TMI Blog2015 (4) TMI 636X X X X Extracts X X X X X X X X Extracts X X X X ..... terpretation placed upon the document is such as to amount to patent error or not, in any case the interpretation given to the two documents in question and the inference drawn on the basis of the statements made are not such as to attract the jurisdiction of the Court which is confined to framing and answering substantial question of law. Since no such substantial question of law arises for consideration, the appeal is devoid of merit and is accordingly dismissed. - ITA 2/2014 - - - Dated:- 6-4-2015 - S. Ravindra Bhat And R. K. Gauba,JJ. For the Appellant : Mr. C.S. Aggarwal, Sr. Advocate with Mr. Prakash Kumar, Advocate For the Respondent : Mr. N.P. Sahni, Sr. Standing Counsel with Mr. Nitin Gulati, Jr. Standing Counsel ORDER S. Ravindra Bhat, J. (Open Court) 1. The assessee is aggrieved by the order of the Income Tax Appellate Tribunal (hereafter referred to as the Tribunal) dated 8.3.2013 in IT(SS)A No.117/Del/2006. It urges the following substantial questions of law: - (a) Whether, there was any material with the Income Tax Appellate Tribunal to hold that the addition made of ₹ 1,35,00,000/- representing sale consideration and sustained by t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 35,00,000/- and a further figure of ₹ 49,64,904/-. This also included a sum of ₹ 17,93,217/-. The Tribunal on further appeal directed deletion of all amounts except these three amounts, i.e., ₹ 1,35,00,000/-, ₹ 49,64,904/- and ₹ 17,93,217/-. 4. It is argued on behalf of the assessee that the order of the Tribunal affirming the sum of ₹ 1,35,00,000/- is manifestly erroneous. To say so, learned senior counsel relied upon pages 484 and 483 of the paper book which is a part of Annexure A-1/60. It was submitted that the said amount represented the difference between the estimated value of the area booked by some individuals, i.e., Bhatias in Vatika Triangle, one of assessee s projects and the value of the area in another project, i.e., Vatika World. This difference was ₹ 17,93,217/-. It is evident consequently that the documents could be easily explained as determinative of the difference but not the value of the concealed or undeclared income as has been erroneously assumed by the concerned authorities, i.e., CIT (Appeals) and the ITAT. Counsel also submitted that sum of ₹ 49,64,904/- was wrongly added. In this regard, he relied upon t ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... referred to page no.31A of annexure A-13. As per the observation of the A.O. on page 28 of annexure A-9 there is evidence of sale of 6,000 sq. ft. In Vatika World . As per the A.O. the total sale consideration in respect of sale of the two flats was ₹ 78,53,577/- and not ₹ 28,88,672/-. The difference of ₹ 49,64,904/- is mentioned as cash in various documents. These documents have been linked by the A.O. Thus, addition on account of undisclosed sale to this party to the extent of ₹ 49,64,904/- is sustainable. 7. The Tribunal took note of the submissions of the parties and had before it the primary material as well as the remand report on the basis of which the CIT (Appeals) arrived at his findings. It is to be noted that the impugned order has made a factual analysis of each of the amounts which was directed to be added by the CIT (Appeals) (who in turn had not sustained the entire larger sum of ₹ 45,89,68,630/-). The Tribunal dealt with the question of addition of both the sums of ₹ 1,35,00,000/- as well as ₹ 49,64,904/- in the following terms: 33. We have duly considered the rival contentions and gone through the record carefully. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s mentioned. On the basis of these pages, learned Assessing Officer has concluded that flat Nos.405 and 411 were sold to Shri Tiwari for an amount of ₹ 78,53,577 and not for ₹ 28,88,672 disclosed in the sales register. Learned CIT (Appeals) has also confirmed the addition of ₹ 49,64,904/-. For appreciating this issue, we deem it appropriate to take note of the seized material whose photo copies are made part of this order. 8. With regard to the addition of ₹ 1,35,00,000/-, the Tribunal s findings are as follows: - 38. On due consideration of the facts and circumstances, we are of the view that the ITAT in the case of Vatika Green Field has considered the documents found from the premises of Shri Anupam Nagalia. Learned CIT (Appeals) has made reference to page No.23 of Annexure 1 and page No.49 of Annexure A-11. These pages are available on page Nos.197-198 of the paper book. The Assessing Officer on page 27 of the assessment order has observed that these documents were confronted to Shri Anupam Nagalia in the post search inquiry and he disclosed that these are the estimated value of the flats at which the company would be willing to repurchase the sa ..... X X X X Extracts X X X X X X X X Extracts X X X X
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