TaxTMI 
TaxTMI 
2012 (8) TMI 1069
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.... Krishna Iyer, CA ORDER B. R. Baskaran (Accountant Member) The appeal of the Revenue is directed against the order dated 25-09-2006 passed by the Ld. CIT(A)-I, Kochi and it relates to the block period ending 11-06-2002. 2. The only issue urged in this appeal is whether the Ld. CIT(A) is justified in deleting the addition of ₹ 16,67,250/- determined by the Assessing Officer as undisclosed....
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.... No. 3634/2001 dated 08-10-2001 for a consideration of ₹ 13,55,350/- and the said amount only was found accounted in the computer print out. However, it was noticed that the assessee had actually paid a sum of ₹ 23,22,600/- for purchasing the above said land. It was further noticed that the assessee had paid ₹ 7 lakhs as advance for purchasing another land, which was not found re....
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....d Shri K. Balachandran Nair and Shri K. Rajagopalan as detailed below and the same were utilised for making investment in the land and also for making advance for purchase of land. Name of the person from whom amount received Period of Receipt Amount 1. K.Balachandran Nair, Vrindavan, Evoor North, Haripad F.Y. 2001-02 9,92,656.00 F.Y. 2002-03 6,30,000.00 2. K. Rajagopalan, Narayaneeyam, K....
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.... the assessee-Society did not carry on any business till the date of search, i.e., till 11-06-2002, meaning thereby that the assessee-Society has purchased the land and also made the advance only from out of the loans availed by it from the two persons mentioned above. The assessee society could not have generated any unaccounted income under these circumstances. It has also been further noticed b....