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TMI Blog2013 (2) TMI 402X X X X Extracts X X X X X X X X Extracts X X X X ..... t the appellate stage by the assessee. In favour of revenue - ITA No. 66 of 2012 - - - Dated:- 23-7-2012 - MR. AJAY KUMAR MITTAL. AND MR. G.S. SANDHAWALIA. JJ. PRESENT: Mr. S.K. Mukhi, Advocate for the appellant. AJAY KUMAR MITTAL, J. 1. This appeal has been preferred by the assessee under Section 260A of the Income Tax Act, 1961 (in short the Act ) against the order dated 25.1.2012 passed by the Income Tax Appellate Tribunal, Chandigarh Bench B , Chandigarh (hereinafter referred to as the Tribunal) in ITA No. 1335/CHD/2010, for the assessment year 2007-08, claiming the following substantial questions of law:- A. Whether under the facts and circumstances and evidences filed on record, the ITAT was justified in reversi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (Annexure A-1) made an addition on account of short term capital gain of Rs. 3,75,000/- holding that the property was purchased for Rs. 5,50,000/- and sold for Rs. 9,25,000/-. Against the said addition made by the Assessing Officer, the assessee approached the Commissioner of Income Tax (Appeals) [in short the CIT(A) ] by way of an appeal. The CIT(A) vide order dated 29.9.2010(Annexure A-2) allowed the appeal and deleted the said addition. Feeling aggrieved, the revenue filed an appeal against the order dated 29.9.2010 (Annexure A-2) before the Tribunal who vide order dated 25.1.2012 (Annexure A-3) reversed the order of the CIT(A). Hence, the present appeal by the assessee. 3. We have heard learned counsel for the appellant. 4. The i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 83) (All) had the occasion to appreciate the ratio laid down by the Hon'ble Supreme Court in the case Mehta Parikh Co. (supra). The observations of the Hon'ble High Courts are applicable to the facts of the present case. The Hon'ble Madhya Pradesh High Court held that an affidavit is a piece of evidence, which along with other material on record, has to be taken into consideration by the Tribunal, before arriving at a finding. However, a statement by a deponent can be held to be un-reliable by the Tribunal either on the basis of cross examination of the deponent or by reference to other material on record, leading to the inference that the statement made in the affidavit cannot be held to be true. 6. The onus was upon the assessee to su ..... X X X X Extracts X X X X X X X X Extracts X X X X
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