9911796707
TMI Blog2013 (2) TMI 477X X X X Extracts X X X X X X X X Extracts X X X X ..... by the Ahmedabad Municipal Corporation, and therefore, cost was incurred before the block period and assessee offered 8% of such income of sale proceeds of shops in regular income tax returns. Details of bank deposits were made available and bank account of assessee's son was also disclosed - There were explained deposits in bank account which were part of regular transactions and which were not only disclosed but from the sale proceeds of the shops, profits was offered for tax by the assessee in the regular returns filed with the Income Tax Authority and therefore, it did not sustain such additions. With regard to the “unexplained investment – In the Statement of income of assessee that the income received on these investment were a ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ement recorded u/s. 131 that the contents of the file BF4 showing the cost of construction of first two floors at Rs.45.55 lacs is correct? [E] Whether the Appellate Tribunal is right in law and on facts in not appreciating that the assessee furnished no evidences in support of the claim that the deposits in the bank accounts are explained and has never explained the full cost of construction and source of deposits before the Assessing Officer or before the CIT(A)? [F] Whether the Appellate Tribunal is right in law and on facts in not considering the arguments of the CIT(DR) that the source of investment in bank FDRs was never explained/disclosed and the seized material and the findings of Assessing Officer? [G] Whether the Appellate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ef Bonds; purchase of jewellery in the name of family members amounting to Rs.29,92,466/- were found as well. 3. In the response to notice u/s. 158BC of the Act, return of income for the block period beginning from 1.4.1996 to 4.9.2002 was filed by the respondent assessee disclosing his income as Nil . On scrutiny assessment, undisclosed income was determined at Rs. 1,71,00,231/- making various additions under different heads. 4. This was challenged by respondent-assessee before CIT(Appeals) which confirmed certain additions and deleted the others. 5. When Appellate Tribunal was approached by both the sides, it dismissed the appeal of the Assessee as not pressed and that of the Revenue on merits. The impugned order is challenged by th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... year 1993 as also confirmed by the Ahmedabad Municipal Corporation, and therefore, cost was incurred before the block period and assessee offered 8% of such income of sale proceeds of shops in regular income tax returns. Details of bank deposits were made available and bank account of respondent's son was also disclosed. This entire discussion led the Tribunal to hold that presumption on the part of the Assessing Officer that all the deposits in bank accounts were sale proceeds of the shops was purely based on conjectures and surmises . It also found that the cost of construction of the 3rd floor estimated by Assessing Officer was also incorrect. 12. Likewise, on the amount of Rs.7,35,043/-, Tribunal also found that there were explaine ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sought to be added by the Assessing Officer also has been at length discussed. On broad analysis of the facts, Tribunal deleted the addition. 15. As held hereinabove., it can be surely noted for all the issues raised in the present Tax Appeal, that they are predominately and essentially based on facts and the Tribunal, as the highest fact finding body, thread bare examined the entire gamut of facts has also dependent on the findings of CIT(A), which also had done close scrutiny of the subject to hold in favour of the assessee respondent. 16. Thus, both the adjudicating authorities, when concurrently decided the issue in favour of assessee -respondent, there being no perversity in their findings and no question of law at all having arise ..... X X X X Extracts X X X X X X X X Extracts X X X X
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