2011 (3) TMI 1740

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....I.T.Act,1961, conducted in the premises of the assessee on 5-10-2005. During the previous year relevant to the assessment year under consideration, assessee purchased 60.412 cents of land from three persons for a consideration of ₹ 11,48,45,900/-. In the accounts, the value of this property was shown as 1,57,36,700/- (including stamp duty. From the residence of two sel lers, viz. Raveendran and Raji Sanal, a paper giving full details of the consideration given and cheque consideration paid by them was found. When confronted both Mr. Karthikeyan, and his brother Shri Raveendran accepted the fact that additional amount was received. Smt. Raji Sanal Kumar denied the same. The returns of the two buyers were f i led declaring the additiona....

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....ed higher amount of sales consideration. The action of the Assessing Officer is based only on a computer print out from the vendors which shows the receipt of some cash by them from the assessee. One of the three vendors has denied this receipt. The ld. counsel for the assessee relied on the decision Hon'ble Apex Court reported in 294 ITR 49 in the case of CIT vs. P.V. Kalyanasundaram. The ld. counsel for thee assessee filed a copy of a combined order of the Tribunal dated 19-3-2010 in the case of Sanal Kumar and Raji Sanal Kumar for the assessment year 2005-06(ITA No.822 & 823/Coch/2008), wherein the very same issue was considered and we have held as under: "We have heard rival submissions and perused the materials available on record. T....