9911796707
TMI Blog2015 (6) TMI 182X X X X Extracts X X X X X X X X Extracts X X X X ..... essee) for Assessment Year (AY) 2008-09. 2. The assessee is a resident individual associated with business of Wings Pharmaceuticals Pvt. Ltd. It is stated that search and seizure action under Section 132 of the Act was carried out in the case of the said company on 14.02.2008 in which the assessee was also covered. The searches lead to proceedings being initiated under Section 153A, including against the assessee. All the cases arising out of the said search were centralized with Central Circle-2, New Delhi by CCIT (Central), New Delhi by order F.No. CCIT (Central) 2008-09/449 dated 13.08.2008. 3. Notices under Section 143(2) and 142(1) along with questionnaire were issued on 13.08.2009. In the course of such proceedings, the Assessing Of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... such conclusions, the AO made a further addition of Rs. 79,800/- to the income of the assessee under Section 23(4)(b). 5. It is the case of the Revenue that during the search, cash of the value of Rs. 3,22,200/- was found at the residence of the assessee. The AO held this amount to be unexplained money and, thus, added it to the income under Section 69A. 6. The assessee preferred appeal no. 322/09-10 against the order dated 30.12.2009, which was allowed by CIT(Appeals) by order dated 17.02.2011. The Revenue took the matter in second appeal to the ITAT but unsuccessfully. 7. The Revenue urges the following as substantial questions of law:- "i. Whether the ITAT was justified in upholding the decision of Ld. CIT and passing the order witho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration paid by the assessee, referred to by the AO in para 4.3 of his order. At the same time, learned counsel also conceded that no addition to the tax liability of the assessee on account of the said other property has been made. There is no nexus between the property in Baddi (Himachal Pradesh) and the property in Punjabi Bagh (West). There is undoubtedly no material available to even remotely reflect that consideration over and above what was shown to be paid in the registered sale deed of the West Punjabi Bagh property was made over to the seller. In these circumstances, it was not fair in the first place to refer the said property for estimation of its market value by DVO. 9. The assessment of the value by DVO cannot hold primacy ..... X X X X Extracts X X X X X X X X Extracts X X X X
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