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TMI Blog2015 (7) TMI 449X X X X Extracts X X X X X X X X Extracts X X X X ..... e questions of fact. The Tribunal being the final forum for deciding such issues, has rightly exercised this discretion by adding a sum of ₹ 15 lacs each, to both the brothers, over and above the income which was declared and in the opinion of this Court, no substantial question of law, thus, arises for consideration. - Accordingly appeal dismissed. - ITA No. 365 of 2013(O&M) - - - Dated:- 21-5-2015 - S J Vazifdar, ACJ And G S Sandhawalia,JJ. For the Appellant : Mr Ravi Shankar, Adv. For the Respondent : Mr Rohit Kaura, Adv. ORDER G. S. Sandhawalia,J. 1. This judgment shall dispose of ITA Nos.365 368 of 2013, since the questions of law are common between the parties. However, to dictate orders, facts have ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d rebate for incomplete construction etc. were duly forwarded to the Valuation Cell and the Valuation Cell after giving a thoughtful consideration had not accepted the objections of the assessee. 4. A search was conducted under Section 132 of the Act by the Revenue upon the respondent-assessee, who is a builder, on 11.09.2007 and loose papers/documents were found. The assessee filed a return on 26.03.2009 declaring total income at ₹ 55,25,000/- in response to the notice under Section 142 of the Act, after claiming deduction under Section 80C to the tune of ₹ 1 lac. The income included the surrendered income. Various properties were under construction which had been purchased by the respondent and his brother, who has been ar ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d the CPWD rates rather than the PWD rates and secondly a builder was able to get material at a cheaper rate, especially when he was constructing a large number of houses on account of wholesale purchase and also expected that very little margin were given for the semi-furnished houses. Accordingly, keeping in mind that ₹ 1.05 crores was already surrendered by both the brothers, the orders were modified by making further addition of ₹ 15 lacs each towards expenditure on the undisclosed income in case of both the assessees and thus, a benefit of ₹ 40 lacs roughly was given to both the brothers. 7. A perusal of the paperbook would go on to show that the houses were situated at different places in the town of Ludhiana and ..... X X X X Extracts X X X X X X X X Extracts X X X X
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