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2016 (9) TMI 65 - CALCUTTA HIGH COURT

2016 (9) TMI 65 - CALCUTTA HIGH COURT - tmi - Revision u/s 263 - Tribunal quashing the revision order passed by the Commissioner of Income-tax setting aside the assessment and to consider the land purchase deeds found at the time of the search, which the Assessing Officer had failed to examine and consider before passing the assessment order - Held that:- Revenue pointed out the other submissions advanced on behalf of the assessee goes to show that the assessee was asserting right in respect of .....

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ded in favour of the revenue. - ITA 1 of 2008 - Dated:- 27-7-2016 - JUSTICE GIRISH CHANDRA GUPTA AND JUSTICE ARINDAM SINHA Mr. M. P. Agarwal , Adv. Mr. Saurabh Bagaria, Adv. Mr. G. S. Gupta, Adv. for the appearing parties ORDER The appeal is directed against a judgment and order dated 10th August, 2007 passed by the learned Income Tax Appellate Tribunal D Bench, Kolkata in IT(SS) A. No.24/K/07 by which an appeal preferred by the assessee was allowed. The aggrieved revenue has come up in appeal. .....

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eds found at the time of the search, which the Assessing Officer had failed to examine and consider before passing the assessment order? The order passed by the CIT under Section 263 reads as follows: In view of the above discussion, it is held that the failure of the Assessing Officer to examine the applicability of Sec.40A(3) and to examine the actual purchase price for land, paid by the assessee, has led to an erroneous assessment order which is prejudicial to the interest of the revenue. The .....

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therein, we are of the opinion that the judgment of the learned Tribunal cannot be sustained. With regard to the question as regards the supposed failure on the part of the Assessing Officer in examining the actual purchase price paid by the assessee for the land purchased by him, Mr. Agarwal, learned advocate appearing for the revenue, drew our attention to sub-Section 4A of Section 132 which reads as follows: [(4A) Where any books of account, other documents, money, bullion, jewellery or othe .....

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rticular person or which may reasonably be assumed to have been signed by, or to be in the handwriting of, any particular person, are in that person s handwriting and in the case of a document stamped, executed or attested, that it was duly stamped and executed or attested by the person by whom it purports to have been so executed or attested. He submitted that on the basis of the aforesaid sub-section, there is a presumption that the document, found in the possession or control of the assessee, .....

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