2018 (7) TMI 1561

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....L KURESHI) 1. Revenue has filed this appeal challenging the judgment of the Income Tax Appellate Tribunal dated 16.11.2017 raising following question for our consideration: "Whether the Appellate Tribunal has erred in law and on facts in deleting the addition made u/s 68 of the the Income Tax Act, 1961?" 2. Issue pertains to the assessment year 201112. Respondentassessee is a privat....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... They also claimed that the diaries were created under the pressure of the survey party. The Tribunal noted decision of the Supreme Court in case of Paul Mathews & Sons v Commissioner Of Income Tax reported in [2003] 263 ITR 101 (Ker) and of Supreme Court in case of The Commissioner Of Income Tax vs M/S.S.Khader Khan Son reported in (2012) 25 taxmann.com 413 (Supreme Court), in which, it was highl....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....t, Ahmedabad, had granted status quo with respect to the same land on an application filed by GIDC. The Tribunal therefore noticed that the assessee itself do not have absolute right to alienate the property. It was noticed that in the diary, the name of the purchaser was not mentioned. There was no agreement to sell executed. The Tribunal found it unlikely that an unknown person would give sizabl....