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TMI Blog2011 (1) TMI 1110X X X X Extracts X X X X X X X X Extracts X X X X ..... found at the business place at Kanhangad was rightly held by the Tribunal as not assessable as assessee's income - Decided in favor of the assessee. Regarding disallowance u/s 54E - Held that:- The appellate authority on facts found that the building was constructed though in the name of assessee's wife, it belonings to him and so much so, the reinvestment of the sale proceeds in the house new ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed counsel appearing for the respondent assessee. 3. After hearing both sides and after going through the orders impugned, we notice that the main issue raised by the Department, that Rs.10 lakhs being the value of stock found in the shop at Kanhangad should be treated as the income of the assessee based on the statement given by him to the Income Tax Department, is not accepted by the Tribuna ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... aken registration and is carrying on business in the shop and is returning income from the said business. All these cannot be ignored and superseded by a mere statement by the assessee to the Department that the business belongs to him. In view of the finding of fact recorded by the Tribunal, this Court will not be justified in interfering with their finding. In this view of the matter, value of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o much so, the reinvestment of the sale proceeds in the house newly constructed entitle the assessee for the benefit under Section 54E. Therefore, we do not find any ground to interfere with the finding of the Tribunal on this issue. The remain questions raised are also with regard to the finding on facts by the Tribunal. Since no substantial question of law is arising from the order of the Tr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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