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2015 (6) TMI 182 - DELHI HIGH COURT

2015 (6) TMI 182 - DELHI HIGH COURT - TMI - Addition u/s 69B - ITAT deleted the addition - estimation of the market value of the property - reference to DV0 - Held that:- 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 .....

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the property of the assessee. It has been found, as a fact, by the CIT(Appeals) that the shop had remained vacant throughout the AY. No evidence was gathered by the AO to refute the claim of the assessee to such effect or to show that rent over and above what was declared was realized. The conclusion of the CIT(Appeals) to the contrary was affirmed by ITAT in the order dated 08.08.2014. Both the said authorities have also found, on factual inquiry, that the assessee had explained the recovery d .....

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ustice R. K. Gauba (Open Court) 1. This appeal under Section 260-A of Income Tax Act, 1961 (hereinafter referred to as the Act ) challenges the order dated 08.08.2014 of Income Tax Appellate Tribunal (hereinafter referred to as the ITAT ) in appeal ITA no. 2293/Del/2011 in respect of the respondent (assessee) 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 Sect .....

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In the course of such proceedings, the Assessing Officer (AO), inter alia, noted that property (admeasuring 2275.92 sq. yds.) no. 10/78, Punjabi Bagh (West), New Delhi had been purchased from Mr. Munish Sachdeva and Mr. H.K. Sachdeva by registered sale deed executed on 19.04.2007 by the assessee jointly in equal shares with his three brothers for total consideration of ₹ 3.90 crores. It was noted that while two other brothers (Mr. K.K. Arora and Mr. R.P. Arora) had paid ₹ 1.05 crore .....

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value of the assessee s share at ₹ 1,61,93,200/- and on that basis, discounting ₹ 90 lakhs as declared, added ₹ 71,93,200/- treating it as undisclosed investment under Section 69B of the Act. 4. The AO also noted that the assessee had declared rental income only of ₹ 34,200/- for the shop at Bhagirath Place, Chandni Chowk, Delhi which had been purchased by him for ₹ 2,55,000/- a number of years ago. The AO assessed the current rental income to be ₹ 1,14,000/- .....

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/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 without considering the facts of case and without taking into account the valuation report relied upon by the A.O. u/s 142A of the I.T. Act as an expert opin .....

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nd by elaborating the facts clearly? iii. Whether the ITAT was justified in law in deleting the addition of ₹ 3,22,200/- made u/s 69A of the I.T. Act 1961 on account of unexplained cash found during the course of search proceedings? iv. Whether on the facts and circumstances of the case, findings of the ITAT are perverse? 8. Having heard the learned counsel for the Revenue, we find the contentions urged in the appeal to be wholly misplaced. It is fairly conceded (at bar) by the counsel for .....

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