9911796707
TMI Blog2001 (12) TMI 5X X X X Extracts X X X X X X X X Extracts X X X X ..... the petitioner have been dismissed. The assessment year relevant herein is the assessment year 1996-97. During the course of search on January 6, 1995, the petitioner (assessee) admitted and surrendered to have received on money from 17 parties (for sale of shops/flats in a project called Barkha Project) amounting to Rs. 3.56 crores in the previous year 1994-95 relevant to the assessment year 1995-96. In the statement recorded under section 132(4) of the Income-tax Act, the petitioner admitted to have spent the above on money received in paying extra consideration for the acquisition of various house properties and plots of land in the assessee's own name and in the names of his wife and children. During the course of assessment proceedi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Appeals). On September 28, 2000, the assessee filed another petition under section 264 of the Income-tax Act, inter alia, seeking a direction to the Assessing Officer to recompute the capital gain of the assessment year 1996-97 after taking into consideration the amount of Rs. 3.56 crores received as "on money" from the original investors being refunded to them at the time of giving vacant possession to B.P.L. Ltd. The said revision petition dated September 28, 2000, was dismissed by the Commissioner of Income-tax on March 30, 2001. Challenging the said order, the present petition has been filed by the assessee. Mr. Pandit, learned counsel for the petitioner, submitted that the order of the Commissioner of Income-tax suffers from seriou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e order of the Commissioner of Income-tax is a well reasoned order passed on an objective consideration of the facts and circumstances of the case. It has been succinctly brought on record by the Commissioner of Income-tax as to how the on money received and spent for various specific purposes before the date of search could not be said to have been returned to the parties after the date of search. It is not the case of the assessee that some more black money was generated after the close of search and used in making such payments. If the contention of the assessee is accepted, then the said additionally generated money outside the books of account was liable to be taxed in the hands of the assessee in the assessment year in which the same ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... party rights have been created in respect of the property agreed to be sold. Moreover, there is a categorical finding given by the Commissioner of Income-tax to the effect that in spite of the opportunity given, the assessee has not been able to adduce any evidence to prove that cash payments have been made. In the absence of proof of payment, the Commissioner of Income-tax was justified in rejecting the claim of the assessee. The undated and unsigned letters produced by the assessee have been properly analysed by the Commissioner of Income-tax as having no legal effect. Failure on the part of the assessee even to produce confirmatory letters from the persons to whom cash payments were alleged to have been refunded, clearly establishes that ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
