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TMI Blog2015 (5) TMI 854X X X X Extracts X X X X X X X X Extracts X X X X ..... at Rs. 3,500/- per square feet. On the basis of the said agreement it was found that the sale price shown in the sale deed of the private respondent at Rs. 800/- per square feet is deliberately undervalued. It also appears that a statement of Mr Modi was recorded in which he has stated that the agreement seized from his custody was made by him on behalf of the private respondent. On the basis of the said statement an enquiry was initiated that the company has suppressed its income to the tune of Rs. 35.10-crore. 3) The assessing officer in the enquiry found on the basis of the statement of Mr Modi and the agreement found in the search proceedings that the respondent company is guilty of suppressing its income and avoiding the tax and afte ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ts and in the circumstances of the case, the Tribunal was justified and correct in law in holding that the provision of Section 114(g) of the Indian Evidence Act, 1872 is attracted in the case? 6) The counsel for the appellant submits that the statement of the agreement-holder clearly discloses that the agreement was made on behalf of the respondent company. The agreement also discloses a payment of advance amount of Rs. 4-crore, which, according to the agreement-holder, was paid by the respondent company. The respondent company issued cheques towards advance payment to the vendor and virtually purchased the property. Therefore there appears to be no reasonable nexus and substantial evidence available to show that the agreement made by Mr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... set aside the order. There is no perversity in the findings recorded by the Tribunal. We find that the submissions made by the counsel for the respondent company appears to be sound and proper. The first question of law is answered in the negative. 9) In respect of the question 2 and 3, the respondent company has shown the sale price in the account books at Rs. 9-crore odd. The department has not found any contra material to controvert the entries in the account books of the respondent company. Therefore the question 2 and 3 are answered in the affirmative. 10) It is the contention that the statement of the responsible part of the vendor company was recorded in course of the survey and the respondent company had insisted production of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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