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2009 (12) TMI 440 - HC - Income TaxSearch – The Assessing Officer assessed the total consideration in respect of agricultural land purchased by the assessee was Rs.51,76,200 by holding that dot in between the figures had no meaning. For example, against architect where the figure of 140.00 is mentioned, it actually meant Rs. 14,000. The Assessing Officer, however, issued letter dated September 16, 1997 requiring the company to show cause as to why Rs. 51,76,200 be not treated as the company’ s unexplained investment. Whether on the facts and in the circumstances of the case and on the true interpretation of section 158BB(b) of the Act, there was any material for the Income-tax Appellate Tribunal in upholding that loose paper annexure A-6 page 34 in the total of which was Rs.51,762 found on search represented the sum of Rs. 51,76,200 was the assessee’ s undisclosed income for the block period relating the same to the assessment year 1996-97? Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law to hold that the sum of Rs. 8,86,794 representing the alleged unexplained investment in the purchase of jewellery found on search represented the appellant’s undisclosed investment for the assessment year 1997-98.? Held that – set aside the order of Tribunal and remand back the matter for re-consideration.
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