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TMI Blog2016 (9) TMI 65X X X X Extracts X X X X X X X X Extracts X X X X ..... Tribunal with regard to the land purchased allegedly at an under value is set aside and the order of the CIT is restored. It will, however, be open to the assessee to adduce appropriate evidence that the assessee was not connected with the land purchased, evidenced by the title deeds found during the course of search at the premises of the assessee. - Decided in favour of the revenue. - ITA 1 of 2008 - - - Dated:- 27-7-2016 - JUSTICE GIRISH CHANDRA GUPTA AND JUSTICE ARINDAM SINHA Mr. M. P. Agarwal , Adv. Mr. Saurabh Bagaria, Adv. Mr. G. S. Gupta, Adv. for the appearing parties ORDER The appeal is directed against a judgment and order dated 10th August, 2007 passed by the learned Income Tax Appellate Tribunal D Bench, K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in ITA No.149 of 2008 [C.I.T. [Centra] I, Kolkata vs. Mohanlal Agarwal]. Considering the view taken by us in the aforesaid matter for reasons indicated therein, we are of the opinion that the judgment of the learned Tribunal cannot be sustained. With regard to the question as regards the supposed failure on the part of the Assessing Officer in examining the actual purchase price paid by the assessee for the land purchased by him, Mr. Agarwal, learned advocate appearing for the revenue, drew our attention to sub-Section 4A of Section 132 which reads as follows: [(4A) Where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or is found in the possession or control of any person i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... which reads as follows: The seized document does not pertain to the assessee but is relating to other assessees and even if any addition is to be made, it is to be made in their respective hands. He submitted that this was the case made out by the assessee before the CIT. Mr. Agarwal pointed out the other submissions advanced on behalf of the assessee goes to show that the assessee was asserting right in respect of the property purchased. There is some substance in the submission of Mr. Agarwal. In that view of the matter, the order passed by the learned Tribunal with regard to the land purchased allegedly at an under value is set aside and the order of the CIT is restored. It will, however, be open to the assessee to adduce appr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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