TMI Blog2017 (6) TMI 132X X X X Extracts X X X X X X X X Extracts X X X X ..... ing on the grounds raised by the assessee in the Asstt.Year 2006-07 and 2007-08. Similarly, with regard to the facts stated by the assessee before us that a request was made for adjustment of seized cash against advance tax liability, no finding is discernible from the orders of the ld.CIT(A) in other years. Therefore, we deem it appropriate to set aside this issue to the file of the ld.CIT(A) for fresh adjudication. While dealing with this issue, the ld.CIT(A) shall keep in mind the order of the ITAT in the case of Kanishka Prints P.Ltd. (2013 (7) TMI 14 - ITAT AHMEDABAD ) . This ground of appeal is allowed for statistical purpose in all the assessment years. - ITA.No.1931/Ahd/2014 - - - Dated:- 1-6-2017 - SHRI RAJPAL YADAV, JUDICIAL ME ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... , purchase deed inventorised as Annexure A-2 pertained to land at S.No.113/2, 115 and 116 at Moje -Unn, Surat was found. A perusal of this purchase deed indicated that the assessee had purchased the above land along with Shri Farookbhai Valibhai vide purchase deed dated 17.9.2005. The land was purchased for a consideration of ₹ 4,85,000/-. The AO further observed that though the purchase consideration was shown at ₹ 4,85,000/- in the purchase deed, but for the purpose of stamp duty valuation, its value was adopted at ₹ 95,85,200/-. After debiting the purchase cost of ₹ 4,85,000/-, the ld.AO worked out additional investment made by the vendee at ₹ 92.00 lakhs. Since the assessee has half-share in the total purc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cannot be made in the hands of the assessee. We direct the AO to treat unexplained investment to the extent of 50% of ₹ 4,85,000/-. Addition to this extent is confirmed and this ground of appeal is partly allowed. 7. Ground nos.3 and 4 in assessment year 2006-07 are common with ground nos.2 and 3 in all other years. These grounds are general in nature and do not call for recording of any specific finding, hence, they are rejected in all these assessment years. 8. Ground no.2 in the Asstt.Year 2006-07 is verbatim same as ground no.1 in all other years. This ground reads as under: 2. On the facts and circumstances of the case as well as law on the subject, theld.CIT(A) has erred in giving a general direction instead of speci ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and 2010-11 and ₹ 30 lakhs should be adjusted for the Asstt.Year 2011-12. In support of his contentions, the ld.counsel for the assessee produced inventory of cash prepared during the course of search. Thus, the ld.counsel for the assessee submitted that the ld.CIT(A) ought to have decided, whether the assessee has committed any default within the meaning of section 234B and any interest is required to be computed against the assessee as done by the AO. He further relied upon the orders of the ITAT passed in the case of Kanishka Prints Pv. Ltd. Vs. ACIT, 143 ITD 716 (Ahd- Trib.). According to this decision, the Explanation appended to section 234B of the Income Tax Act, by way of Finance Act, 2013 is applicable from June, 2013. Acc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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