2019 (2) TMI 537

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..... e Revenue, challenging the Judgment of the Income Tax Appellate Tribunal (in short "the Tribunal"). Following questions were pressed at the time of arguments: "(a) Whether on the facts and in the circumstances of the case and in law, the Tribunal was justified in not adjudicating the ground of appeal no.4 of the assessee before the Tribunal, relating to the evidence in the form of jottings by Mr. .....

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..... er in the hands of the Respondent-Assessee towards unexplained expenditure by invoking Section 69C of the Income Tax Act, 1961 (for short "the Act"). 3. Brief facts are that, the search and seizure action was carried out in case of one Jai Corporation Group and its employees. During such search, various documents relating to purchase of land by Group concerns of Jai Corporation were seized. These .....

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..... in the Revenue's theory that these documents established the fact that, the assessee had made such payments.   5. The learned Counsel for the Revenue contended that the Tribunal has not properly examined the question and not given due waitage to the provisions of Section 292C of the Act, giving rise to presumption in law. 6. We, however, notice that the Tribunal has taken note of the c .....

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..... he assessee, nor they were signed by the assessee and finally the purchaser of the land, was not examined by the Assessing Officer. We do not find any question of law arising. 8. Question (b) relates to the additions made by the Assessing Officer by reversing the rateable value of the property owned by the assessee which was vacant. While complying the taxability of deemed rental income in terms .....

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..... Smitaben N. Ambani v/s. Commissioner of Wealth Tax reported in 323 ITR 104. In such decision, this Court was considering a similar question in context of valuing the self occupied property, for the purpose of wealth tax of the assessee. The provisions for assessing the value of the property were similar to those applicable in case of assessee's annual rateable value in terms of Section 23 of .....

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