9911796707
TMI Blog2014 (8) TMI 903X X X X Extracts X X X X X X X X Extracts X X X X ..... 009 for the assessment year 2005-06. Brief facts of the case are that the property no. 2, Underhill Road, Civil Lines, New Delhi was owned by four Jain brothers, namely Shri Ashok Kumar Jain, Shri Deepak Kumar Jain, Shri Pradeep Kumar Jain and Shri Vipin Kumar Jain. The adjacent portion of land belonged to one Smt. Veer Bala Agarwal, W/o Dr. D.C. Agarwal. As per the registered sale deed, M/s. Suprior Exims (P) Ltd. had purchased the property from the Jain Brothers for a consideration of Rs. 8 crores. Similarly, Shri Sanjeev Agarwal, who is the Director in the M/s. Suprior Exims (P) Ltd., in his individual capacity, also purchased the property from Smt. Veer Bala Agarwal for a consideration of Rs. 45 lacs. A search and seizure operations ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he statement, where categorically they said that "on-money" was received from the purchaser. The Tribunal in its impugned order has clearly stated that the nearly total "on-money" in cash was found from the lockers. In the Jain Brothers' case, money was found in the lockers of each co-owner nearly in equal ratio and to this effect a distribution slip was also found and seized. The Jain Brothers were doing no other activity that could generate such huge amount. The learned counsel for the Department, submits that the appellant was given sufficient number of opportunities by the A.O. to explain his case. On 22.06.2006, the A.O. intimated the assessees whether they would like to examine the sellers so that the sellers could be informed f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... oss-examination and Income Tax Authorities have taken the decision for making the additions merely on the basis of the statement made by the vendors. Assessee has nothing to do with the money found in the lockers of the vendors. Just to save their skin, they have concocted the story. He also submits that before making the additions no procedure was followed as per Section 142(3) of the Income Tax Act. For the purpose, learned counsel for the assessee/respondent has relied on the ratio laid down in the following cases :- (a) Kishinchand Chellaram Vs. CIT 125 ITR 713; and (b) Chiraujilal Steel Rolling Mills Vs. CIT 84 ITR 222. Lastly, he made a request that both the appeals filed by the Department may kindly be dismissed. We have heard b ..... X X X X Extracts X X X X X X X X Extracts X X X X
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