TaxTMI 
TaxTMI 
2010 (2) TMI 7
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.... additions were made by the Assessing Officer of Rs 1.94 crores, Rs 0.35 crores and Rs. 0.15 crores under the head unexplained expenditure under Section 69C of the Income Tax Act, 1961 on the basis of certain documents which formed part of annexure A-12 of the seized documents. The search and seizure operation was carried out in the premises of the assessee (Anil Bhalla) as well as in the premises of Vatika Township Pvt. Ltd. in which the said assessee was a director. The said search was carried on 10.2.2000. The proceedings culminated in the assessment order dated 28.2.2002 wherein the said additions were made. The Commissioner of Income Tax, Appeals, in an appeal filed by the assessee, deleted all the additions. The said deletions were co....
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.... of the remaining 53 acres of land, the assessee received an amount of Rs. 2.09 crores. It is also an admitted position that the cost price of the 47 acres of land which was owned by the assessee was Rs 1.66 crores. Furthermore, the Revenue does not dispute the fact that the cost of 53 acres of land was Rs. 2.07 crores. Consequently the cost price of the entire 100 acres of land comes to Rs 3.73 crores and the sale price to Maruti Udyog Ltd. was Rs 3.86 crores. In other words, a plain reading of these figures would indicate that the assessee made a sum of approximately Rs 13 lakhs out of the entire transaction of 100 crores of land which was admittedly sold to Maruti Udyog Ltd. In these circumstances the learned counsel for the ass....
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....f the CIT (A) on the ground that the explanation of the assessee had not been controverted by the Assessing Officer by bringing any evidence on the record and observed as follows:- "28. Apropos Ground No.3, the details about sheet have been given above, as already mentioned this page belongs to VTPL and is found from its premises. It contains some date wise payments upto 08.06.98. Thereafter, what is mentioned is "Add: further bills and payments". Further, different payment, which are actually made contain nothing to that effect. The entry pertaining to assessee does not contain any factum of payment. It has not been disputed that though this paper has been found from VTPL, no corresponding addition has been made in their case. Ass....
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....ssee that the sum of Rs 35 lacs represented requirement of funds for different purposes and did not represent any receipt or outgoing for any such purpose. The CIT (A) considered the material on record at length and came to the following conclusion:- "4.2 I have considered in detail the material on record. From the notings on page 47 of Annexure A-2, it cannot be said that any actual expenditure is represented by such notings which is not recorded in the books of account. To support the addition on account of unexplained expenditure on the basis of jottings on a loose sheet of paper, it is necessary to establish that the notings represent unaccounted transaction, with the help of independent corroborative evidence. In this case apa....