TaxTMI 
TaxTMI 
2022 (11) TMI 1211
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....kar, learned Senior Advocate for the assessee and Sri. E.I. Sanmathi, learned counsel for the Revenue, in our view, following three questions arise for consideration: 1. Whether the Tribunal was justified in law in holding that the amount of Rs.2,85,22,372/- is undisclosed income in the hands of the appellant on the facts and circumstances of the case and consequently passed a perverse order? 2. Whether the Tribunal was justified in law in holding that the appellant is the real owner of 103 acres 23.5 guntas of land contrary to materials available on record and gave a perverse finding on the facts and circumstances of the case? 3. Whether the Tribunal was justified in law in confirming the penalty under section 158BFA (2) of the Act a....
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.... the impugned common order, the ITAT has dismissed assessee's appeals. Hence, these appeals. 4. Sri.A.Shankar, learned Senior Advocate mainly contended * That M/s.Oberoi, M/s.Janson and two other groups were desirous of setting up a Golf Club and Villas; * Jansons group funded five individuals by name (i) Mr.Syed Shafiulla, (ii) Mr.Syed Khaleelulla, (iii) Mr.Syed Amanulla, (iv) Mr.D.Y.Fiyaz Khan and (v) Mr.D.Y.Nawaz Khan, who, in all purchased 103 acres of land in Sonnenahalli village of Devanahalli Taluk, Bangalore Rural District; * Assessee was the GPA holder of the five individuals, who purchased the land; he was in no way connected with these five persons; * During search, some typed unsigned papers were found in the assess....
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....s placed reliance from page Nos.8 to 21 among the seized material mentioned in the tabular column in para-6 of the assessment order and none of these documents bear any signature much less the signature of the assessee. 8. We have carefully considered the rival contentions and also perused the impugned order. 9. The basic premise on which the Assessing Officer has held that assessee had an undisclosed income of Rs.2,85,22,372/- are the documents which are mentioned in the tabular column in para-6 of the assessment order. In the tabular column of the seized material, page Nos.8 to 21 have been considered by the Assessing Officer. The same are produced in the appeal memorandum at page Nos.114 to 136. We have perused the said documents. Asse....
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....asers as the amount paid towards consideration and has arrived at a net figure of Rs.2,85,22,372/- as undisclosed amount given as 'on-money' to the sellers. 11. In Assistant Commissioner of Income-Tax -vs- Hotel Blue Moon (2010) 188 Taxman 113, it is held that the assessment for the block period can only be done on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the Assessing officer. 12. In the instant case, Assessing Officer has relied upon documents referred to above. None of these documents bear any signature. In para-6(vi) of the assessment order, the Assessing Officer has placed reliance on another seized material ....
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....not recorded. Sri.Krishnappa has stated that since the Police complaint was lodged against him, he had given a statement against the purchaser in the first instance and later retracing the same had confirmed that the sale was at Rs.40,000/- per acre. Thus, the premise on which Assessing Officer has come to the conclusion that assessee had paid 'on-money' is not supported by any legally tenable evidence. 14. Further we may record that five purchasers have filed their respective returns and offered the income to capital gains tax. 15. Sri.Shankar has also produced assessment orders in respect of Syed Khaleelulla, Syed Amanulla and Syed Shafiulla, the purchasers of the lands in question. All assessment orders are dated December 24, 2....