2011 (7) TMI 766

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..... chandran Nair, J. - These connected appeals arise from the assessment of capital gains made pursuant to search under Section 153A of the Income-tax Act. Respondents are husband and wife and the properties sold was in the name of the wife, which according to her, was purchased with funds borrowed from her husband. In search, the Department collected information from the computer in the house of t .....

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..... el appearing for the Revenue and counsel appearing for the assessees. After hearing both sides, we feel that the orders of the two appellate authorities are not sustainable for more than one reason. In the first place, the first appellate authority and the Tribunal have not considered the significance of the documents seized particularly, information collected from the computer from the assessees' .....

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..... value in documents to reduce the high incidence of stamp duty. The property in this case is also valuable land located in prime area of the city and we see no reason why adjoining three items of property should be sold at substantive different price. 4. The senior counsel appealing for the Revenue rightly contended that the first appellate authority went wrong in cancelling the assessment merely .....

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