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2010 (8) TMI 741

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....he assessee ?"   2. The assessee is assessed in the status of a Hindu undivided family. A search and seizure operation came to be carried on various premises belonging to the Kansara group on December 8, 1998. During the course of search, certain documents indicating undisclosed income pertaining to the assessee were also seized. It was noticed that the assessee had a house at Visnagar and major expenditure was incurred in the renovation/reconstruction of the above house by the assessee during the block period. It was also noticed that the adjoining land was purchased for extension of the building. The Assessing Officer referred the matter to the District Valuation Officer to have a fair estimate of the amount of investment which had ....

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....ssessment order, the assessee had placed on record a copy of the property card for survey No. 230 (6/60) indicating that the said land had been held by the family even prior to 1953. A copy of the agreement dated March 1, 1995, for acquiring the property of survey No.204 (6/6) admeasuring 96.15 sq. metres was also attached therewith. It was pointed out that the said property had been acquired for a total consideration of Rs. 20,000, which had been duly accounted for in the books of account of the Hindu undivided family. A copy of the agreement dated May 30, 1991, for acquiring the property of survey No. 205/2 (6/6) admeasuring 55.18 sq. metres was also annexed, which indicated that the property was acquired for a total consideration of Rs. ....

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....out by the assessee that no returns were filed because as per the books of account, the income of the assessee in each year was below the amount liable to tax. It was noted that in the reply filed before the Assessing Officer, it was stated on behalf of the assessee that the sources of income and funds invested in construction were out of income from rent and sale of four shops, in respect of which agreements were also found at the time of search. That the cost of construction was recorded in the regular books of account and the books were also produced for verification before the Assessing Officer. The Commissioner (Appeals) found as a matter of fact that no material was found at the time of search which could show that any amount over and....