2011 (5) TMI 817

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....n appeal against the judgment of the Tribunal dated 16th March, 2010 raising following question for our consideration.   "Whether the Appellate Tribunal is right in law and on facts in deleting the addition of Rs.31,01,440/- made u/s.69B of the act?"   Briefly stated facts are as follows:   2.1 During the assessment year under consideration, the assessee purchased a land al....

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....ration disclosed in the sale deed of Rs.18.90 lacs). Assessing Officer treated such amount as undisclosed investment of the assessee under Section 69B of the Act basing reliance on the provision of Section 50C of the Act.   Issue was carried in appeal. CIT (A) reversed the order of the Assessing Officer observing that the Assessing Officer treated the seller and buyer on the same footing f....

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....g as a result of the transfer by an assessee of a capital asset, being land or building or both, is less than the value adopted or assessed or assessable by any authority of a State Government for the purpose of payment of stamp duty in respect of such transfer, the value so adopted or assessed or assessable shall for the purpose of Section 48 be deemed to be the full value of the consideration re....

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....ner of any bullion, jewelery or other valuable article, and the Assessing Officer finds that the amount expended on making such investments or in acquiring such bullion, jewelery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for any source of income, and assessee offers no explanation about such excess amount or the explanat....