TMI Blog2011 (10) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... us is duly discharged by the Revenue that the papers belonged to the assessee assurance could not be saddled with the liability of any addition in his income - Decided in favor of the assessee - Tax Appeal No. 1971 of 2009 - - - Dated:- 18-10-2011 - Akil Kureshi, Sonia Gokani, JJ. Mauna M. Bhatt for the Appellant JUDGEMENT Sonia Gokani: 1. The appellant-Revenue being aggrieved by the order of Income Tax Appellate Tribunal dated 27th February, 2009, has preferred the present Appeal under section 260-A of the Income Tax Act, 1961, (hereinafter referred to as "the Act") proposing the following questions of law for determination of this Court: i. Whether the Appellate Tribunal is right in law and on facts in holdin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... covered u/s. 133A of the Act. Present assessee is the proprietor of M/s. Ghanshyam Builders who had constructed the building known as "Swaminarayan Avenue". His father's office is situated at the basement of Swaminarayan Avenue in Shop No.3. 3. From the office of father of assessee file containing loose paper (176 pages) was impounded and on the basis of the notings made in this file, Assessing Officer added the sum of Rs. 2.8 crores as the assessee's unaccounted investment in land. 4. This action of Assessing Officer was challenged before the CIT(A) by the assessee-respondent being aggrieved by such an order of addition. CIT(A) deleted the entire addition on the basis that the papers were not seized from the premises of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... umptive basis is fully misconceived in as much as there were glaring facts clearly leading to conclusion that this was an unaccounted investment of assessee himself. It is further contended both the authorities disregarded the fact that NTC was also managed by the assessee. Application of the ratio by CIT(A) of the case of K P Varghese reported in 131 ITR 597 also was contended to be misplaced, because in case of K.P. Varghese (Supra), transaction was between the assessee and his close relative and there was absence of allegation in respect of under-statement of consideration or concealment of consideration in connection with asset transfer, but the addition was made on the basis of market value of asset. But in the present case, there is c ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e made in the hands of the assessee in the absence of any concrete evidence that the assessee had paid the own money for the purchase of land. The onus is on the Revenue to prove that the land belonged to the assessee and the assessee has paid the own money. The statement of third party recorded during the course of survey operations cannot be conclusive evidence to decide against the assessee. The survey has been carried out in the case of the third party and the loose papers are found from the possession of the third party. The rough jottings on the papers are not in the handwriting of the assessee or his employees. Even the name of the assessee is also not mentioned in the loose papers so found during the course of survey. The onus is on ..... X X X X Extracts X X X X X X X X Extracts X X X X
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