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TMI Blog2007 (1) TMI 589X X X X Extracts X X X X X X X X Extracts X X X X ..... ount of Rs.,32,32,875/- for purchase of agriculture land in the name of his mother (in Trust) at Village Islampur. 3. That the Ld CIT (A) is not justified in directing the Assessing Officer to verity the bank account again and thereafter determine the correct income earned from other sources (Rs.50,000/-) whereas he has held in para 15.2. that such additions (Rs.50,0000/-) is made by the Assessing Officer on presumptions and without any evidence. I.T.A. No. 3774/Del/2004 (Revenue's appeal): On the facts and circumstances of the case, whether the CIT (A) was right in law: In directing the Assessing Officer to adopt fair market value @ ₹ 4,00,00W- per acre as on 1.4.1981 instead of indexed cost taken to ₹ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n the case of JCIT v. Smt. Armeda K. Bhaya 95 ITD 313 (Bom.), ITO v. S. Vardharajan 33 TTJ 466 (Mad.), CIT v. T.N. Arbindoreddy 120 ITR 46 and CIT v. V. Natrajan 287 ITR 271 (Mad.). It was submitted that there were compelling reasons that the assessee was a drunkard and to save the money, it became necessary to purchase the property in the name of his mother who was holding it benami on behalf of the assessee. 5. Ld DR supported the order of Ld CIT (A) and submitted that the facts of the case relied upon by the assessee are distinguishable from the facts of the assessee's case. In the case of S. Vardharajan, exemption under section 54 was allowed although the house was purchased in the name of his wife in view of the clear finding of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of land must be in the name of the assessee himself is without any merit. In the scheme of I.T. Act wherever the assessee is allowed benefit under the tax laws in respect of investment made in the name of family members or dependents, specific provision has been made. There is no such specific provision in section 54B of the Act and therefore the assessee is not entitled to the benefit of section 54B of the Act in respect of investment made in the name of his mother. 6. We have considered the rival submissions and also perused the documents available on record. After giving thoughtful consideration to the arguments advanced as well as the case law relied upon at the time of argument we are inclined to agree with the view expressed by Ld ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... bank account may also be called. Ld CIT (A) although observed that the Assessing Officer made addition simply on presumption to cover leakage of revenue and such addition is made without any evidence or proper basis and therefore cannot be sustained. However, Ld CIT (A) instead of deleting the addition remanded the matter back to the Assessing Officer to verify the bank account and thereafter determine the connect income earned, if any. We do not find any infirmity in the said direction of Ld CIT (A). The assessee will get opportunity to present his case before the Assessing Officer on this issue and it is only if any taxable income is earned by the assessee, the same can be a subject matter of taxation. 8. In view of the above, the appe ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t the value of ₹ 4 lakhs taken by the Assessing Officer in other cases had been reduced by the authorities u/s 163. Before the CIT (A) the Assessing Officer could also not given any justification for adopting different values for different assessees in the same place. No material has been produced before us also in support of any lower value as on 1.4.1981. We, therefore, see no error in the order of CIT (A) adopting the value at ₹ 4 lakhs per acre. The order of CIT (A) is therefore upheld. 10. The facts in the present case being identical, respectfully following the earlier decision of the Tribunal, we uphold the order of Ld CIT (A) and dismiss the appeal filed by the revenue. 11. In the result, both the appeals are dis ..... X X X X Extracts X X X X X X X X Extracts X X X X
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