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2016 (9) TMI 65 - HC - Income TaxRevision u/s 263 - Tribunal quashing the revision order passed by the Commissioner of Income-tax setting aside the assessment and to consider the land purchase deeds found at the time of the search, which the Assessing Officer had failed to examine and consider before passing the assessment order - Held that:- Revenue pointed out the other submissions advanced on behalf of the assessee goes to show that the assessee was asserting right in respect of the property purchased. There is some substance in the submission of Mr. Agarwal. In that view of the matter, the order passed by the learned Tribunal with regard to the land purchased allegedly at an under value is set aside and the order of the CIT is restored. It will, however, be open to the assessee to adduce appropriate evidence that the assessee was not connected with the land purchased, evidenced by the title deeds found during the course of search at the premises of the assessee. - Decided in favour of the revenue.
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