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TMI Blog2015 (8) TMI 565X X X X Extracts X X X X X X X X Extracts X X X X ..... R 1. This appeal by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act') is directed against the impugned judgment dated 30th September 2014 passed by the Income Tax Appellate Tribunal ('ITAT') in ITA No. 2603/D/2013 pertaining to the Assessment Year ('AY') 2008-09. 2. The background facts are that on 28th August 2008 a search and seizure operation under Section 132 of the Act was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... A) noted the explanation offered by the Assessee that had made total payment of Rs. 40,12,501/- till 31.03.208, to acquire the right to own unit No. 504. in Pearl Business Park at Netaji Subhash Place. As regards the loose sheets recovered during the search, the Assessee explained to the AO in a letter dated 16th September 2010 that they were the photocopies of the diary of one of the property bro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on 2nd January 2013 in the aggregate sum of Rs. 78,75,268/- (Rs. 71,52,693/- plus Rs. 7,22,575/- being the allied charges ). The CIT (A) was of the view that once the Assessee had given an explanation for the entries in the loose sheets, the onus shifted to the Revenue. The CIT (A) held that it was incumbent on the Revenue to cause enquiry and establish the claim of the Assessee to be false. The C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and ordered to be deleted. 5. In its impugned order in the appeal by the Revenue, the ITAT held that as far as the addition of Rs. 37,80,000 was concerned, since the Assessee had admitted to having paid for the property at Rs. 13,000 per sq.ft but not out of the books, it was "just and proper to restore the issue to the file of AO with a direction that the AO shall afford an opportunity of heari ..... X X X X Extracts X X X X X X X X Extracts X X X X
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