2021 (12) TMI 996

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....hotra, Advocate. Respondent Through: Mr.Ved Jain, Advocate with Miss Richa Mishra, Advocate. J U D G M E N T MANMOHAN, J (Oral): 1. Present appeal has been filed challenging the order dated 17th February, 2020 passed by ITAT in ITA No.2737/DEL/2016 for the Assessment Year 2010-11. 2. Learned counsel for the Appellant states that ITAT has grossly erred in relying on the decision pass....

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.... portion of the transaction was conducted out of book as the total consideration recorded is at Rs. 32,85,37,354/-. In support of her contention, she relies upon the computer generated document seized from the residence of Mr.Lalit Modi, a real estate broker. She further states that the amount payable by cheque recorded in the seized material bears complete resemblance to the cheque amount actuall....

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....ment in ITA No. 1004/2015 is reproduced hereinbelow:- "26. Turning to the document itself, Mr. Shivpuri urged that the further presumption in Section 292C(l )(ii) would stand attracted viz., that the contents of the document should be presumed to be true. His submission was that the said presumptions have not been rebutted by the Assessee and, therefore, whatever was said in the document ....

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.... document which Rs. 32,85,37,354. This was too fundamental an issue to be left un-investigated. The AO appears to have proceeded purely on conjecture as regards what the document has staled without noticing the internal contradictions and inconsistencies. For instance, the document talks of rent payable for a period from 2006 onwards where in fact even according to the Revenue the Assessee purchas....