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TMI Blog2020 (3) TMI 129X X X X Extracts X X X X X X X X Extracts X X X X ..... l. 3. This tax appeal under Section 260A of the Income Tax Act, 1961 [for short 'The Act, 1961'] is at the instance of the Revenue and is directed against the order passed by the Income Tax Appellate Tribunal, Ahmeabad 'C' Bench, Ahmedabad dated 26th June, 2019 in the ITA No.963/AHD/2016 for the A.Y. 2006-07. 4. The facts giving rise to the captioned Tax Appeal may be summarized as under: 4.1 The assessee filed his return of income for the Assessment Year 2006-07 declaring total income to the tune of Rs. 3,24,920/. It appears that a search was carried out under Section 132 of the Act in the case of one Shri Bhikhubhai Padsala. In the course of the search, few documents were recovered and seized by the Investigation Wing. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he consideration of this Court. "Whether the Appellate Tribunal has erred in law and on facts by deleting the addition made for various Assessment Years on account of unexplained by income without appreciating the facts of the case in its entirety?" 6. We take notice of the following findings recorded by the Assessing Officer in the impugned order. "From the above description, it become clear that the amount of total transaction involves Rs. 10,46,72,668/out of which Rs. 4,01,00,001/was paid in cash during the year under consideration. The assessee has further argued that he has not purchased any land at Jagatpur from B.N. Padsala or M/s. B. Nanji Group. This argument is also not found acceptable. From the description of the above page ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nto land transaction with Shri Bhikhubhai Padsala. If the payment in cash would have been made, the sale deed of the land would have been registered after that. But even after search, the land has not been found registered having name of the appellant as purchaser of the Jagatpur land. (vi) Apart from the documents found during the course of search & cash flow statement submitted by Shri Bhikhubhai Padsala before the Hon'ble Settlement Commission, no other independent inquiry was made by the AO to find out the correct facts. 8. The aforesaid findings recorded by the CIT(A) ultimately came to be affirmed by the tribunal. 9. The entire edifice of the revenue's case is the statement made by Bhikhubhai Padsala before the Settlement ..... X X X X Extracts X X X X X X X X Extracts X X X X
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