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TMI Blog2011 (10) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee ignoring the fact that the same premises was assessee's "site office" for construction of the said project and there was no evidence to prove the date of vacating the same premises by the assessee ? Moreover, the documents impounded, particularly Page No. 83 wherein the said premises, Basement A-3, Swaminarayan Avenue is shown as unsold, which proves beyond doubt the ownership of the documents ? ii. Whether the Appellate Tribunal is right in law and on facts in holding that the impounded documents do not pertain to the assessee ignoring the fact that the basic principle of interpretation of the Statute as well as documents is that it has to be read as a whole ? Most of the documents impounded, particularly, the allotment le ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... who had no business connection with the assessee-respondent. It also noted that the investment in land was not by an individual assessee but by the Non- Trading Corporation ("NTC" for short) and there was overwhelming evidence in support of that aspects which was not possible to be disregarded. 5. Being aggrieved by this order of CIT(A) revenue approached ITAT which concurred with the findings of CIT(A) and dismissed the appeal. 6. The impugned order is challenged by proposing the aforementioned questions of law. 7. Having heard learned counsel Mr. Manish Bhatt and on duly considering the material evidence on record as well as on examining the orders of adjudicating authorities, the question proposed before this Cou ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... evidence suggesting the cost of land at Rs. 3,20,00,000/-. Tribunal has considered this issue by holding thus:- "We have carefully considered the rial submissions and perused the material record. We have also one through the order of the authorities below. We find that the agreement to sale is dated 25.7.1996 by which three Non-Trading Corporations, viz. Kinjal NTC, Kanth NTC and Janak NTC purchased the land by executing five separate documents of Rs.25 lacs each. It is not denied that the land is purchased by Non-Trading Corporation. The land has been purchased and possession has been taken by Non-Trading entities on 25.7.1996. The assessee has made the disclosure in his VDIS, 1997 disclosing the advances made to the NTC's in the A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Revenue to prove that the loose papers belonged to the assessee and the land also belonged to the assessee and Non-Trading Corporations are benamidars of the assessee. In the absence of any such onus being discharged by the Revenue, we are of the view that no interference is called for in the order of the CIT(A). The CIT(A) in our opinion, has rightly deleted the addition by relying on the various case laws to which we agree. We accordingly, uphold the order of the CIT(A)." 10. It can be seen from the findings of the Tribunal noted above that addition made by the Assessing Officer has been rightly deleted by the Tribunal upholding the version of CIT(A). Firstly on the settled law that no addition could be made on the basis of st ..... X X X X Extracts X X X X X X X X Extracts X X X X
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