2016 (6) TMI 960

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....passed by the ITAT dated 21/04/2016 in Appeal Nos.1996/Ahd/2005; 1997/Ahd/2005; 1998/Ahd/2005; 07/Ahd/2006; 08/Ahd/2006; 09/Ahd/2006 and 2346/Ahd/2005 whereby the appeals of the assessee were dismissed. 3. The short facts of the case are that the appellant-assessee had purchased a shop in the basement of Ashoka Tower, Ring Road, Surat built up by M/s. A. T. Corporation. During the course of raid, from the residence of the partner of builder, Shri Loknath Gambhir, a diary was seized wherein floor wise receipts of various shops were recorded. The A.O. divided total receipts by number of total shops and hled that each one has paid a proportionate share therein. The CIT (Appeals) deleted the addition because the name of the assessee was not th....

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....he following questions of law: "[i] Whether on the facts and in the circumstances of the case was there any evidence before the Tribunal to hold that the assessee had paid any unaccounted moneys to the builder for the purchase of a shop ? [ii] Whether the finding of fact is perverse?" 6. Learned Counsel for the appellant has relied upon the observations made by this Hon'ble Court in the decision rendered in Tax Appeal No.1880 of 2005 on 02/08/2006 which reads as under: "Whether the assessee has paid 'on money' or not for purchase of the flat is basically a question based on finding of fact. The CIT (A) as well as the Tribunal have found that mere assumption on statement of the builder, no addition can be made. In view of th....

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....prior to the search, Vivek Patel acted upon such power of attorney so as to establish a link, howsoever tenuous, between the assessee and Vivek Patel. As noticed earlier, the assessee has denied having paid any more consideration than that reflected in the sale deed executed in his favour. Vivek Patel has denied having paid any consideration to the sellers pursuant to the agreement to sell. The revenue has failed to bring any reliable material to establish payment of consideration by Vivek Patel to the sellers or to establish any link between the assessee and Vivek Patel, who have both asserted that they did not know each other prior to the search. Under the circumstances, on the evidence which has come on record, the revenue has failed to ....