2008 (8) TMI 124

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....t block assessment of the three assessees was made, for the period 1989-90 to 1998-99. The background facts are, that search and seizure operations were conducted on the premises of certain persons, which have been referred in the impugned order, as premises of 'Nabi Group', at Chittorgarh on 12.3.1998, during which certain documents were found and seized. Panchnama was prepared. Documents included an agreement of sale of the property, called Indore Coffee House at Chittorgarh, which was sold by three assessees Kanhaiyalal Gurnani, Mohanlal Gurnani and Smt. Leela Devi to Akhtar Hussain, Iqbal Hussain and Akram Hussain (Nabi Group). This agreement is said to be dated 28.2.1996, and purported to be an agreement to sale the property for a pric....

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.... in order to see the originals of the papers, which are said to have been seized, during the course of search. After receipt of the record, on 1.7.2008, the matter was further heard, and during course of hearing it occurred, that since it was a case of transaction of purchase and sale, and the amount involved, being very huge, being more than Rs. 15 lacks, and since the purchasers are also the regular assessees, on whose premises search and seizure operations were conducted, a query was put to the learned counsel for the Revenue, as to what had been the outcome of the block assessment proceedings, against the purchasers. The query was raised, obviously in view of the fact, that if the property was sold for Rs. 18,71,000/-, as alleged, in....

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....the vendor, which was aimed at getting the property in question vacated from the Insurance Company, to our mind, seems to be plausible. An incomplete agreement may have been drafted to mount pressure on the insurance company only. This fact finds support from the statement of Shir Akhtar Hussain that the purchase price of this property is only Rs.3,00,000/-. After perusing the loose-papers viz., pages Nos.5 to 8 of Annexure-33, Shri Akhatar Hussain made it clear that only after obtaining photocopy of these pages he could reply the exact nature of these papers. He also agreed to pay taxes if found due thereon. The affidavits of the sellers and the purchasers besides the other attending circumstances of this case cumulatively go to establish ....