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2018 (10) TMI 1346 - AT - Income TaxInitiation of proceedings u/s. 153C - unexplained expenditure in lands u/s.69C - seized papers from the premises of Jai Corp Group and others as relied upon for making additions in the hands of the land aggregators whose names appeared in the said documents - seized document which forms the basis of the present proceedings - Held that:- The seized papers seized from the premises of Jai Corp Group and others cannot be relied upon for making additions in the hands of the land aggregators whose names appeared in the said documents. It is not the case of the Revenue that the judgments/decisions delivered in the cases of appeals involving M/s. Arpit Land Pvt. Ltd., M/s. Lavanya Land Pvt. Ltd. and Harsha Land Private Limited [2017 (2) TMI 553 - BOMBAY HIGH COURT] etc. do not relate to such land aggregators. These names also appeared in the said seized papers along with the name of the assessee. On similar facts, the Hon’ble Jurisdictional High Court in the case of CIT Vs. Arpit Land Pvt. Ltd., as well as in the case of M/s. Ambit Reality Pvt. Ltd., held that the said seized documents cannot be held to be belonging to the assessee. - Decided in favour of assessee.
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