2016 (9) TMI 65

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.... S. Gupta, Adv. for the appearing parties ORDER The appeal is directed against a judgment and order dated 10th August, 2007 passed by the learned Income Tax Appellate Tribunal ''D'' Bench, Kolkata in IT(SS) A. No.24/K/07 by which an appeal preferred by the assessee was allowed. The aggrieved revenue has come up in appeal. The following question of law was formulated on 20th February, 2008....

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....e the actual purchase price for land, paid by the assessee, has led to an erroneous assessment order which is prejudicial to the interest of the revenue. Therefore the Block Assessment order passed u/s 158BC is set aside on the above issues to be made after examination of the evidences, after giving the assessee a reasonable opportunity of being heard." As regards applicability of Section 40A(3....

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....or thing are or is found in the possession or control of any person in the course of a search, it may be presumed - (i) that such books of account, other documents, money, bullion, jewellery or other valuable article or thing belong or belongs to such person; (ii) that the contents of such books of account and other documents are true; and (iii) that the signature and ev....

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....sessment of the assessee-company", is erroneous because the assessee did not lead any evidence to show that the land purchased did not belong to him. Mr. Bagaria, learned advocate for the assessee-respondent, submitted that it is not a fact that no evidence was led with regard to that. He drew our attention to sub-paragraph 4 of paragraph 8.3 of the order passed under Section 263, which reads a....