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2017 (12) TMI 366

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..... te of by the Commissioner of Income Tax (Appeals). Thus, we find that the contention that there has been an infraction of Rule 46A of the said Rules was never pleaded by the Revenue either before the Commissioner of Income Tax (Appeals) or before the Tribunal. Accordingly, we find that no question of law, much less, any substantial question of law arises for consideration in this appeal. - Tax Case Appeal No. 528 of 2017 - - - Dated:- 28-11-2017 - T. S. Sivagnanam And M. Sundar, JJ. For Appellant : Mr. T. R. Senthil Kumar ORDER Judgment was delivered by T. S. Sivagnanam, J. This appeal is directed against the order passed by the Income Tax Appellate Tribunal, Madras 'A' Bench in ITA.No.878/Mds/2016 dated 26.10.20 .....

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..... land adjacent to the industry, belonged to one Mrs.P.Dhanalakshmi. The registered value of the land and building was ₹ 2.5 Crores and the value of the land purchased from the said Mrs.P.Dhanalakshmi was ₹ 98 lakhs, which, according to the assessee, were accounted for in the books of accounts of M/s.Sastha Steels (P) Ltd., for ₹ 14.98 Crores. 5. A statement was recorded from the respondent on 14.12.2014 wherein he had admitted that a sum of ₹ 7.02 Crores was unaccounted investment in the purchase of M/s.PSP Steels (P) Ltd. During the assessment proceedings, the assessee explained that out of the consideration of ₹ 22 Crores, the amount of ₹ 19 Crores was paid by way of cheques and ₹ 3 Crores by wa .....

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..... was paid through banking channels, which was not disputed by the Department. Thus, this fact having not been disputed and controverted and the date-wise payment made by the assessee not being controverted, the appeal filed by the Revenue was dismissed by the Tribunal, as against which, the Revenue is on further appeal before this Court. 8. The learned Senior Standing Counsel has referred to Rule 46A of the Income Tax Rules, 1962 and submits that the Commissioner of Income Tax (Appeals) failed to follow the procedure stipulated in the said Rule, when additional evidence was placed before the Commissioner of Income Tax (Appeals), which was not available before the Assessing Officer. 9. We find from the contentions raised before the Tri .....

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