TaxTMI 
TaxTMI 
2014 (4) TMI 441
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.... 3. Briefly the facts are, the assessee is an individual. For the impugned assessment year, he filed his return of income on 31/10/2007 declaring a total income of Rs.3,13,910/-. A search and seizure operation u/s 132 of the Act was conducted in the case of the assessee on 19/2/2008. Consequent upon search and seizure operation, notice u/s 153A of the Act was issued to the assessee calling for a return of income. In response to the said notice, the assessee filed a return of income declaring total income of Rs.21,65,829/- including additional income of Rs.18,51,920/- and agricultural income of Rs.1,75,000/-. During the assessment proceedings, the Assessing Officer noticed that in course of search and seizure operations, jewellery worth of R....
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....e Assessing Officer noticed that the aforesaid amount has not been declared in the return of income filed by the assessee. Considering the fact that purchase of jewellery worth of Rs.1,50,000/- was through cheque and in the receipts and payments account the assessee shown purchase of jewellery of Rs.6,44,900/- treated the jewellery worth of Rs.4,94,000/- as unexplained investment. Being aggrieved of such addition made by the Assessing Officer, the assessee preferred an appeal before the CIT (A). 6. In course of hearing before the CIT (A), the assessee contended that in the assessment year 2008-09 also the Assessing Officer had made an addition of Rs.26,13,865/- on account of the same unexplained investment in jewellery and in the first app....
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....he appellant has agreed for the addition of the said amount in asst. Year 2008-09, there appears to be no basis for making any further addition on account of investment in jewellery. However, even though the appellant offered an amount of Rs.10,51,295/- in asst. Year 2008-09 which includes Rs.4,94,900/- pertaining to the year under consideration going by the principle of taxing the income only in the relevant asst. Year, the amount of Rs.4,94,900/- needs to be taxed in this year and not in asst. Year 2008-09. Since the same income cannot be taxed twice, the amount of Rs.4,94,900/- which was part of Rs.10,51,295/- offered by the appellant for asst. Year 2008-09 needs to be reduced from the income for that year and taxed in his year. The Asse....
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....i Mata Di Villas Pvt. Limited as consideration in kind for sale of one acre of land belong to him. While computing the profit in respect of the said transaction, the assessee had adopted Rs.350 per sq. yard as the market value of 16 plots towards consideration received in kind. The Assessing Officer was of the view that once the land is divided into plots 50% of the area will go towards roads, parks etc., as the plots layout was approved under DTCP scheme. Hence, the plot value will be higher than the un-plotted area. He further was of the view that development charges of around Rs.200 per sq. yard are to be incurred for development of plots. He therefore issued a show cause notice to the assessee proposing to adopt the value of the plots a....
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....g an agreement of sale-cum-GPA dated 8- 12-2006 as per which the assessee got 16 plots of different sizes admeasuring to a total area of 3583 sq. yards. It further appears that during the post search proceedings, the assessee in a statement recorded from him when was confronted with the aforesaid agreement of sale cum GPA admitted of having received 16 plots in exchange of one acre of land given for development and he computed the market value of 16 plots at Rs.12,54,050/- at the rate of Rs.350 per sq. yard along with consideration received in cash of Rs.10,40,000/- and after deducting there from the initial investment made by him while purchasing the land at Rs.5 lakh and expenditure incurred on agreement of sale cum GPA at Rs.92,300 offer....