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2011 (4) TMI 1162 - HC - Income TaxSearch - materials pertaining to "on-money" payment paid to the assessee in respect of property purchased from the assessee were seized - Assessing Officer adopted the sale consideration at Rs. 24,50,000 as against Rs. 15 lakhs adopted and the fair market value as on April 1, 1981, was adopted at Rs. 300 per cent. as against Rs. 5,000 per cent. as claimed by the assessee and reworked the capital gains – Held that:- Revenue did not produce any material to show that the materials were available at the hands of the Assessing Officer at the time of issuing notice, Income-tax Officer did not have the benefit of the seized materials while issuing the notice under section 153C of the Act
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