further details.
However, the Assessing Officer was not satisfied with the arguments advanced by the assessee. He noted that the assessee has received interest amounting to Rs.18,228/- from Bank of India which was not offered to tax. He, therefore, added the same to the total income of the assessee. He further noted that the assessee has received rent amounting to Rs.48,69,390/- from Alfa Laval India Pvt. Ltd. The assessee also admitted the same for which he made addition of Rs.34,09,000/- after allowing deduction of Rs.14,60,817/- being 30% of such rent u/s 24 of the Act. The Assessing Officer further noted that the assessee during the year under consideration has sold immovable properties on various dates total of which comes to Rs.3,97,76,613/-. He obtained the copies of sale agreements from the office of the Sub