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The Principal Commissioner of Income Tax Versus Shri. R. Elangovan

2017 (12) TMI 366 - MADRAS HIGH COURT

Addition u/s 69B - on money received - as per Tribunal purchase price paid through banking channel and and the date-wise payment made by the assessee not being controverted, the appeal filed by the Revenue was dismissed - production of additional evidence - Held that:- We find from the contentions raised before the Tribunal that the Revenue did not plead that there was violation of Rule 46A of the said Rules in the matter of production of additional evidence before the Commissioner of Income Tax .....

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eration 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 26.10.2016. 2. The above appeal has been filed raising the following substantial questions of law : "i. Whether the Appellate Tribunal is justif .....

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nal evidence for the first time ?" 3. Before we examine the questions raised are substantial questions of law, it may be necessary to take note of the following facts : 4. The Revenue was on appeal before the Tribunal against the deletion of addition of ₹ 7.02 Crores made by the Assessing Officer under Section 69B of the Income Tax Act, 1961. A search was conducted under Section 132 of the said Act in the assessee's case on 14.12.2012, during which, it was found that the assessee .....

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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 ₹ .....

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ore the Commissioner of Income Tax (Appeals), the assessee filed detailed written submissions to demonstrate that out of ₹ 22 Crores, a sum of ₹ 19 Crores was paid through banking channels. The Assessing Officer appears to have participated in the hearing of the appeal petition as could be seen from the order passed by the Commissioner of Income Tax (Appeals) dated 16.11.2015 wherein the Assessing Officer also submitted written observations, which have been extracted verbatim in the .....

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