TMI Blog2020 (12) TMI 23X X X X Extracts X X X X X X X X Extracts X X X X ..... the money has been repaid to Dr.Y.S.Manjunath prior to sale of the property. The tribunal has therefore held that the amount of ₹ 7,00,000/- cannot be included in the cost of acquisition. The findings recorded by the tribunal are based on meticulous appreciation of evidence on record which by no stretch of imagination can be said to be perverse. Even otherwise, the matter stands concluded against the assessee by findings of fact, which are based on meticulous appreciation of evidence on record. The findings of fact do not suffer from any perversity warranting interference of this court in exercise of powers under Section 260A - I.T.A. NO.541 OF 2014 - - - Dated:- 17-11-2020 - HON BLE MR. JUSTICE ALOK ARADHE AND HON BLE MR. JUSTICE ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng home at Mandya in the name and style of M/s Kaveri Nursing Home, which is a proprietary concern. The assessee entered into an agreement for purchase of a property situate at J.C. Road, Bangalore on 01.06.2005 with one M/s Blue Cross Builders and Investors Ltd. For a consideration of ₹ 9,92,75,000/-. Thereafter, on 02.01.2007 a supplemental agreement was executed, in which sale consideration was mentioned as ₹ 11,82,50,000/-. Thereafter, M/s Blue Cross Builders and Investors Ltd. executed a Power of Attorney on 01.09.2007 in favour of the assessee. The assessee soled the aforesaid property on 10.04.2008 to one Rajendra Kumar Jain and the amount of sale consideration mentioned in the sale deed was ₹ 18,50,00,000/-. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ackground, the assessee has approached this court. 4. Learned counsel for the assessee submitted that the tribunal erred in holding that there is no material on record that the assessee has to pay a sum of ₹ 50,00,000/- to M/s Blue Cross Builders and Investors Ltd. except the bald assertion of the assessee. In this connection, our attention has been invited to list of documents, which was filed before the tribunal. It is further submitted that the tribunal ought to have appreciated that M/s Blue Cross Builders and Investors Ltd. in response to the notice under Section 133(6) of the Act had filed copy of its return of income and copy of ledger accounts of the assessee, wherein the balance of ₹ 50,00,000/- was shown as outsta ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ing to adjust a sum of ₹ 50,00,000/- from unaccounted cash of ₹ 3.75 Crores, which was seized from him. It is further pointed out that schedule of payments given by the assessee as mentioned in para 6 of the order of assessment does not refer to a sum of ₹ 50,00,000/-, which is payable. It is further submitted that from perusal of details of payment as tabulated in para 4 of the order of assessment, the liability to the vendor viz., M/s Blue Cross Builders and Investors Ltd. is only ₹ 11.32 Crores and not ₹ 11.82 Crores as claimed by the assessee. It is also pointed out that documents referred to the by the assessee are contrary to the registered document and have been prepared subsequently and have no bearing ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... exact dates and notes of payments between the parties concerned were furnished at any time during the statements recorded under Section 131 of the Act at the time of investigation. It is also noted that there is no mention of any amount payable to M/s Blue Cross Builders and Investors Ltd. in the return of income for the Assessment Year 2009-10 and at no point of time, before issuance of notice dated 01.10.2010 the assessee has accepted that any amount was payable to M/s Blue Cross Builders and Investors Ltd. Accordingly, the Assessing Officer has added ₹ 50,00,000/- under the head of short term capital gains to the income of the assessee. It has also been held that there was no agreement with Dr.Manjunath with regard to any amount b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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