2007 (11) TMI 70

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... is sent by the Income-tax Appellate Tribunal to give our opinion on questions of law framed in paragraph 7 of its order. 2 At the time of arguments learned counsel appearing for the parties submits that on the facts of this case, this court is required to answer only the following questions of law "(i) Whether, on the facts and in the circumstances of the case, the Tribunal is justified in ....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s of Rs. 4,02,450 in respect of sale of property bearing No. 192, Jalahobli, Devanahalli Taluk. The assessee has shown sale proceeds of Rs. 18,70,000 and claimed deduction of Rs. 10,17,750 towards purchase of property and Rs. 4,50,000 towards commission paid to M/s. Embassy Builders. He has also shown, out of total sale consideration received by him he had incurred expenditure towards stamp duty a....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....indings of authorities below with regard to stamp duty. Therefore, question No. 2 has to be answered against the assessee. 5 In regard to question No. 1, pursuant to the order passed by the Assessing Officer penalty proceedings were initiated which is also now pending before this court in I. T. A. No. 520 of 2002. In penalty proceedings, the Tribunal has accepted the contention of the assessee ....