2000 (10) TMI 14 - HC - Income Tax

Summary

Issues involved:
The appeal filed u/s 260A of the Income-tax Act, 1961 sought determination on the evidentiary value of an impounded diary of a property dealer recording actual transactions in properties.

Judgment Details:

Assessment and Addition:
The Assessing Officer finalized the assessment u/s 143(1) with a total income of Rs. 15,320 but later made an addition of Rs. 1,41,4000 due to a search and seizure operation revealing unexplained investment in a plot. The Commissioner of Income-tax (Appeals) deleted this addition, upholding that the investment was not adequately explained and was made on a protective basis.

Tribunal's Observations:
The Income-tax Appellate Tribunal upheld the deletion, stating that the addition could only be made u/s 69 of the Act if the investment was unexplained. In this case, the Revenue failed to establish the unexplained investment beyond the recorded amount, and the evidence provided by the assessees showed the plots were acquired for a lower consideration. The Tribunal found no infirmity in the orders of the Commissioner of Income-tax (Appeals) and upheld the decision.

Concurrent Findings:
Similar additions made by the Assessing Officer in other cases were also deleted by the Commissioner of Income-tax (Appeals) and upheld by the Tribunal. As there were no pending references or appeals on these similar cases, the court found no valid ground to interfere with the concurrent findings. Consequently, the appeal was dismissed.