Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2014 (5) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2014 (5) TMI 226 - GUJARAT HIGH COURTDeletion made – Documentary evidences ignored - Addition made on the basis of seized documents u/s 132(4) of the Act – Only statement of the broker taken into consideration and no other corroborating evidences – Held that:- It could be noticed from the statement recorded of the Director and others that the middleman had ensured the company to get the land at the rate of Rs.2.80 lakhs per bigha - on realizing that he needed to surreptitiously pocket the huge amount of money in the deal, the purchase was made directly from the owners by the company - the price at which it purchased in fact had come on the record - The Tribunal rightly noted the essential fact that purchase of land was directly from the farmers – no other evidence of on-money payment, as also in absence of any suggestion of the market value of the land purchased by the assessee being far more than what had been reflected in the sale deed - the registered documents had been executed at 'Jantri' value - There was no reference to the Valuation Officer to point out that the value of the land was below the market price – the issue is based on the factual matrix, thus, no substantial question of law arises for consideration – Decided against Revenue.
|