2007 (6) TMI 157

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....appeal is filed under Section 260A of the Income Tax Act, 1961 by the Revenue, against the order of the Income Tax Appellate Tribunal, Chennai Bench 'D', Chennai in I.T.A. No.2880/Mds/2004 dated 24.03.2006 raising the following substantial question of law:- Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that there is no c....

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....the assessee to file his Return of income for the assessment year.  In response to the notice, the assessee filed his Return of income on 24.03.2003 admitting a total income of Rs.49,866/-.  Later notice under Section 143(2) was issued to the assessee.  The assessment was completed under Section 143(3) r/w Section 147 of the Act determining the total income at Rs.10,72,290/-.  ....

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....Rs.42,28,700/- as against the estimated cost of construction at Rs.21,83,855/-.  Before the Departmental Valuer the assessee had filed the year-wise investment from which it could be seen that the assessee had contributed towards the capital for Kalyana Mandapam upto 31.03.1999 at Rs.11,33,855/- and his wife C.Jabeena at Rs.10,50,000/-.  The investments were not reflected in the books of....

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....of which is available on record.  Another point to be considered is, that, the valuation report shows the period of construction from April 1987 to March 1999 and the contribution of all the partners from the beginning to end has been given.  In the year under appeal, the appellant had apparently not contributed any amount towards investment." 6.The said finding of the C.I.T.(A) was c....