2012 (9) TMI 665

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....e defect is removed. The office will give regular number to the appeal. 2. We have heard Shri R.R. Agrawal, learned counsel appearing for the assessee-appellant. Shri Dhananjai Awasthi appears for the revenue. 3. This Income Tax Appeal under Section 260-A of the Income Tax Act, 1961 (the Act) arises out of judgment and order dated 30.10.2009 passed by the Income Tax Appellate Tribunal, Delhi Bench 'C', Delhi in I.T.A. No. 1083 (Del) of 2009, for assessment year 2001-02. 4. The assessee filed return on 9.7.2001 showing income of Rs. 53, 225/-, which was processed under Section 143 (1) of the Act on 30.10.2001. Later on the Assessing Officer received information from the Directorate of Income Tax (Investigation)-I, New Delhi, that th....

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.... Shri Trilok Chand Bansal, Director of M/s Performance Trading & Investment (P) Ltd. The summons were issued to him, which returned back with the remarks 'incomplete address'. The envelop containing summons addressed to Shri Anil Kumar, the witness to the agreement, also returned back unserved. 7. The A.O deputed Shri Anil Kumar and Shri R.P. Goel, Income Tax Inspectors to make enquiries to trace Shri Trilok Chand at the given residential house No. 366, Sector 37, Faridabad as well as at the address of the company given A-261, Shakti Nagar, Delhi. Upon enquiries, it was found that unaccounted cash was deposited in Account Nos. 4507 of M/s Kanodia Agency and Account No. 60031 of M/s Basant Agency, from where the amount was transferred to ....

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....h amount was deposited in the account of M/s Basant Agency and M/s Kanodia Agency, from where the amount was transferred to account No. 4281 of M/s Performance Trading and Investment Company. From this account the cheques were issued to the assessee. As per the agreement to sell, amount of Rs. 15, 00, 000/- was received as advance, which constitute about 40 per cent of the agreed sale price. The assessee did not knew Shri Trilok Chand Bansal nor the witness who came with him. There is nothing on record to suggest as to why the house was sold and as to how Shri Trilok Chand Bansal came to know about the sale of the house. There is no advertisement given by the assessee for sale of the house in newspapers nor approached any property dealer fo....