9911796707
TMI Blog2006 (7) TMI 175X X X X Extracts X X X X X X X X Extracts X X X X ..... il 17, 1996. In the said return he had shown a sum of Rs. 7,03,000 as the capital gain on the sale of 33 cents of agricultural land in survey No. 3195 of Kawdiar Village. Exemption under section 54B was claimed in respect of the capital gains disclosed since there were purchases of three items of properties by him for an aggregate consideration of Rs. 20,25,000 before and subsequent to the sale of the property mentioned above. Search and seizure operations were carried out at the residence of the assessee on March 19, 1996, under section 132 of the Income-tax Act. During the course of search, fixed deposit receipts with Alappat Fashion Jewellery, Trivandrum for an amount of Rs. 11.5 lakhs were found out and seized. Notice under section 15 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... facts and circumstances of the case and evidence on record, was the Tribunal justified in sustaining the rejection of explanation offered by the assessee for sources of Rs. 2 lakhs as share income received by the assessee's wife from her family property and Rs. 3 lakhs received by the assessee from his family members towards his share of property and consequently treating Rs. 5 lakhs as income from undisclosed source for the assessment year 1996-97? 3. Whether, on the facts and circumstances of the case, the evidence on record particularly that of Mr. Ranjan the broker to the transaction and the admission of the assessee in the return filed for the assessment year 1996-97, should not the Tribunal have held that the sale consideration avai ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in the documents. Counsel appearing for the Revenue on the other hand contended that the Tribunal as final fact-finding authority has considered all aspects of the matter and came to the right conclusion on the various questions raised and submitted that this court in this jurisdiction shall not disturb the findings of fact rendered by the Tribunal. The most important point to be considered is as to whether the explanation furnished by the assessee with regard to the investments made by him for the acquisition of the assets is correct or not. The assessing authority took the view that the cash flow statements filed by the assessee do not render any help to explain satisfactorily the source and nature of acquisition of the funds utilised f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ation the Tribunal was justified in including the amount as undisclosed income. The Tribunal has also considered the question with regard to the claim of opening cash balance of Rs. 4,45,157 as on April 1, 1995. It was stated that the said amount was said to be made up of the share from the family properties of the assessee and his wife. It was further stated that a sum of Rs. 1,60,000 was received by the assessee's wife during the financial year 1992-93 as her share in the family properties. The amount was claimed to have been paid by her brother Mathew. Further, it was also stated that a further sum of Rs. 40,000 was paid by Mathew in the financial year 1993-94 again as the share due to the assessee's wife. The Assessing Officer did not ..... X X X X Extracts X X X X X X X X Extracts X X X X
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