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TMI Blog2005 (9) TMI 68X X X X Extracts X X X X X X X X Extracts X X X X ..... wares in Trichur under the name and style "Cherakulam Vessels". The assessee filed a return of income for the assessment year 1998-99 declaring a total income of Rs. 55,920 and agricultural income of Rs. 50,000. The return of income was accepted under section 143(1) of the Income-tax Act. Since survey under section 133A of the Act was carried out at the business premises of the assessee on Septemb ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hat if the second party fails to pay two consecutive instalments, the second party would lose their right to get possession of the shop room and the first party shall be at liberty to forfeit Rs. 2 lakhs being their loss from the amount paid by the second party and return back the balance, if any, without interest on completion of the work. The assessing authority therefore noticed that the real ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ted the appeal against which this appeal has been preferred. Sri P. Balachandran, senior counsel appearing for the assessee, reiterated the contentions made by the assessee before the lower authorities. Reliance was also placed on the decision of the apex court in K.P. Varghese v. ITO [1981] 131 ITR 597 and also on the decision of this court in CIT v. Smt. K.C. Agnes [2003] 262 ITR 354. Counsel s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as also been mentioned in the agreement dated May 12, 1997. There is no dispute to that effect. Further, it is also clear that the assessee had declared payment of Rs. 12,50,000 at the time of the agreement under the Voluntary Disclosure of Income Scheme. As held by the apex court in K.P. Varghese's case [1981] 131 ITR 597, the burden of proof is on the respondent to show that the assessee had act ..... X X X X Extracts X X X X X X X X Extracts X X X X
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