TaxTMI 
TaxTMI 
2019 (7) TMI 1118
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.... For the Respondent : Sri. Anil D. NAIR, Smt.O.A. Nuriya, Smt. Rosie Athulya Joseph And Sri. R. Sreejith JUDGMENT VINOD CHANDRAN, J: The question of law raised in the appeal is re-framed by us as follows: Whether the additions made to the income of the assessee can be set aside on the mere premise that with respect to the major addition of Rs. 60 lakhs the mother of the assessee had filed a r....
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....ty, deposited Rs. 60,00,000/- in the account of the assessee. The document of conveyance, however, showed a value of only Rs. 14,00,000/-. This was admitted by the assessee. A letter produced from the purchaser also confirmed the same. The Tribunal merely on the ground of a return having been filed, reversed the addition with respect of Rs. 60,00,000/-. 3. The assessment year is 2006-07. The sal....
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....in the subject assessment year. 4. The learned Counsel for the assessee would in fact point out an order issued under Section 271(1)(c) of the Income Tax Act, 1961 wherein the Income Tax Officer had found that since there was an explanation offered for the source of Rs. 60,00,000/-, the assessee could be absolved from penalty to that extent. It is, hence, the submission of the assessee that the e....