TaxTMI 
TaxTMI 
2023 (8) TMI 641
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....er the Ld CIT(A) is correct in deletion of undisclosed long term capital gain without appreciating the facts that during DRI, Mumbai, search evidence were found in the possession of Zaver Cyprus Dadlani, wherein it was categorically mentioned that the sale proceeds of the property were also in cash and not recorded in sale deed. 3. Whether the Ld CIT(A) erred in not appreciating the facts that M/s Saturn Advisory Services Pvt Ltd and M/s Merino Realtors Pvt Ltd were actually purchaser, hence the same yardsticks could not be applied in the case of the instant assessee being seller. 4. Whether the Ld CIT(A) erred in not appreciating the fact that the seized documents have evidentiary values. From the seized documents, it is revealed that ....
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....ncluding excel sheet took place and should therefore be taken as to be part of sale consideration for computation of long term capital gains. 4. The ld CIT DR drawing our attention towards relevant para page 1 to 3 of the assessment order and submitted that the AO was right in dismissing the contention of the assessee that he did not have any relationship with M/s. Zaver Cyprus Dadlani who was Dy. Manager (Accounts), NITCO because she was well aware of the transaction between the assessee and the purchaser companies M/s. M/s. Saturn Advisory Services Pvt. Ltd and M/s. Merino Realtors Pvt. Ltd. The ld CIT DR further submitted that the Investigation Wing of the Directorate of Income Tax informed the AO that the assessee has sold his share in....
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.... was right in directing the AO to recomputed the long term capital gain on the basis of sale consideration mentioned in the registered sale deed as there was no evidence to substantiate that the assessee under said transaction of sale of capital assets, had taken cash money which was not shown in the sale deed and not disclosed to the department for calculation long term capital gain. The ld AR submitted that the ld CIT(A) has granted relief to the assessee by considering the fact and circumstances in right perspective therefore, appeal of the revenue may kindly be dismissed. 6. On careful consideration of the above submission, first of all, we note that AO initiated the reassessment proceedings u/s 147 of the Act by issuing notice u/s 148....
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.... noted that during the course of enquiry it was gathered that entire land deal was organized by NITCO group through its sister concerns and individuals known to the Directors/ key persons in the group who acted as the purchasers. The objective of such transaction was consolidation of various holdings and change of its land use for development purpose. When the excel sheet contains all the details of sellers, purchasers, details of property sold and sale consideration, paid through cheque and in cash and except cash amount all the other details and figures are exactly matching with the sale deeds then the factum of cash payment of consideration cannot be washed away on the basis of the irrelevant material. The ld CIT(A), while granting relie....
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....Manager, NITCO two electronic storage devices were recovered consisting of a hard disk and a pan drive. It was also a fact that on examination of contents of hard disk, an excel sheet was found, containing details of purchase and payments made for 36 landed properties in Maidan Garhi popularly known as Sainik Farms of South Delhi, mainly during 2005. Addl. Director General, DRI had forwarded the said excel sheet to Director General, DRI, listing 36 properties and including the sale of property under consideration in the present case. The excel sheet containing details of sellers/buyers and payment (both in demand draft and cash mode). The total amount paid for acquisition was approximately 56.29 crores, which included DD components amountin....