2017 (11) TMI 74

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Ms. G. Kamat, Adv. ORDER 1. We are unable to discern any substantial question of law among those proposed in paragraph 6: (A) Whether Hon'ble ITAT was right in allowing relief on estimation basis as the assessee could not produce any documents which has evidentiary value against the investment made and allowing further relief of Rs. 10,43,000/- to the assessee relying on a hypot....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s. 3. The assessee, the father of the present Respondent, was a real estate agent. The appeal is directed against an order dated 9th August 2016 of the Income Tax Appellate Tribunal, Panaji bench. This was in respect of two Assessment Years 2006-07 and 2007-08. It seems that a search and seizure was conducted on 16th April 2010 under Section 132(1) of the Income Tax Act. Some material was found....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....he Revenue's appeal on 9th August 2016. This is the order impugned. 5. We have considered the impugned order which is from page 33 onwards. What was before the ITAT was the appeal of the Revenue and a cross appeal by the assessee. The Revenue challenged the action of the CIT in reducing the addition made by the AO on account of unexplained investments and this resulted in assessee relief of....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t the Revenue in appeal was unable to dislodge the findings that the so-called assets in the hands of the assessee were agricultural land and not capital assets. It also found that there were known sources of income and these were for specific purposes where the assessee had functioned as a contractor or mediator on behalf of or at the request of two commercial entities. Having taken into account ....