TMI Blog2009 (11) TMI 415X X X X Extracts X X X X X X X X Extracts X X X X ..... ess in later year. Thus, the assessee not entitled to contend that section 2(47)(v) of the Act was not applicable. (ii) Tribunal found that no books of accounts or documents were produced in support of the business and income the assessee had. Thus the Tribunal rightly disbelieved the source claimed by the assessee. - 145 and 183 of 2002 - - - Dated:- 5-11-2009 - RAMACHANDRAN NAIR C. N., MOH ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ancelling the agreement, sale was later made to the brother of the original transferee. However, the finding of the Tribunal is that pursuant to agreement for sale, possession itself was given and the transferee was carrying on business for later years. It is a common practice that under a sale agreement the purchaser can nominate another person in whose favour the sale deed is executed. The Tribu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nal found that no books of account or documents were produced in support of the business and income the assessee had. Further, the Tribunal noticed that under the returns filed Sree Bhagavathy Services had returned only loss for the three years, that is, 1993-94 to 1995-96. In the circumstances, the Tribunal rightly disbelieved the source claimed by the assessee. 4. Consequently, we dismiss both ..... X X X X Extracts X X X X X X X X Extracts X X X X
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