2005 (3) TMI 386

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.....: This order shall dispose of both the above matters arising out of the order of the CIT(A), Jalandhar, dt. 8th Sept., 1997, for the asst. yr. 1990-91. 2. We have heard the learned representatives of both the parties and gone through the observations of the authorities below. 3. The Departmental appeal is filed mainly on the following ground: "That, on the facts and in the circumstanc....

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....atisfaction of the AO. It was submitted before the CIT(A) that the AO made the addition on the basis that the assessee had sold the above property on 26th Feb., 1991, for Rs. 48,000 but this property was purchased for Rs. 47,000 in June, 1989. From the disclosure, it would be evident that the assessee had made disclosure of Rs. 48,000. It was also explained that the assessee has sold the property ....

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....an, Tagore Nagar, Jalandhar. The CIT(A) also observed that one ledger was seized and page No.7 of the ledger gives the detail of the receipts and payments, which shows excess of Rs. 1,53,668 which was equally divided into the three persons and 1/3rd share of the assessee comes to Rs. 51,223. According to the CIT(A), this amount was then shown as receipt at ledger 3. According to the CIT(A), the ba....

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....statement, therefore, he should not have allowed the appeal of the assessee. 5. On the other hand, the learned counsel for the assessee reiterated the submissions made before the authorities below and submitted that the CIT(A) allowed the appeal of the assessee on the basis of the entries recorded in the seized documents which clearly explained the source of investment in the purchase of the pl....