TMI Blog2012 (8) TMI 1069X X X X Extracts X X X X X X X X Extracts X X X X ..... skaran (Accountant Member) The appeal of the Revenue is directed against the order dated 25-09-2006 passed by the Ld. CIT(A)-I, Kochi and it relates to the block period ending 11-06-2002. 2. The only issue urged in this appeal is whether the Ld. CIT(A) is justified in deleting the addition of ₹ 16,67,250/- determined by the Assessing Officer as undisclosed income of the assessee. 3 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 2001 for a consideration of ₹ 13,55,350/- and the said amount only was found accounted in the computer print out. However, it was noticed that the assessee had actually paid a sum of ₹ 23,22,600/- for purchasing the above said land. It was further noticed that the assessee had paid ₹ 7 lakhs as advance for purchasing another land, which was not found reflected in the computer pri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Nair and Shri K. Rajagopalan as detailed below and the same were utilised for making investment in the land and also for making advance for purchase of land. Name of the person from whom amount received Period of Receipt Amount 1. K.Balachandran Nair, Vrindavan, Evoor North, Haripad F.Y. 2001-02 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficer. Aggrieved by the said order of the Ld. CIT(A), the Revenue is in appeal before us. 6. We have heard the rival contentions and carefully perused the record. We notice that the assessee-Society was incorporated on 12-09-2001. The land cited above was purchased on 08-10-2001. It has been stated that the assessee-Society did not carry on any business till the date of search, i.e., till 11-06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oks of accounts submitted before the Assessing Officer. Though the Assessing Officer has taken the view that the computer-print out represents the true books of account, yet he has not cited any reason for disbelieving the books of accounts produced before him. Under the above circumstances, in our view, it can only be held that the assessee has fully explained the investments by properly explaini ..... X X X X Extracts X X X X X X X X Extracts X X X X
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