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2015 (3) TMI 841 - BOMBAY HIGH COURT

2015 (3) TMI 841 - BOMBAY HIGH COURT - TMI - Unaccounted cash - sale of shops - Held that:- the findings of fact recorded by the Commissioner and the Tribunal do not raise any substantial question of law. If the actual area purchased by the Assessee is 454.50 square feet and the Assessing Officer accepts this transaction, then, consideration in respect thereof ought to have been accepted and the sum paid by way of cheque is the only component in the transaction. The cash payment of 52,26,000/- i .....

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. Dharmadhikari And A. K. Menon,JJ. For the Appellant : Mr Arvind Pinto For the Respondents : Mr Jitendra Singh & Ms Neha Paranjape ORDER This Appeal is directed against the order passed by the Income Tax Appellate Tribunal, Mumbai Bench, Mumbai dated 12th September, 2012. 2. Mr. Pinto appearing for the Revenue would submit that the concurrent findings of fact cannot be said to be binding, as the Assessing Officer established that it is the Assessee who has paid the sum and in cash for purch .....

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al raises a substantial question of law and as formulated at page 7 of the Appeal paper book. Hence, it be admitted. 3. On the other hand, Mr. Jitendra Singh appearing for the Assessee would submit that there are concurrent findings of fact and which are not perverse. The reference to the Judgment of the Hon'ble Supreme Court does not mean that the Commissioner and the Tribunal based their conclusions only on the observations in the Hon'ble Supreme Court Judgment. Having found that the A .....

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