2013 (3) TMI 465

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.... undisclosed profit. 2. The appellant craves leave to amend or alter all or any of the aforesaid grounds of appeal and add any other ground of appeal." 3. Briefly stated facts of the case are as under: i) The assessee had declared business profits from sale of plots at village Behta Hazipur, Loni Pargana, District Ghaziabad as per details below: Plot No. 83 22 KhasraNo. 2022 1963 2025 Area- sq.m 840.46 765.86 1748.18 Date of purchase 16.06.05 17.02.06 25.11.05 Cost-Rs. 5,64,800 6,01,000 10,05,000 Date of sale 23.03.07 23.03.07 23.03.07 Sale Price as per sale 6,00,000 6,00,000 11,00,000 Deed - Rs.   Profit Declared - Rs. 35,200 (-) 1,800 95,000 Total Profit - Rs. 1,28,400....

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....ased on numerous factors. He observed that in the income tax proceedings one has to be specific and generalization is not permitted. That guideline value is a general value and it is only the comparative sale instances that could indicate a specific value. That the Assessing Officer has not brought on record any instances of sale in adjoining area around that period. On the contrary the assessee has furnished not one but ten comparative sale instances that has been accepted by the Assessing Officer in his assessment order stating that the value of comparative sale instances provided by the assessee were about the same rate as declared by the assessee in the aforesaid sale transactions. Ld. Commissioner of Income Tax (A) further observed tha....