TaxTMI 
TaxTMI 
2020 (3) TMI 867
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....) of the Income Tax Act, 1961(hereinafter referred to as "the Act") dated 30/12/2011 relevant to Assessment Year (AY) 2006-07. 2. The assessee has raised the following grounds of appeal:- 1. In law and in the facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in treating the first ground of appeal challenging the validity of Assessment Order passed under Section 153A of the Act as general ground and further erred in not adjudicating the said ground for which detailed submissions were filed in statement of facts. 2. In law and in the facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in upholding addition under Section 69B of the Act on account of alleged unexplain....
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....nterest under Section 234A, 234B, 234C and 234D of the Act, as consequential in nature. The appellant denies its liability to pay such interest. 6. The appellant craves leave to add, alter, amend and/or withdraw any ground of grounds of appeal either before or during the course of hearing of the appeal. 2. Out of six above grounds, Ld.AR has vehemently argued on Ground Nos.2 and 5 with regard to interest. 3. The brief facts are that the addition made under Section 69B of the Act were that during the course of search a banachhitti dated 21st December, 2005 was seized at page Nod.52 of Annexure - A/2 which pertains to sale of land admeasuring 3 vighas at Survey No.175/2 at village Piplej and as per said banachhitti, sale rate was Rs. 9....
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....ression of only one party i.e. of Shri Jagabhai Bhalabhai Bharwad appeared on the said banachhitti relied upon by lower authorities; meaning thereby even one of the sellers did not give his consent for sale of that land at that price. The stamp valuation authority has also accepted the value of Rs. 2 lakhs per bigha as per the sale deed executed between the parties to contract and collected stamp duty on the said price. Here, it is worthwhile to reproduce the Section 69B of the Income Tax Act, 1961. Amount of investments, etc., not fully disclosed in books of account. 69B. Where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the Assessing Off....
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.... that on same document thumb impression of one of the sellers and two witnesses are also there and appellant's son has signed on behalf of the assessee. We cannot believe this fact of the revenue because no statement of sellers were recorded by the department. If there was some doubt, revenue ought to have recorded statement of the seller along with statement of witnesses. The Department does not have any other evidence other than the so-called banachhitti wherein appellant's son has made an agreement to purchase land at the rate of Rs. 27 lakhs. In the matter of Jawaharbhai Atmaram Hathiwala vs. ITO (2010 128 TTJ 36 (Ahmedabad) Co-ordinate Bench has held as under: "Section 69 of the Income-tax Act, 1961 - Unexplained investments - Asses....