2011 (2) TMI 685

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..... gainst the orders of Ld. Commissioner of lncome Tax (Appeals) dated 22.10.2010 and pertains to assessment Year 2006-07.   2. The assessee company is engaged in the business of construction, sale and purchase of properties. Assessing Officer noted that during the year assessee company had sold property bearing 29, Hemkunt colony, 1st Floor, New Delhi and declared sale value of Rs.30 lacs This .....

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..... of the assessee, nor any incriminating material has been found by the Revenue. In these circumstances, there was no occasion to refer the property for valuation. Thus the assessee is engaged in the business of construction and sale and purchase of properties, the value has to be examined from the point of view of books of accounts and documents found and produced. Mere reference to Valuation Cell .....

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..... ITR 49 (SC) in which allegations of on money transaction on the basis of non-convincing loose sheets found during the course of search and conflicting statement of the seller, was deleted by the tribunal (to which, one of us the Accountant Member was the party) and the same was affirmed by the Hon'ble High Court and Hon'ble Apex Court.   8. In the background of the aforesaid discussions and .....

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