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2019 (4) TMI 559

principles of natural justice - valuation of property - HELD THAT:- From the perusal of the Assessment Record before us it can be seen that on the note sheet of 02.07.2007 there is no mention as to cross examination of the seller. Thus, there is no opportunity given to the assessee for cross examination of the seller. From the summary of the findings of the Assessing Officer it can be seen that the total money paid by buyer in cash which was found in the lockers was on the estimated basis. But no verifications were done by the Assessing Officer as relates to the slips of the PNB bank found in the locker. The Assessing Officer has also not specified particular activities carried out by the vendors for earning income. Instead has given a general finding that the vendors were engaged in numerous activities. - No valuation of the property was done by the AO to arrive at the proper findings. Thus, it will be appropriate to remand back these issues to the file of the Assessing Officer for verification as well as allow the assessee to cross examine the sellers. Thus, we are accepting the submissions of the Ld. AR to remand back these matters to the file of the Assessing Officer. - .....

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s against the rules of natural justice. 9. On the facts and in the circumstances of the case and in law, the Ld. CIT (A) was incorrect and unjustified in completing and confirming the assessment order without considering the bank enquiries which are in favour of the assessee and also confirming the addition without considering the complete submissions including various cases laws relied upon by the appellant. 10.That the Ld.CIT(A) was not justified in confirming the addition by relying on the affidavit and the statement of the seller i.e. Smt. Veer Bala recorded behind the back of the appellant and the same being inadmissible in evidence deserved to the ignored. 11.On the facts and in the circumstances of the case and in law, the Ld. CIT (A) was incorrect and unjustified in confirming the addition without proving any actual transfer of money by the assessee and relying on the statement of others even recorded not by the A.O himself. 12.On the facts and in the circumstances of the case and in law, the Ld. CIT (A) was incorrect and unjustified in confirming the addition without considering the fact that the property under consideration was in dispute and the fact of litigation was co .....

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rect or are untenable. 14. Without prejudice to above grounds the additions as made is very excessive. I.T.A. No. 3747/DEL/2011 1. Whether CIT (A) was justified in jaw and on facts in deciding a separate and Independent proceedings initiated u/s 271(1)(c) entirely on the basis that the addition has been deleted but is subject matter of appeal before the Hon ble High Court. 2. Whether CIT(A) was justified in law and on facts in deleting the penalty by not appreciating correctly the provision of law that any statement u/s 132(4) itself constitutes an admissible evidence. 3. CIT(A) has ignored the provision of section 292C according to which all statement document and papers found and seized during the course of scorch constitute or, evidence for any proceeding under the Act, Accordingly, the same shall be admissible even for the penalty proceedings. 4. Whether in view of the above position of law CIT(A) was justified in deleting the penalty by ignoring tire direct evidence of Sale-cum-receipt agreement found and which was executed by the same vendor and vendee for the same property ur.der their respective signatures signifying the value of property under consideration, und also other .....

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₹ 8 crores. Similarly, Shri Sanjeev Agarwal, who is the Director in M/s Superior Exims (P) Ltd., in his individual capacity, also purchased from Smt. Veer Bala Agarwal for a consideration of ₹ 45 lacs. A search and seizure operations was conducted at the residential premises of Jain Brothers and Smt. Veer Bala Agarwal. Their bank lockers were also seized. From the bank lockers, huge cash amount was found and seized. Their statements were recorded. The Jain Brothers stated that the recovered amount of ₹ 8.5 crores was received on-money for the sale of the property in question, as the deal was for ₹ 16.5 crores. The Jain Brothers specifically stated that out of 16.5 crores, ₹ 8 crores were declared in the sale-deed and remaining amount of ₹ 8.5 crores was received in cash. Similarly, Smt. Veer Bala Agarwal, in her statement stated that total consideration was ₹ 2.25 crores, out of which ₹ 45 lacs were shown in the registered sale-deed and remaining amount of ₹ 1.80 crores was received in cash from Sanjeev Agarwal. On the basis of the statement of the vendors, the Assessing Officer made the addition of ₹ 8.5 crores in the ha .....

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the hearing the Ld. AR submitted that since the cross examinations of the statements relied by the Assessing Officer during the Assessment proceedings has not been allowed to the assessee as well as the evidences produced before the Assessing Officer was not considered properly by the AO, the matters may be remanded back to the file of the Assessing Officer for verification and allowing assessee to prove their case by following principles of natural justice on part of the revenue. The Ld. DR did not object for these submissions of the Ld. AR. 6. We have heard both the parties and perused all the relevant material available on record. We have also gone through the order/directions dated 25.08.2014 of the Hon ble Allahabad High Court. After going through the records especially the statement of Shri Sanjeev Agarwal dated 02.03.2005 in the very first answer to a question, Shri Sanjeev Agarwal one of the assessee hereinabove stated that the contents of affidavit/statement given by Smt. Veer Bala Agarwal is not correct. Besides that from the order sheet dated 22.06.2007, it can be seen that the assessee Shri Agarwal wanted to examine/cross examine the seller. From the perusal of the Ass .....

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