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TMI Blog2019 (1) TMI 1553X X X X Extracts X X X X X X X X Extracts X X X X ..... ing included the amount of ₹ 38,50,000/- in the disclosure made under the VDIS 1997, he was rightly given the credit thereof. 50% of unexplained investment in land taxed in the hands of the assessee substantively being 50% of alleged unexplained investment in land - Commissioner (Appeals) has found that the source of payments made by the assessee was out of moneys received from Shri Bhagwanbhai K. Patel and Shri A. B. Patel discussed in the assessment order. The Commissioner (Appeals), therefore, was of the view that the observation of the Assessing Officer that the source was not explained or the nexus was not established cannot be accepted. Thus, the conclusions arrived at by the Tribunal are based upon concurrent findings recorded by it after appreciating the material on record. Nothing has been pointed out to this court to indicate that the Tribunal has placed reliance upon any irrelevant material or that any relevant material has been ignored, nor has the learned senior standing counsel for the appellant been able to dislodge the findings of fact arrived by the Tribunal after appreciating the material on record. In the absence of any perversity in the findings of f ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ourse of which, a banakhat dated 30.06.1996 was found and seized. The banakhat was for sale of land admeasuring 92,500 square yards, located at Vastral, Taluka Dascroi, District Ahmedabad. As per the banakhat, the land was purchased by Shri Bhagwandas K. Patel and his associates from Shri Udaybhai D. Bhatt and Shri Purshottambhai P. Patel, viz., the assessee herein, at the rate of ₹ 565/- per square yard. The total purchase consideration for the land worked out to ₹ 5,22,62,500/- (Rs.565 x 92500). In terms of the banakhat, the seller of the land had received ₹ 1,31,00,000/- in cash on 30.06.1996. Thereafter, Shri Udaybhai Bhatt and Shri Purshottambhai Patel had signed on revenue stamp on page-7 of the banakhat confirming that they had received a further sum of ₹ 78,00,000/- in cash on 01.11.1996 as first installment, as agreed in the banakhat. 3.1 During the course of assessment proceedings in group cases of Shyam Builders, the Assessing Officer arrived at a finding that the incriminating documents found and seized belonged to Shri Udaybhai D. Bhatt and Shri Purshottambhai P. Patel, whereupon the said Assessing Officer requested the then DCIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed that in this case, search under section 132 of the Act was initiated on 21.01.1997 and the incriminating documents were found and seized during the course of search, which led to the additions in question and, therefore, the benefit of the scheme was not available to the assessee in respect of the income detected during the course of search under section 132 of the Act. It was submitted that the Assessing Officer had, therefore, rightly held that the declaration made by the assessee under the VDIS 1997 is an after-thought. It was, accordingly, urged that the Tribunal was not justified in upholding the order passed by the Commissioner (Appeals) and in deleting the additions made by the Assessing Officer. 5. Opposing the appeal, Mr. B. S. Soparkar, learned advocate for the respondent-assessee submitted that the impugned order passed by the Tribunal is based upon the concurrent findings of fact recorded by it after appreciating the material on record and that in the absence of any perversity in the findings recorded by the Tribunal, no question of law can be stated to arise out of the impugned order. 6. The facts as emerging from the record reveal th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 0 square yards of land, subsequently by a memorandum of understanding dated 07.03.1997, the deal was finalised for 37,000 square yards of land out of total 92,500 square yards. 8. The Commissioner (Appeals), after appreciating the material on record, found that in the present case, the notice under section 158BC of the Act had been issued on 26.05.1999, while the disclosure under VDIS Scheme was made on 28.12.1997. He, accordingly, found that there was no infirmity in the action of the CIT, Gujarat III Ahmedabad in issuing certificate under section 68(2) of the Finance Act, 1997 under the VDIS 1997. The Commissioner (Appeals) noted that no search had taken place in the case of the appellant and that the CIT, Gujarat III, Ahmedabad had issued the certificate under section 68(2), accepting the disclosed income of ₹ 42,50,000/-. He, accordingly, directed the Assessing Officer to give credit of income of ₹ 42,50,000/- disclosed under the VDIS 1997 to the assessee. 9. Insofar as the addition of ₹ 97,12,500/- is concerned, the Commissioner (Appeals) took note of the fact that while the initial banakhat was executed on 30.06.1996, thereaft ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... at 50% came to ₹ 38,50,000/-, which had been duly disclosed by him by filing a declaration under the VDIS 1997 in respect of which, a certificate dated 09.06.1998 had been issued by the Commissioner of Income Tax under section 68(2) of the Finance Act, 1997 under the VDIS Scheme. Thus, the Tribunal has recorded concurrent findings of fact to the effect that the assessee s share out of the amount received from the land deal came to ₹ 38,50,000/-, which was duly disclosed under the VDIS 1997 and therefore, he was entitled to the credit thereof. The learned counsel for the appellant is not in a position to point out any infirmity in the findings of fact recorded by the Tribunal. 13. One of the contentions raised on behalf of the revenue was that the search having been carried out on 30.06.1996 and the declaration under the VDIS 1997 having been made subsequent thereto, the same could not have been accepted as the benefit of the said scheme is not available to the income in respect of previous year in which search under section 132 of the Act was initiated. The said contention does not merit acceptance for the reason that in this case, though the search ca ..... X X X X Extracts X X X X X X X X Extracts X X X X
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